SEATTLE—HFF has secured $69.5 million in financing for the Medical Dental Building, a 294,286-square-foot, historic, medical office building with ground floor retail.
HFF worked on behalf of the borrower, Goodman Real Estate, Inc., to secure the 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors.
Constructed in two phases in 1925 and 1950, the Medical Dental Building was renovated in 2008 and received $25 million in upgrades, including new lobby finishes. The 18-story building is 97% leased to more than 150 tenants, primarily private medical and dental practices.
A 12,606-square-foot Bartell Drug Co. pharmacy leases ground floor retail space, and there is a Seattle Executive Fitness located in the building. Situated at 509 Olive Way between 5th and 6th Avenues in downtown Seattle, the property is adjacent to Nordstrom, just five blocks west of Interstate 5 and one block from Amazon's new 4.2 million-square-foot campus expansion.
The HFF debt placement team representing the borrower was led by managing director Casey Davidson.
“The Medical Dental Building is such a unique asset due to its location and tenant base,” Davidson said. “Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building's location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years.”
Founded in 1980 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately-held real estate investment company specializing in multifamily and commercial real estate. Headquartered in Seattle, GRE maintains a diversified portfolio of quality commercial property investments across the United States and Canada.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
