51 University
Receivership
Project Highlights
A LEED Certified, six-story office building of 96,540 square feet, 51 University is situated at the foot of Seattle’s Harbor Steps with direct access to the revitalized Waterfront.
Challenge
Seriously impacted by the 2020 pandemic and high vacancy in Seattle's downtown business district, 51 University was faced with irreversible financial impact.
solution
The project’s lender sought the Court’s appointment of JFP Partners (formerly J. Fanelli Properties, LLC) as receiver to take control, preserve and protect the collection of revenue and value.
Result
Lender foreclosed on the project.
Seattle, WA
2025
Partners
Newmark Commercial Real Estate
Cairncross & Hempleman
Nation Life Group (NLG)
Our Approach
With over three decades of experience developing, owning, and operating real estate, including advising and managing distressed projects, our principals also serve as expert witnesses on real estate matters and provide other consulting and real estate brokerage services.
![](data:image/svg+xml,<svg display="block" role="presentation" viewBox="0 0 594 330" xmlns="http://www.w3.org/2000/svg"><g d="M 173 293.37 L 192.89 293.37 C 198.93 293.37 208.85 293.37 208.85 304.32 C 208.85 315.27 198.93 315.22 192.89 315.22 L 179.97 315.22 L 179.97 329.07 L 173 329.07 Z M 194.41 309.23 C 198.39 309.23 201.87 308.89 201.87 304.27 C 201.87 299.65 198.38 299.36 194.41 299.36 L 179.97 299.36 L 179.97 309.23 Z M 227.42 293.37 L 235.37 293.37 L 252.7 329.07 L 245.33 329.07 L 241.6 320.87 L 221.03 320.87 L 217.25 329.07 L 209.84 329.07 Z M 238.86 314.88 L 231.4 298.97 L 223.94 314.88 L 238.87 314.88 Z M 260.77 293.37 L 282.23 293.37 C 290.67 293.37 296.76 295.29 296.76 304.03 C 296.76 310.61 292.05 314.24 286.79 314.54 L 297.74 329.07 L 289.15 329.07 L 278.79 315.03 L 267.74 315.03 L 267.74 329.07 L 260.77 329.07 Z M 281.2 309.23 C 286.89 309.23 289.79 308.4 289.79 304.17 C 289.79 299.94 286.89 299.16 281.2 299.16 L 267.75 299.16 L 267.75 309.23 Z M 319.6 299.36 L 303.64 299.36 L 303.64 293.37 L 342.53 293.37 L 342.53 299.36 L 326.57 299.36 L 326.57 329.07 L 319.6 329.07 Z M 350.2 293.37 L 357.56 293.37 L 381.43 319.15 L 381.43 293.37 L 388.11 293.37 L 388.11 329.07 L 381.73 329.07 L 356.88 302.36 L 356.88 329.07 L 350.2 329.07 Z M 399.01 293.37 L 431.02 293.37 L 431.02 299.36 L 405.98 299.36 L 405.98 307.66 L 427.54 307.66 L 427.54 313.65 L 405.98 313.65 L 405.98 323.08 L 431.61 323.08 L 431.61 329.07 L 399.01 329.07 Z M 439.68 293.37 L 461.14 293.37 C 469.58 293.37 475.67 295.29 475.67 304.03 C 475.67 310.61 470.96 314.24 465.7 314.54 L 476.65 329.07 L 468.06 329.07 L 457.7 315.03 L 446.65 315.03 L 446.65 329.07 L 439.68 329.07 Z M 460.1 309.23 C 465.79 309.23 468.69 