Originally published September 2, 2010 at 10:09 PM | Page modified September 2, 2010 at 10:09 PM
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SAM enters 10M loan agreement with endowment fund
The Seattle Art Museum will enter into a $10 million loan agreement with its endowment fund, according to a petition for declaratory relief from the King County Superior Court.
The Seattle Art Museum will enter into a $10 million loan agreement with its endowment fund, according to a petition for declaratory relief from the King County Superior Court.
SAM estimates the loss of its lease with Washington Mutual on the downtown tower that adjoins the art museum will cost it about $25 million — a sum that includes the loss of rental revenue while the property is vacant.
J.P. Morgan Chase & Co., which bought Washington Mutual and later opted out of leasing the space, donated $9.5 million to SAM. After applying those funds and other immediately available resources, SAM’s remaining shortfall will likely be about $10 million, according to the document.
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