Tishman Speyer restructures loan on downtown Seattle buildings
Tishman Speyer has restructured its $175 million loan on the 22-story tower Second & Seneca office property and an adjacent building after injecting an additional $15 million in equity.
By Seattle Times business staff
The owner of downtown Seattle's Second & Seneca office property has restructured its $175 million loan on the 22-story tower and an adjacent building after injecting an additional $15 million in equity.
A statement from New York-based real estate firm Tishman Speyer announced the refinancing without disclosing details. A source familiar with the deal confirmed Tishman's new equity contribution.
The 405,000-square-foot tower was part of a massive Puget Sound portfolio that was sold by Equity Office Properties in 2007, at the height of the commercial real estate boom. Second & Seneca quickly went through several other owners before Tishman.
Many of the buildings from that portfolio are now under financial pressure as their owners struggle to reconcile high debt levels with lower rents and rising vacancy rates.
Tishman's statement said "ownership will invest fresh capital, which will put the property on a firm financial footing into 2017 when the current debt matures."