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Smith Tower Notes On Market

SEATTLE-GlobeSt.com learns that HFF will sell Munchener Hypothekenbank’s $34.5-million A mortgage note and an $8-million B note secured by the 42-story building, and the adjacent two-story building here.

By Natalie Dolce | Updated on July 22, 2011

SEATTLE-GlobeSt.com has learned that Munchener Hypothekenbank has retained Holliday Fenoglio Fowler LP on an exclusive basis to arrange the sale of a $34.5-million A mortgage note and an $8 million B mortgage note secured by Smith Tower, a 42-story class B office building totaling 263,807 square feet and the adjacent building, Florence Tower, a two-story 8,829-square-foot building. The property, located at 506 2nd Ave. and 512 2nd Ave. is situated in Downtown Seattle’s Pioneer Square.

The notes are currently in maturity and monetary defaults with current balances of $32.2 million for the A note and $7.3 million for the B note.

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