The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use skyscraper being constructed in Seattle Belltown submarket for US$ 193M by Security Properties and joint venture equity partner MetLife Investment Management, is set to benefit from US$ 180.5M financing.
Cushman & Wakefield was Security Properties’ only advisor in securing the $65.2 million joint venture equity investment with MetLife Investment Management and the $115.3 million in construction finance from Bank OZK. Dave Karson, Chris Moyer, Alex Lapidus, and Meredith Donovan of Cushman & Wakefield’s Equity, Debt, and Structured Finance team represented Security Properties in the acquisition.
Development and features of The Confidential
Designed by VIA Architecture, The Confidential mixed-use building is coming up at 2315 Fourth Avenue and Bell Street, where Security Properties commenced ground works in April.
It will include 8,000 square feet of ground-floor retail, 17,500 square feet of office space, and 243 parking spots. The residential units will be more than 900 square feet on average, with balconies on the majority of them. The developers intend to provide work-from-home space in the apartments, which will range in size from studios to three-bedroom configurations.
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The development has multiple outdoor terraces and plazas and is located next to Bell Street Park. A fitness center, bar, and theatre will be available as community facilities. Across 530 assets, Security Properties has purchased or constructed almost 80,000 residential units for a total cost of $5.3 billion.
Communita Atelier is the landscape architect, while Exxel Pacific is the general contractor for the project which is expected to be completed in the summer of 2024.
