VANCOUVER, WASH. — Gantry has secured a $23 million permanent loan to refinance the Mission Hills Apartments located at 11900 NE 18th St. in Vancouver. Situated on 33 acres, the property includes 556 one-, two- and three-bedroom apartments in multiple buildings. Community amenities include a club house, pool, spa and other Class A amenities. Blake Hering and Abi Hunter of Gantry represented the borrower, a private real estate family. The 10-year, fixed-rate loan was secured through one of Gantry’s correspondent life company lenders and features nonrecourse terms and a 30-year amortization schedule. The loan retires two maturing loans placed on different phases of the property.
KELSO, WASH. — A joint venture between Trammell Crow Co. (TCC) and Diamond Realty Investments has completed the construction of Mid I-5, a speculate industrial facility at 2700 Talley Way in Kelso, approximately 50 miles north of Portland, Ore. Situated on 82 acres, Mid I-5 features a 1.2 million-square-foot speculative industrial and logistics building. The single-story, cross-dock facility features a clear height of 40 feet, 650-foot building depth, 8,000 amps of electrical service, 219 dock doors, 348 trailer parking stalls and 427 auto parking stalls. The project also includes adjacent land that could accommodate 475 additional trailer stalls, a yard area or 225,000 square feet of additional building. The facility is expected to become LEED-certified in 2025. The project team included Sierra Construction as general contractor, Gibbs & Olson as civil engineer and HPA Architecture as architect of record. Cara Nolan of CBRE Portland and Andrew Stark of CBRE Seattle are handling the property’s marketing and leasing.
SEATAC, WASH. — BKM Capital Partners has purchased SeaTac Industrial Park, an industrial property located in SeaTac, approximately 15 miles south of Seattle, for $29 million in an off-market transaction. Totaling 129,677 square feet, SeaTac Industrial Park comprises three concrete tilt-up buildings with 18 units ranging from 1,929 square feet to 32,512 square feet in size, with office spaces comprising 16 percent of the total footprint. Located at 18802-19024 13th Place S, the property features 14- to 16-foot clear heights, 45 dock-high doors and 34 grade-level doors. At the time of sale, the asset was 92 percent leased. BKM Capital plans to invest nearly $2 million in capital improvements to elevate the property’s appeal and address deferred maintenance. Upgrades will include roofing, landscaping, HVAC systems, parking lot repairs and updated signage. A key component of the renovation includes converting the park’s largest unit from 32,512 square feet into four smaller units between 6,000 square feet and 16,000 square feet.
BREMERTON, WASH. — Northmarq’s Seattle Debt + Equity team led by Robert Spiro has arranged a $67 million loan for the refinancing of Camber Apartments, Phases 1 and 2, a garden-style multifamily community in Bremerton. Northmarq arranged financing on behalf of the borrower through its in-house Fannie Mae delegated underwriting program. The permanent-fixed deal was structured on a seven-year term. Located at 1231 NE McWilliams Road, Camber Apartments features two adjacent multifamily properties, with Phase 1 being built in 2021 and Phase 2 built in 2024. Camber Phase 1 offers 204 units, and Camber Phase 2 features 120 units. The community features one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, primary suites, lush park-like views, luxury vinyl flooring, walk-in closets and either a balcony or patio. The pet-friendly community amenities include a fitness center, clubhouse with a caterer’s kitchen, fire pits, controlled access and gated entry, a heated resort-style pool, a covered outdoor spa, pool, theater-inspired media room, integrated trails, barbecue picnic shelters and play areas.
Waterton Provides $69.2M Senior Construction Loan for Apartment Development in Vancouver, Washington
VANCOUVER, WASH. — Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story mid-rise apartment building in Vancouver. The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024 on the project that is slated for completion in 2027. Totaling 198 units, 12th & Main will offer studio, one- and two-bedroom floor plans and an amenity package including a 24-hour fitness center, rooftop lounge with river views, dog wash station, game room, remote work offices, electric vehicle charging stations and a steam shower and sauna. Additionally, the property will include 21,359 square feet of ground-floor commercial space. Pahlisch Commercial will occupy roughly half of the ground-floor space as its headquarters office.
SPOKANE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Moran Vista Senior Living, a 131-unit seniors housing community located in Spokane. Originally built in 1997 and renovated and expanded in 2008, the property features independent living, assisted living and memory care residences. A regional owner-operator acquired the community from a Pacific Northwest-based seller. The buyer’s portfolio comprises roughly 20 properties throughout Washington and Arizona. Jason Punzel of SLIB brokered the transaction.
MILTON, WASH. — San Diego-based Pathfinder Partners has purchased Sundance, a 105-unit apartment property in Milton, a suburb south of Seattle, from SEB Inc. The purchase price was $28.1 million, or $268,000 per unit. Located at 210 27th Ave., Sundance offers 18 one-bedroom/one-bath units, 42 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 21 three-bedroom/two-bath units ranging from 725 square feet to 1,160 square feet spread around nine three-story residential buildings. Units include washers/dryers, nine- and 10-foot ceilings on the upper floors, electric fireplaces, private decks or patios and walk-in closets. Onsite amenities include a pool, hot tub, community picnic area with barbecue grills, a playground and 24 detached garages, as well as a community building with a clubhouse, leasing office and fitness center.
SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.
SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.
KENT, WASH. — CBRE has negotiated the $64.2 million sale of the 315,422-square-foot Seattle Industrial Portfolio. The names of the seller and buyer were not released. Brett Hartzell, Paige Morgan, Andrew Stark and Andrew Hitchcock of CBRE National Partners represented the undisclosed the seller. The portfolio includes two industrial facilities: Kent Valley DC II at 6111 S. 228th St. and Kent Valley DC IV at 6205-6305 S. 231St. The distribution buildings were constructed between 1995 and 1997 and offer 30-foot clear heights and a high dock-door count.
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