Cushman & Wakefield has arranged a $250 million refinancing for Museum House, a newly delivered multifamily community in Seattle, Washington. The 506-unit property marks one of the larger recent multifamily refinancings in the city and underscores ongoing lender interest in well-located, mixed-income assets.
The financing was arranged by Cushman & Wakefield’s Equity, Debt & Structured Finance team. The group included Dave Karson, Christopher Moyer, Alex Lapidus and Meredith Crawford, who represented the sponsor, a pension fund. Barings provided the loan for the property, which has recently completed its initial development and lease-up phase.
In commenting on the transaction, Dave Karson, Executive Vice Chair at Cushman & Wakefield, described Museum House as one of the most architecturally significant residential buildings in Seattle. He also noted that the First Hill neighborhood, where the community is located, continues to evolve as a residential district just outside the city’s downtown core.
Museum House was completed in 2025 and delivers a broad mix of unit types to the market. The 506 residences span studios, one-bedroom, two-bedroom and three-bedroom configurations. Of the total, 404 are market-rate apartments, while 102 homes are designated as income-restricted affordable units, creating a substantial affordable housing component within the project.
The community also incorporates a retail element, with 6,010 square feet of ground-floor retail space. This street-level component is intended to activate the pedestrian environment and integrate the property into the surrounding neighborhood fabric, while providing additional amenities and services to residents and nearby workers.
Situated in Seattle’s First Hill neighborhood, Museum House sits adjacent to the Frye Art Museum, reinforcing the property’s connection to the city’s cultural institutions. Its location offers convenient access to downtown Seattle, as well as nearby Capitol Hill and Seattle University. The site is also proximate to major healthcare institutions and regional transit options, positioning the property to serve a range of renters, including students, healthcare employees and downtown professionals.
The refinancing provides long-term debt capital for the pension fund sponsor at a time when capital markets conditions continue to be closely watched by multifamily owners and lenders. While specific loan terms were not disclosed, the transaction highlights the role of institutional lenders such as Barings in financing large-scale, urban multifamily communities that combine market-rate and income-restricted housing.
