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 neighborhood, reported the Puget Sound Business Journal. The $358 million development has been in the planning stages for years. The properties at 2301 and 2331 Seventh Ave. are in the entitlement phase. The latest financing follows a $170 million loan secured in December 2023.

Onni acquired the roughly half-block property in 2018 from Clise Properties for $78.75 million. Toronto-Dominion Bank is the lender for the $41.7 million loan, and Stewart Title is the trustee. Graphite Design Group designed the project, which will include a mix of residential, office and retail space.

Earlier this year, Onni completed the purchase of the former Hudson’s Bay Company department store in downtown Vancouver for $112.5 million. CBRE and Marcus & Millichap brokered that transaction as part of the RioCan REIT-Bay joint-venture’s receivership process. 

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