Updated Jul 31, 2025
Nitze-Stagen & Daniels Real Estate Secures $435M Refinance Loan From Deutsche Bank For Starbucks Center
2401 Utah Avenue South
$435,000,000
Building Size
—
Asset Type
Office
Closing
Jul 30, 2025
About this deal
AI
The asset involved in this transaction is an office property located at 2401 Utah Avenue South in Seattle, WA. The property secured a refinancing loan amounting to $435,000,000. It is situated in the SoDo District, a notable market area for office spaces.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $435,000,000
- Lender: Deutsche Bank
- Landlord: Nitze-Stagen & Daniels Real Estate
- Brokers: Jordan Roeschlaub, Blake Thompson, Jonathan Firestone & Kevin Shannon - Newmark
- Loan Type: Refinance
This refinancing was arranged by Newmark for the Starbucks Center on behalf of Nitze-Stagen and Daniels Real Estate, providing them with the necessary capital to optimize their asset in a competitive market.
Players
Seattle Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93