AIG Grants $113 Million For Skyglass Tower Multifamily Development In Seattle

Gemdale USA Corporation has settled $113 million of construction financing for the development of Skyglass Tower, a 29-story multifamily building in Seattle’s South Lake Union submarket. 

AIG provided the loan in a transaction arranged by Cushman & Wakefield’s Dave Karson, Chris Moyer and Keith Padien.

The new tower, found at 222 Dexter Avenue North and designed by architecture firm Hewitt, will include 338 multifamily units and unobstructed water views. The project will also feature 2,260 square feet of ground-floor retail and a top-notch amenity package.  

Construction on the tower — which features a striking, angled glass facade — is expected to wrap in October 2023.

Skyglass Tower is Gemdale’s first high-rise apartment project and first development in Seattle. The Pasadena, California-headquartered developer declared the purchase of the building’s 18,000 Sq Ft. site at the heart of Seattle’s tech and life sciences hub in July 2019.

The tower meets the growing demand for housing in the South Lake Union area following the growth of such companies as Amazon, Google, Facebook and Apple. It also sits close to Seattle Center, the area that’s home to the Space Needle and the fully renovated Climate Pledge sports arena which will soon house the Seattle Kraken ice hockey team, which begins its inaugural season this fall.