$36.465M financing lined up for the Original Rainier Brewery in Seattle
JLL Capital Markets led the financing efforts for the creative mixed-use property in one of the city’s oldest neighborhoods
SEATTLE, June 21, 2022 – JLL Capital Markets announced today that it has arranged $36.465 million in financing for the Original Rainier Brewery, a four-building industrial/office/retail portfolio totaling 193,908 square feet in Seattle, Washington.
JLL worked on behalf of the borrower, ScanlanKemperBard to secure the bridge financing through an investment banks’ balance sheet lending platform. The floating-rate loan has a three-year initial term with two one-year extensions.
Originally built as a brewery for Rainier Beer in the early 1900’s, the property has been converted into a creative industrial maker space, creative office and food processing/storefront complex comprising four separate buildings: the Bottling Plant, the Malt House, the Warehouse and the General Office. The buildings feature abundant natural light, exposed brick, original flooring, historic detailing and unique layouts that differentiate each suite. The property has a diverse rent roll of 39 tenants spanning various industries, including architecture, outdoor clothing manufacturers, custom woodworking, wine storage, wholesale showrooms and more.
The Original Rainier Brewery occupies a 6.5-acre site at 5624-6004 Airport Way S. in one of Seattle’s oldest neighborhoods, the Georgetown submarket. This area has a plentiful amenity base of restaurants and retail amenities and is close to several notable multinational national companies. In addition, the Original Rainier Brewery has tremendous transit access being under one mile from Interstate 5 and just 1.2 miles from Highway 99. In addition, the property is about four miles south of Seattle’s Central Business District and approximately 10 miles from the Seattle-Tacoma International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tom Wilson and Director Zachary Kersten.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ScanlanKemperBard
ScanlanKemperBard is a privately held real estate merchant bank based in Portland, Oregon. SKB acquires, manages and transforms commercial properties into profitable, risk-adjusted returns for select high-net-worth individuals, family offices, trusts, and institutional investors. Since SKB's founding over two decades ago, the firm has originated more than $5.1 billion in total portfolio activity.