Gemdale Receives $ 113 Million Loan For Seattle Multi-Story Building Project

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Rendering of the Skyglass tower. Image courtesy of Kushman and Wakefield.

Gemdale USA Corp. received a $ 113 million construction loan for Skyglass Tower, an apartment block in Seattle’s South Lake Union area. Cushman & Wakefield arranged debt repayment through AIG.

The total cost of the 29-story tower is estimated at $ 196 million, according to the developer’s website. Hewitt Architects is the architect of the project; the project is scheduled to be completed in the second half of 2023.

Skyglass Tower will occupy 0.4 acres at 222 Dexter Ave. N. The development plans include 338 units, 2,260 square feet of ground floor retail space and a wide range of amenities.

The hotel is across the street from Denny Park, 1 mile north of downtown Seattle. The area is home to Amazon’s sprawling urban campus and Facebook Dexter offices. The area is in high demand from multi-family developers and investors – most recently Blackstone paid over $ 300 million for two assets half a mile to the northeast.

Ready to bounce

Seattle has embarked on a slow path to recovery after struggling with economic woes in 2020. During the year ended May, the metro cut 92,300 jobs, down 6.8%. However, the unemployment rate fell to 4.9 percent in May, 90 basis points below the national level, according to the Bureau of Labor Statistics.

While telecommuting was not uncommon among Seattle’s technology-focused employers, even before the pandemic, the opening of office space is expected to have a positive impact on the commercial and multi-family markets. In April, Facebook, one of the largest employers in the region, planned to reopen its offices at 10 percent utilization. Puget Sound Business Magazine reported.

In July, Apartment buildings news spoke with two TWG Development executives about the latest shifts in Seattle’s development and the impact of big tech companies like Microsoft, Facebook and Amazon on the metro’s affordable housing list.

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