Seattle’s Uptown/Queen Anne just scored a fresh vote of confidence from big-money lenders. The brand-new 167-unit apartment building at 110 Roy Street has locked in a $53 million refinancing, giving the project some financial breathing room while apartments lease up and street-level retail looks for tenants. It is another sign that capital is tiptoeing back into well-located Seattle multifamily deals.
Cushman & Wakefield arranged the $53 million loan and represented borrower Low Tide Properties in the transaction, according to Connect CRE. The firm reported that Northwestern Mutual supplied the five-year financing, with Cushman’s Dave Karson, Chris Moyer, Alex Lapidus and Zarif Hasan handling the assignment.
The seven-story property was developed by Continental Properties in partnership with Low Tide Properties and delivers studio, one- and two-bedroom apartments, plus a slate of modern perks that include a rooftop skyview terrace, fitness studio, pet spa and resident lounge. The developer’s project page pegs the building at roughly 7,500 square feet of street-level retail and notes that construction wrapped in January 2025, per Low Tide Properties. Leasing is still underway for both the apartments and the commercial spaces.
“This refinancing reflects the continued demand for well-located multifamily assets in Seattle’s dynamic market,” Karson said, describing 110 Roy as “one of the newest and most modern offerings” in the neighborhood. The comment accompanied the deal announcement, as reported by Connect CRE. The five-year term is structured to carry the building through its early stabilized lease-up and day-to-day operations.
What It Means For The Market
Recent research suggests Seattle’s apartment market has been finding its footing again, which helps explain lender interest in fresh deliveries like 110 Roy. The Q1 2026 report from Kidder Mathews highlights modest year-over-year rent growth and vacancy holding in the mid-single digits as the construction pipeline starts to thin. That mix of steady demand and fewer new projects in the works makes well-situated, amenity-heavy properties more appealing to balance-sheet and institutional lenders.
Large insurance companies such as Northwestern Mutual have become increasingly visible sources of that long-term capital in Seattle, often filling in where traditional banks have pulled back. Multi-Housing News has tracked previous deals in which Northwestern Mutual supplied sizable refinancings to apartment owners in the region, underscoring the role of insurers as patient, long-horizon lenders. Their willingness to write five-year loans gives owners like Low Tide and Continental a way to replace construction or acquisition debt while they work toward full stabilization.
For renters and neighborhood watchers, the refinancing does not instantly move the needle on asking rents, but it does send a signal about investor confidence in Uptown’s long-term story. With retail space coming online and the building now stabilized from a financing standpoint, ownership can shift attention to lease-up strategies and small-scale community-focused uses that will shape how the project feels at street level. Expect a slow but steady drumbeat of commercial leasing announcements and typical residential move-in cycles over the coming months as 110 Roy settles into the neighborhood fabric.
