Seattle-based developer Vibrant Cities has lost control of Roystone, a newer 93-unit mixed-use building located at the base of Queen Anne Hill.
The eight-story property at 5 W. Roy St. was transferred via a trustee’s deed in a Chapter 11 bankruptcy sale. The buyer’s address corresponds to Citymark Capital of Cleveland. The recorded sale price was $0, though the property is assessed at $27.1 million, reported the Puget Sound Business Journal.
The 2020 deed of trust indicates Vibrant Cities had borrowed $30 million from First Interstate Bank for the project, which includes underground parking, nearly 3,500 square feet of retail, and a rooftop deck with city views.
Dylan Simon, Jerrid Anderson, and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews represented the former owner. The team brought the property to market in January and facilitated the transaction, which closed yesterday.
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