Cushman & Wakefield has arranged a $107 million refinancing for 255 South King Street, a large mixed-use property in Seattle. The assignment involved coordinating a new loan on the asset, which combines office, hotel and retail uses in a single complex.
The Cushman & Wakefield capital markets team of Dave Karson, Chris Moyer and Chris Meloni led the refinancing effort. They represented an affiliate of Steinhauer Properties, which served as the borrower in the transaction. The new debt replaces existing financing on the property, providing updated capital for the mixed-use asset.
Stoneway Capital originated the loan on behalf of Ardent Capital Management. The structure and terms of the financing were not disclosed, but the transaction size underscores the scale of the property and its income profile. The deal reflects coordination between the borrower, Cushman & Wakefield as the arranging firm, and the capital provider represented by Stoneway Capital.
Commenting on the broader market backdrop, Karson noted that office and hotel assets in Seattle have fallen out of favor in recent years. He added that Cushman & Wakefield is now observing signs of capital returning to these segments. According to Karson, the refinancing demonstrates that investors and lenders remain interested in high-quality properties with strong cash flow, even in asset classes that have faced headwinds.
255 South King Street totals 717,692 square feet of space. The mixed-use complex includes a 209,484-square-foot office tower and a Hilton Embassy Suites hotel offering 282 rooms. The hotel component features 10,000 square feet of meeting and event space, providing capacity for conferences, corporate events and social gatherings.
Amenities at the hotel include a pool and a fitness center, supporting both business and leisure guests. The property also houses a parking garage that serves office users, hotel guests and retail customers. In addition, there are 17,292 square feet of retail space at the site, adding daily-use and destination retail to the project and contributing to its mixed-use character.
The location of 255 South King Street offers immediate access to major transit routes. The property is in close proximity to regional light rail stations and bus lines, connecting it to key employment and residential nodes across the region. Its setting within an established urban environment also places it within walking distance of dining, shopping and entertainment venues.
By combining office space, branded hotel rooms, meeting facilities, structured parking and street-level retail, the property serves a broad mix of users and demand drivers. The newly arranged refinancing provides updated debt capital for the asset in a market where institutional participants are closely scrutinizing office and hotel exposure.
