Boylston Place Apartments
- Downtown and Close-In Eastside, Portland, Oregon
- 11-Building Office Portfolio; 741,021 RSF
Ethos’ Debt and Equity Team worked on behalf of Gordian Knot Investments to source bridge financing and Joint Venture Equity for the acquisition and renovation of Boylston Place Apartments in Seattle, WA.
Completed in 1990, Boylston Place represented a rare 100% value-add opportunity in the Capitol Hill neighborhood. This walkable neighborhood has lively retail, restaurants, entertainment venues, and is near the University of Washington; additionally, the light rail expansion to Bellevue will be a long-term boon to the area. Amenities at the property will include an outdoor courtyard and pet washing station. The property also features a gated structured parking garage, providing a 1.25x parking ratio.
The sponsors saw the exodus of investor money from the downtown core due to COVID-19 and the Capitol Hill Organized Protest (CHOP) as an opportunity to acquire this asset at a reduced basis. Rents in the area slid as much as 13% during COVID-19 but rebounded prior to closing the acquisition and creating immediate value for the sponsors and their partners.
Daniel Natsch, Matt Illias, and Laura McGreevey of the Ethos team represented the borrower. The three-year, non-recourse bridge loan was placed with a debt fund and joint venture equity was placed with a New York based Private Equity firm.
“Boylston Place represents a rare 100% value-add opportunity at an amazing basis. We appreciate the partnership provided by Danny and the Ethos team. They have a strong command of the debt and equity markets and provided deep underwriting and processing support.”—
- Matt Ricci, Principal
- Gordian Knot Investments