Fully Capitalized Bridge Lender Provides Funding to Stabilize Historic Labor Temple Building
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $14.3 million bridge loan to stabilize the Labor Temple, a landmarked office building situated in the Belltown neighborhood of Seattle, Washington.
For over 75 years, the Labor Temple was home of Seattle’s labor trades’ activities. Originally built in 1942, expanded in 1955, and landmarked in 2008, the building now totals 40,000 square feet and sits on a half block site located at 2800 1st Avenue. The three-story historic building is currently undergoing renovations that will honor the property’s rich history and incorporate high-end offerings designed for the modern office tenant. In addition to fresh-air spaces including a roof deck and a courtyard, the refurbished Labor Temple will also include private meeting rooms on each floor, a fitness center, and 67 large office suites. The property is perfectly situated only a block from the major retail and restaurant corridor of Belltown, and two blocks from both the Olympic Sculpture Park and the Seattle Waterfront.
“We are encouraged by the movement in Seattle’s commercial market as companies return to work and remote workers seek office space outside of the home,” said Billy Meyer, Managing Director of Real Estate Lending at Columbia Pacific Advisors. “Working on a project in our hometown is a highlight, especially when we are able to help bring new life to a piece of history. We believe the building’s optimal location and corporate amenities will be a draw to commercial tenants.”
The Labor Temple building was acquired by FAUL, a Seattle-based real estate owner and developer, in December 2020. The company has a robust portfolio of residential and commercial properties alike.
“After acquiring the site last year, or team put together a plan to honor the Labor Temple’s history while also creating a space for business to flourish. We look forward to working with Columbia Pacific Advisors to realize these goals and are thrilled to bring a high-quality commercial space to the Belltown neighborhood,” said Chris Faul, Principal of FAUL.
Boutique technology companies have expressed interest in pre-leasing space in the newly refurbished building. Renovations are currently underway and expected to wrap by November of this year.
ABOUT COLUMBIA PACIFIC ADVISORS
Columbia Pacific Advisors (CPA) manages strategies in real estate investing, real estate lending and opportunistic investment. Columbia Pacific Advisors Bridge Lending, serves commercial real estate clients nationwide. A fully capitalized real estate bridge lender, the platform provides short- to intermediate-term loans ranging from $10 million to $100 million on a range of income producing properties including multifamily, seniors housing, affordable housing, hospitality, and self-storage. For more information, visit www.columbiapacific.com.
ABOUT THE FAUL COMPANY
FAUL provides clients and investment partners with a clear understanding of the real estate acquisition and development opportunities that exist within Seattle’s dynamic urban neighborhoods. As an owner and developer of real estate, the company’s goal is to improve the neighborhoods in which we live and work while delivering high quality assets of lasting value. FAUL creates value through extensive knowledge of acquisition and entitlement, design and engineering, construction and finance, and leasing and operations. With over 20 years of commercial real estate experience, FAUL’s team works closely with clients and investors to provide solid performing real estate assets that create positive impacts within our community. For more information, visit www.FAUL.company