Natixis Lends $228,599,372 for Urban Union
Natixis provided a $228,599,372 five-year, fixed-rate loan to RFR Holding LLC and Tristar Capital for the acquisition of Urban Union, an office property located at 501 Fairview Avenue North in Seattle, Washington. The financing was arranged by Richard Horowitz of Cooper-Horowitz in New York.
The property is a newly-constructed, 12-story, 295,793 square-foot, Class A office building situated on a 0.87-acre site. Urban Union was built to LEED Gold standards by prominent West Coast developer Schnitzer West. It includes 284,074 rentable square feet of office space, 6,573 rentable square feet of retail space and 5,146 rentable square feet of storage space located within the parking garage. Property amenities include the Union, a two-story gathering and collaborative workspace; the Overlook, an outdoor deck and rooftop lounge area offering views of Seattle; and a bike storage center with full shower, changing rooms and lockers. Parking is provided by a controlled access, 4.5-level subterranean garage with a total of 392 parking stalls. The office portion of the building is 100% leased to Amazon on a long-term lease.
Urban Union is prominently located at the northwest corner of Fairview Avenue North and Republican Street, directly to the south of Mercer Street, within the gateway to Seattle’s dynamic South Lake Union neighborhood. Primary regional access is provided by Interstate 5, Interstate 90 and State Route 520. The Property is located within the South Lake Union office submarket, which now boasts over 6 million square feet of Class A office space. This submarket reflects a walkable urban environment that includes modern residential units, parks, trails, and an abundance of retail amenities.
RFR Holding LLC is headed by Aby Rosen and Michael Fuchs and Tristar Capital is headed by David Edelstein.