308.4 468.69 304.17 C 468.69 299.94 465.79 299.16 460.1 299.16 L 446.64 299.16 L 446.64 309.23 Z M 513.58 304.22 C 512.45 301.03 509.55 298.28 501.06 298.28 C 496.35 298.28 491.58 299.46 491.58 302.75 C 491.58 304.27 492.47 305.89 499.58 306.78 L 508.03 308.06 C 516.03 309.29 520.75 312.38 520.75 318.37 C 520.75 326.82 512.7 329.96 503.17 329.96 C 487.85 329.96 484.12 322.4 483.28 319.7 L 490.01 317.59 C 491.29 320.19 493.94 323.97 503.37 323.97 C 509.07 323.97 513.78 322.1 513.78 319.01 C 513.78 316.7 511.13 315.18 506.02 314.54 L 497.48 313.36 C 489.23 312.23 484.61 308.65 484.61 303.2 C 484.61 292.5 498.51 292.5 501.26 292.5 C 516.63 292.5 519.28 299.62 520.16 302.08 L 513.58 304.24 Z M 83.21 48.1 C 83.21 21.93 80.03 10.96 57.04 0 L 169.87 0 C 146.88 10.97 143.34 21.93 143.34 48.1 L 143.34 190.25 C 143.34 243.66 102.97 287.16 53.5 287.16 C 72.54 278.87 83.21 258.15 83.21 214.65 Z M 183.08 232.49 C 206.07 221.52 209.25 209.85 209.25 183.33 L 209.25 48.1 C 209.25 21.93 206.07 10.96 183.08 0 L 269.38 0 L 269.38 183.33 C 269.38 209.86 275.75 221.53 302.28 232.49 L 183.09 232.49 Z M 292.38 122.43 C 322.25 110.47 332.28 97.55 339.77 88.47 L 339.77 156.32 C 332.27 147.25 322.25 134.33 292.38 122.36 M 368.77 62.95 L 368.77 0 L 310.77 0 Z M 386.46 232.49 C 409.45 221.52 412.63 209.85 412.63 183.33 L 412.63 48.1 C 412.63 21.93 409.45 10.96 386.46 0 L 472.76 0 L 472.76 183.33 C 472.76 209.86 479.13 221.53 505.66 232.49 L 386.47 232.49 Z M 594.17 71.79 L 594.14 71.79 C 593.24 139.69 568.32 139.7 499.38 139.7 C 524.29 129.67 533.97 109.14 534.38 69.85 C 533.97 30.55 524.29 10.03 499.38 0 C 568.32 0 593.25 0 594.14 67.91 L 594.17 67.91 L 594.17 71.8 Z M 0 259.62 C 0 244.918 11.918 233 26.62 233 C 41.322 233 53.24 244.918 53.24 259.62 C 53.24 274.322 41.322 286.24 26.62 286.24 C 11.918 286.24 0 274.322 0 259.62 Z" fill="transparent" height="329.96000000000004px" id="eT6j8yAhU" width="594.1700048828125px"><path d="M 0 0.87 L 19.89 0.87 C 25.93 0.87 35.85 0.87 35.85 11.82 C 35.85 22.77 25.93 22.72 19.89 22.72 L 6.97 22.72 L 6.97 36.57 L 0 36.57 Z M 21.41 16.73 C 25.39 16.73 28.87 16.39 28.87 11.77 C 28.87 7.15 25.38 6.86 21.41 6.86 L 6.97 6.86 L 6.97 16.73 Z M 54.42 0.87 L 62.37 0.87 L 79.7 36.57 L 72.33 36.57 L 68.6 28.37 L 48.03 28.37 L 44.25 36.57 L 36.84 36.57 Z M 65.86 22.38 L 58.4 6.47 L 50.94 22.38 L 65.87 22.38 Z M 87.77 0.87 L 109.23 0.87 C 117.67 0.87 123.76 2.79 123.76 11.53 C 123.76 18.11 119.05 21.74 113.79 22.04 L 124.74 36.57 L 116.15 36.57 L 105.79 22.53 L 94.74 22.53 L 94.74 36.57 L 87.77 36.57 Z M 108.2 16.73 C 113.89 16.73 116.79 15.9 116.79 11.67 C 116.79 7.44 113.89 6.66 108.2 6.66 L 94.75 6.66 L 94.75 16.73 Z M 146.6 6.86 L 130.64 6.86 L 130.64 0.87 L 169.53 0.87 L 169.53 6.86 L 