HomeStreet Bank Provides $12.9 Million Portfolio Loan for Saturn BuildingMay 22, 2013HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, has provided a $12.9 million portfolio loan for the Saturn Building in Seattle, a mixed use project focusing primarily on incubator office spaces for new and fledgling small businesses.
“This loan reflects a new Seattle trend that is putting HomeStreet Bank on the cutting edge of commercial office lending: smaller spaces for entrepreneurial business owners who want to grow their operation and manage start-up costs,” said HomeStreet Relationship Manager Carmen Esteban, who facilitated the loan at highly competitive rates and terms.
The Saturn Building loan is the third in a series of loans for similar projects that HomeStreet has funded for developers in the Seattle market, providing smaller, more affordable office space for entrepreneurs and business owners.
“Seattle leads the way in many regards with start-up businesses and concepts that are moving away from a traditional mode of renting a large office or an executive suite for years at a time,” said Randy Daniels, HomeStreet Bank executive vice president and commercial real estate lending director. “Many of today’s businesses are started in people’s homes as they transition away from a traditional career path of working in the same place for thirty years. We know the recent economy was very difficult for small business owners. These units support them in breaking down barriers to entry by creating cost-effective, flexible and professional office space for a wide range of purposes such as client meetings and networking.”
The Saturn Building is located at 3417 Evanston Avenue North in the Fremont neighborhood of Seattle, Wash. The mixed-use building is currently 93% occupied, including three Seattle-based retail businesses: a HomeStreet Bank retail branch, which opened in February; Wine Tea Chocolate; and The Sixgill. The hallways of the Saturn building feature artwork by local artists participating in the Fremont Art Walk. The building was designed by architects Lance Mueller and Associates. Seattle native and developer Brian Regan plans to install a 24-foot diameter model of the planet Saturn 65 feet above the sidewalk and in proximity to the famous Fremont rocket.
HomeStreet Bank most recently provided portfolio lending for the Queen Anne Space building, which has 47 offices rented by a range of small business owner and entrepreneur tenants including professional services, consultants and health-related practices. HomeStreet Bank previously funded loans for the ActivSpace, another office building complex for artists and small business owners, in several Seattle locations including Wallingford, Ballard, Lake City, and West Seattle, as well as for an ActivSpace location in Portland, Ore.
“We hear the needs that our customers are expressing about expanded options for smaller businesses, and we are here to meet those needs with the best rates to support their real estate development goals,” said Esteban.