At a glance
- The buildings total about 2.2 million square feet across the Central Business District, Waterfront, Belltown, Lower Queen Anne and Ballard.
- Under the executed agreement with Midland Loan Services, the loan returns to the master servicer before the end of 2026.
- For allocators holding Seattle office credit, the modified debt works out to about $225 per square foot on roughly 2.2 million square feet.
Martin Selig Real Estate completed nearly $500 million of loan modifications on 12 Seattle office buildings, ending a receivership on nine of them before the end of 2026, Connect CRE first reported on Nov. 3. The buildings total about 2.2 million square feet across the Central Business District, Waterfront, Belltown, Lower Queen Anne and Ballard.
Under the executed agreement with Midland Loan Services, the loan returns to the master servicer before the end of 2026. Nine of the buildings are in that loan; the other three are financed under a separate facility. Terms were not disclosed.
For allocators holding Seattle office credit, the modified debt works out to about $225 per square foot on roughly 2.2 million square feet.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections