REBusinessOnline

AAA Management Receives $47.6M Construction Loan for Geo Queen Anne Apartments in Seattle

SEATTLE — San Diego-based AAA Management has obtained $47.6 million in financing for the construction of Geo Queen Anne, an apartment development in Seattle’s Queen Anne submarket.Located at 2222 15th Ave. West, the six-story, 148,159-square-foot building will feature 168 apartments, 20 percent of which will be designated as affordable. Community amenities will include a fitness center, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in …

Affordable Housing, Development, Loans, Multifamily, Washington, Western

NorthMarq Arranges $27.6M Refinancing for Glacier Run Multifamily Property in Puyallup, Washington

PUYALLUP, WASH. — NorthMarq has secured a $27.6 million refinancing for Glacier Run Phase II, an apartment community located at 12020 Sunrise Blvd. East in Puyallup.Bob Spiro and Scott Moline of Newmark arranged the financing, which features a 10-year term on a 30-year amortization schedule, through its in-house Fannie Mae team.Built in 2021, Phase II includes 144 apartments in a mix of one-, two- and three-bedroom layouts with high-end finishes, stainless steel appliances and in-unit …

Loans, Multifamily, Washington, Western

Bellwether Housing Acquires Two Multifamily Communities for Affordable Housing Conversion in Washington

KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport.Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income.JLL Capital Markets and JLL Public Institutions …

Acquisitions, Affordable Housing, Loans, Multifamily, Washington, Western

Rockbridge Sells Two-Hotel Portfolio in Pacific Northwest Totaling 209 Rooms

PORTLAND, ORE. AND VANCOUVER, WASH. — Rockbridge has completed the disposition of a 209-key, two-hotel portfolio located in Portland and Vancouver. Terms of the transaction were not released.The portfolio consists of the 104-room Homewood Suites Vancouver-Portland in Vancouver and a 105-room Homewood Suites Portland Airport in Portland. Since 2016, the hotels have been undergoing $12.4 million in capital improvements (an average of $59,000 per room). Both properties are unencumbered by …

Acquisitions, Hospitality, Oregon, Washington, Western

Staley Point Capital, Bain Capital Real Estate Purchase 90,000 SF Warehouse in Seattle

SEATTLE — A joint venture between Staley Point Capital and Bain Capital Real Estate has acquired 2424 8th Avenue South, a warehouse property located in Seattle’s SODO neighborhood. The price was $31.6 million, or $351 per square foot.The 90,000-square-foot facility features 42 dock-high doors and is within 10 miles of the region’s most significant distribution hubs, including SeaTac International Airport and the BNSF and Union Pacific railway yards.Winston & Strawn LLP served …

Acquisitions, Industrial, Washington, Western

Abacus Capital Acquires Ridgedale Apartments in Bellevue for $144M

BELLEVUE, WASH. — An affiliate of New York-based Abacus Capital Group has purchased The Ridgedale Apartment Homes, a multifamily property located at 14111 SE Sixth St. in Bellevue. A Calabasas, Calif.-based company sold the asset for $144 million.Originally constructed in 1970 and fully renovated in 2017, The Ridgedale features 25 two-story buildings on a 13.4-acre site. The property features 334 units in a mix of one-, two- and three-bedroom layouts with an average size of 865 square …

Acquisitions, Multifamily, Washington, Western

Ziegler Arranges $91.9M Bond Financing for Eliseo Seniors Housing Expansion in Tacoma, Washington

TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma.Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed …

Development, Loans, Multifamily, Seniors Housing, Washington, Western

LPC West, Invesco Buy 211,000 SF Cascadian Office Building in Seattle’s Life Sciences Corridor

SEATTLE — LPC West and Invesco Real Estate have acquired Cascadian, a nine-story office building located in Seattle’s life sciences corridor.Located at the intersection of South Lake Union, Capitol Hill and the central business district, Cascadian features 211,000 rentable square feet and potential ground-floor retail. The buyers plan to convert the property into a life sciences space. The redeveloped property will also feature a 7,300-square-foot rooftop terrace, on-site parking and …

Acquisitions, Office, Washington, Western

Bridge Industrial Acquires Land Site for 2.5 MSF Bridge Point Tacoma Industrial Development

TACOMA, WASH. — Bridge Industrial has purchased a 160-acre land assemblage for the development of Bridge Point Tacoma 2MM, a 2.5 million-square-foot industrial project. Texas-based BNSF Railway Co. sold the 19 land parcels for $158 million.The site has been vacant and in disrepair for several years, and Bridge has committed to maintaining the remediations performed prior to its acquisition and any future required remediation for its proposed development.Located at 5802 S. Burlington …

Acquisitions, Development, Industrial, Washington, Western

Marcus & Millichap Negotiates $28.2M Sale of Multifamily Property in Kent, Washington

KENT, WASH. — Marcus & Millichap has arranged the sale of The Blvd, an apartment community in Kent. The property traded hands for $28.2 million. The names of the seller and buyer were not released.Situated on seven acres at 2138 S 272nd St., The Blvd features 136 apartments in a mix of 15 studio units, 69 one-bedroom units and 52 two-bedroom units. The property totals 106,850 square feet of net rentable area.George Miller of Marcus & Millichap represented the seller in the …

Acquisitions, Multifamily, Washington, Western
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