SEATTLE-Thornton Place, a large-scale mixed-use project in the gateway city of the Puget Sound, obtained $75.5 million in financing from Cornerstone Real Estate Advisers LLC. In an indication of the warming mood of lenders in this rainy city, a number of firms competed for the financing deal, enabling the owners to take on “very attractive” terms, according to Michal Makar of CBRE Capital Markets Debt and Equity Finance.
The owners are Stellar Holdings and Lorig Associates LLC, which developed the $130 million complex north of downtown Seattle.
Makar arranged the financing along with fellow CBRE Capital Markets executive Mark Capeloto and Gary Beem of Northwest Commercial Mortgage.
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