Real Estate
Seattle Developer Selig Warns of Default on More Office Debt
- The $379 million loan is backed by mostly empty offices
- Selig’s firm scored forbearance on separate $239 million loan
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One of Seattle’s most prominent developers is warning its lenders that stubbornly high vacancy rates are making it impossible to pay off its debt.
Martin Selig Real Estate disclosed it will be unable to pay off a $379 million loan tied to nine properties in and around downtown Seattle by April, when the debt matures, according to commentary from the servicer on the commercial mortgage this week. The office buildings, which span more than 1.6 million square feet, are about 33% vacant on average.