SEATTLE—New York Life has funded $200 million of a $400 million loan refinance on Union Square in Seattle. Union Square consists of One Union, a 36-story building containing 670,000 square feet and Two Union, a 56-story building containing 1.1 million square feet.
New York Life provided the loan to Union Square Limited Liability Company owned by Washington Real Estate Holdings and a major pension fund investor.
“This investment reflects our goal of investing in high quality financing opportunities that deliver long-term value to our policyholders and that align with our objective of seeking properties with excellent sponsorship in world class cities like Seattle,” said Steve Kirk, director, New York Life Real Estate Investors. “We are pleased to continue our relationship with both Northwestern Mutual and Washington Real Estate Holdings.”
Washington Real Estate Holdings, as the managing member of the ownership, handles both the leasing and management of Union Square.
Northwestern Mutual is providing the remaining half of the $400 million loan refinance.
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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.
