REBusinessOnline

Koelsch Communities Plans $15M Memory Care Community Puyallup, Washington

PUYALLUP, Wash. — Koelsch Communities has unveiled plans for Deer Ridge Memory Care, a 52-unit standalone memory care community in Puyallup, approximately 35 miles south of Seattle. Deer Ridge will total roughly 42,000 square feet, with an estimated project cost of $15 million. The community will stand on a four-acre site that is under contract to close for approximately $2 million later this year. Koelsch plans to break ground in April of 2019, with an anticipated opening in June of …

Fields Holdings Receives $64M Construction Loan for Student Housing Tower Near University of Washington

SEATTLE — Quantum Capital Partners has secured $64 million in construction financing for The M, a 24-story student housing development located near the University of Washington in Seattle. The property — developed by Los Angeles-based Fields Holdings — will offer studio, one-, two-, three- and four-bedroom units alongside 4,350 square feet of ground-floor retail and one level of subterranean parking. Shared amenities will include study rooms, a recreational lounge, fitness center, …

Microsoft Co-Founder, Real Estate Developer and Philanthropist Paul Allen Dies at 65

SEATTLE — Paul G. Allen, co-founder of Microsoft and founder of investment and project management firm Vulcan Inc., which includes its real estate development arm, has died at age 65. Allen passed away Monday from symptoms of non-Hodgkin’s lymphoma. Born in 1953 in Seattle, Allen attended school in the Seattle area and founded Microsoft, along with Bill Gates, in 1975. Almost 10 years later, he resigned from Microsoft and began focusing on philanthropic interests and commercial real …

Highlands REIT Sells 260,627 SF Shopping Center in Washington for $38.3M

LONGVIEW, WASH. — Chicago-based Highlands REIT has completed the sale of Triangle Center, a community shopping center in Longview, approximately 50 miles north of Portland, Ore. A San Diego-based private buyer acquired the property for $38.3 million. Built in 2004, the 260,627-square-foot property was 98 percent leased at the time of sale. Tenants include Winco Foods (not included in the transaction), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, ULTA …

iBorrow Provides $10.2M Loan for Industrial Building in Metro Seattle

ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of

KeyBank Arranges $60M in Financing for 11 Industrial Buildings in Seattle

SEATTLE — KeyBank Real Estate Capital has secured a $60 million first-mortgage loan for SoDo Portfolio, an group of industrial properties in Seattle. The name of the borrower was not released. Encompassing 12.7 acres, the portfolio totals 11 buildings offering mixed-use industrial space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing, which features a five-year term. A life company provided the

State Farm Provides $21M Construction Financing for Multifamily Project in Seattle

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $21 million in financing for the development of Ivy Apartments in Seattle. Mike Wood and Colin Ceithaml of NBS Financial represented the borrower, Interbay Apts LLC, in the financing. State Farm Life Insurance provided the fixed-rate construction/perm loan, which is structured with a 12-year term and a 30-year amortization. Upon completion, Ivy Apartments will bring 93 residential units to Seattle’s …

Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing. Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average …

Wolff Co. Completes 135-Unit Seniors Housing Property in Lacey, Washington

LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant …

Newmark Arranges $5M Loan for 22,367 SF Retail Property in Spokane, Washington

SPOKANE, WASH. — Newmark has arranged $5 million in permanent financing for the Village at Regal Pond, a retail property located in Spokane’s Inland Northwest submarket. The multi-tenant property features 22,367 square feet of retail space. Demetri Koston and Skip Slavin of Newmark’s Seattle office secured the non-recourse financing with one of Newmark’s correspondent life companies. Newmark will service the 20-year, fully amortizing loan at no additional cost to the undisclosed …

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