153.57 6.86 L 153.57 36.57 L 146.6 36.57 Z M 177.2 0.87 L 184.56 0.87 L 208.43 26.65 L 208.43 0.87 L 215.11 0.87 L 215.11 36.57 L 208.73 36.57 L 183.88 9.86 L 183.88 36.57 L 177.2 36.57 Z M 226.01 0.87 L 258.02 0.87 L 258.02 6.86 L 232.98 6.86 L 232.98 15.16 L 254.54 15.16 L 254.54 21.15 L 232.98 21.15 L 232.98 30.58 L 258.61 30.58 L 258.61 36.57 L 226.01 36.57 Z M 266.68 0.87 L 288.14 0.87 C 296.58 0.87 302.67 2.79 302.67 11.53 C 302.67 18.11 297.96 21.74 292.7 22.04 L 303.65 36.57 L 295.06 36.57 L 284.7 22.53 L 273.65 22.53 L 273.65 36.57 L 266.68 36.57 Z M 287.1 16.73 C 292.79 16.73 295.69 15.9 295.69 11.67 C 295.69 7.44 292.79 6.66 287.1 6.66 L 273.64 6.66 L 273.64 16.73 Z M 340.58 11.72 C 339.45 8.53 336.55 5.78 328.06 5.78 C 323.35 5.78 318.58 6.96 318.58 10.25 C 318.58 11.77 319.47 13.39 326.58 14.28 L 335.03 15.56 C 343.03 16.79 347.75 19.88 347.75 25.87 C 347.75 34.32 339.7 37.46 330.17 37.46 C 314.85 37.46 311.12 29.9 310.28 27.2 L 317.01 25.09 C 318.29 27.69 320.94 31.47 330.37 31.47 C 336.07 31.47 340.78 29.6 340.78 26.51 C 340.78 24.2 338.13 22.68 333.02 22.04 L 324.48 20.86 C 316.23 19.73 311.61 16.15 311.61 10.7 C 311.61 0 325.51 0 328.26 0 C 343.63 0 346.28 7.12 347.16 9.58 L 340.58 11.74 Z" fill="rgb(161, 88, 67)" height="37.460000000000036px" id="aCFxKsHNT" transform="translate(173 292.5)" width="347.7499987792969px"/><path d="M 29.71 48.1 C 29.71 21.93 26.53 10.96 3.54 0 L 116.37 0 C 93.38 10.97 89.84 21.93 89.84 48.1 L 89.84 190.25 C 89.84 243.66 49.47 287.16 0 287.16 C 19.04 278.87 29.71 258.15 29.71 214.65 Z M 129.58 232.49 C 152.57 221.52 155.75 209.85 155.75 183.33 L 155.75 48.1 C 155.75 21.93 152.57 10.96 129.58 0 L 215.88 0 L 215.88 183.33 C 215.88 209.86 222.25 221.53 248.78 232.49 L 129.59 232.49 Z M 238.88 122.43 C 268.75 110.47 278.78 97.55 286.27 88.47 L 286.27 156.32 C 278.77 147.25 268.75 134.33 238.88 122.36 M 315.27 62.95 L 315.27 0 L 257.27 0 Z M 332.96 232.49 C 355.95 221.52 359.13 209.85 359.13 183.33 L 359.13 48.1 C 359.13 21.93 355.95 10.96 332.96 0 L 419.26 0 L 419.26 183.33 C 419.26 209.86 425.63 221.53 452.16 232.49 L 332.97 232.49 Z M 540.67 71.79 L 540.64 71.79 C 539.74 139.69 514.82 139.7 445.88 139.7 C 470.79 129.67 480.47 109.14 480.88 69.85 C 480.47 30.55 470.79 10.03 445.88 0 C 514.82 0 539.75 0 540.64 67.91 L 540.67 67.91 L 540.67 71.8 Z" fill="rgb(39, 50, 80)" height="287.16px" id="nahw6GwQz" transform="translate(53.5 0)" width="540.6700048828125px"/><path d="M 0 26.62 C 0 11.918 11.918 0 26.62 0 C 41.322 0 53.24 11.918 53.24 26.62 C 53.24 41.322 41.322 53.24 26.62 53.24 C 11.918 53.24 0 41.322 0 26.62 Z" fill="rgb(39, 50, 80)" height="53.24000000000001px" id="W1ZTVs0A1" transform="translate(0 233)" width="53.24000000000001px"/></g></svg>)