SEATTLE, June 21, 2022 -JLL Capital Markets announced today that it has arranged $36.465 million in financing for the Original Rainier Brewery, a four-building industrial/office/retail portfolio totaling 193,908 square feet in Seattle, Washington.
JLL worked on behalf of the borrower, ScanlanKemperBard to secure the bridge financing through an investment banks' balance sheet lending platform. The floating-rate loan has a three-year initial term with two one-year extensions.
Originally built as a brewery for Rainier Beer in the early 1900's, the property has been converted into a creative industrial maker space, creative office and food processing/storefront complex comprising four separate buildings: the Bottling Plant, the Malt House, the Warehouse and the General Office. The buildings feature abundant natural light, exposed brick, original flooring, historic detailing and unique layouts that differentiate each suite. The property has a diverse rent roll of 39 tenants spanning various industries, including architecture, outdoor clothing manufacturers, custom woodworking, wine storage, wholesale showrooms and more.
The Original Rainier Brewery occupies a 6.5-acre site at 5624-6004 Airport Way S. in one of Seattle's oldest neighborhoods, the Georgetown submarket. This area has a plentiful amenity base of restaurants and retail amenities and is close to several notable multinational national companies. In addition, the Original Rainier Brewery has tremendous transit access being under one mile from Interstate 5 and just 1.2 miles from Highway 99. In addition, the property is about four miles south of Seattle's Central Business District and approximately 10 miles from the Seattle-Tacoma International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tom Wilson and Director Zachary Kersten.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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