Newmark Arranges $55 Million Refinancing for Mack Real Estate Group, Silverstein Properties and Cantor Fitzgerald at Seattle's Swell Apartments
Newmark has arranged a $55 million refinancing for Swell Apartments, a 200-unit Class A multifamily community located at 821 S Washington St in Seattle's Yesler Terrace neighborhood, on behalf of a joint venture comprising Mack Real Estate Group, Silverstein Properties and Cantor Fitzgerald. ORIX provided the loan for the newly constructed luxury apartment building, which delivered in 2024.
Deal Team and Lender
The Newmark debt placement team was led by Jordan Roeschlaub, Co-Head of Global Debt & Structured Finance, alongside Vice Chairman Chris Kramer, Senior Associate Sam Speciale and Analyst Lance Tillman. The financing was arranged with ORIX, the U.S. real estate arm of Japan-based ORIX Corporation, which has been active in multifamily lending across growth markets.
At $275,000 per unit based on the 200-unit count cited in the transaction, the loan reflects institutional capital structures typical of Class A urban multifamily assets in Seattle.
Property Overview: Swell Apartments in Yesler Terrace
Swell Apartments is a mid-rise luxury apartment community completed in 2024 in Seattle's Yesler Terrace neighborhood, one of the city's largest ongoing public-private redevelopment efforts transitioning from low-rise public housing to a mixed-income, mixed-use district. The property offers a mix of market-rate and affordable residences across studio, one-bedroom and two-bedroom layouts, with finishes including stainless steel appliances, floor-to-ceiling windows and in-unit laundry.
The amenity package includes a rooftop sky lounge, fitness center, coworking and lounge spaces, private dining areas, bike storage and controlled-access parking — features consistent with Class A positioning targeting professional and technology-sector tenants.
Location and Connectivity
Situated along S Washington Street near its intersection with 8th Ave S, Swell Apartments offers direct access to the Seattle Streetcar and Interstate 5, connecting residents to Downtown Seattle and the region's major employment centers. The property is proximate to large employers including Amazon, Microsoft, Costco and Starbucks, as well as Seattle's entertainment and cultural destinations.
Yesler Terrace's ongoing redevelopment has drawn increasing institutional capital participation, and Swell represents one of the largest private multifamily components delivered in the neighborhood to date. The asset's location immediately adjacent to Downtown and the I-5 corridor supports its positioning within Seattle's urban residential market.
Market Context
The refinancing moves Swell Apartments from construction or bridge financing into a stabilized capital structure as the property progresses through lease-up. Seattle multifamily fundamentals have been stabilizing as new supply delivery slows, creating conditions that support institutional refinancing activity for recently completed Class A assets. The transaction reflects continued lender interest in well-located, newly delivered urban multifamily properties in the Pacific Northwest.
Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and operates from over 195 offices with more than 10,000 professionals across four continents.
Sources
More Financing
Northwind Group Closes $208 Million Construction Loan for Capstone Equities and BH3 Management's Office-to-Residential Conversion at 141 Willoughby Street in Downtown Brooklyn
