Onni Group Secures $42M in Financing for Two-Tower MXU Project in Seattle
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. Seattle absorption has been weighed down by tech tenant footprint optimization. Multifamily and industrial have been more resilient, with selective bids on best-located product. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
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On the RET wire
- The 25th Seattle story tracked on the wire in September 2026. All Seattle coverage →
- Disclosed capital deal value tracked in September 2026: $23.5B across 49 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
Canadian developer Onni Group has secured $41.7 million in financing for Block V, a two-tower development in Seattle. The project is located at the site of former parking lots near Seattle’s South Lake Union neighborh…
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