PNC Finances a Vision with a View
With major employers like Microsoft, Amazon and Boeing and three medical centers in the area, Seattle was short on attractive downtown housing options for young adults starting their careers. Holland Partner Group had a vision for filling that need and turned to PNC to finance its $35.8 million dollar project.
Holland Partners with the support of PNC financing made news when they broke ground for a Class A, 17-story apartment building in the First Hill neighborhood of Seattle. 1200 Madison is the first new project in the neighborhood since 2007 when Holland delivered M-Street, an 18-story high-rise mixed-use project comprising 220 apartments, 40,000 sq. ft. of medical offices, and 13,000 sq. ft. of ground floor retail.
Located directly across from Swedish Hospital's main campus, it is also within walking distance of two other medical centers and the Emerald City's downtown business core.
Situated at one of the highest points on the hill, the building's top 12 floors will have unobstructed 360 degree views of Mt. Rainier, Puget Sound and Lake Washington. Rooftop entertainment space will also take full advantage of the spectacular view.
The housing market has been underserved in the area for years, and now with the success of 1200 Madison on the horizon, a number of other developers are coming into the market, transforming the district into a vibrant urban village.
In addition to providing the construction loan, PNC will deliver permanent financing, giving the developer a seamless transition for a visionary development.