Redman Family

09.19.2019

Heartland was engaged in 2013 by the Redman Family, a third-generation Seattle family and founder of Sellen Construction, to conduct a highest and best use (“HBU”) analysis, financial feasibility analysis and to create and lead an implementation plan for the development of a long-held family assemblage in the heart of South Lake Union (“SLU”). Heartland led the formation of the development team, financial analysis, deal structuring and capitalization (both debt and equity) and project management for the project and is providing ongoing asset management of the stabilized asset. The 170,000 square foot mixed-use boutique office development was completed in 2018, with Amazon leasing the office space and an eclectic mix of retail tenants leasing space on the ground floor.

Heartland led a debt refinance effort for 9th & Thomas in 2020, successfully navigating volatile capital markets in the midst of the global pandemic. The refinance enabled the project to take advantage of a low interest rate environment and significantly boost project cash flow.

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