Washington

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Amy Works April 18, 2024

GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.

April 18, 2024

Acquisitions Office Washington Western

BH Properties Buys 74,660 SF Olympic Block Office Building in Seattle’s Pioneer Square

by Amy Works April 12, 2024

SEATTLE — BH Properties has acquired the historic Olympic Block building, a creative office and mixed-use property in Seattle’s Pioneer Square neighborhood. Terms of the transaction were not released. BH Properties’ Pacific Northwest regional operations will move into the 74,660-square-foot building at 101 Yesler Way. Olympic Block comprises the historic six-story Lippy Building, originally built in 1902, and the nine-story addition that was added in 1986.

April 12, 2024

Loans Multifamily Student Housing Washington Western

PGIM Real Estate Provides $53.5M Refinancing for Theory U District Student Housing Complex in Seattle

by Amy Works April 5, 2024

SEATTLE — PGIM Real Estate has provided a $53.5 million floating-rate loan to Blue Vista Capital Management for the refinancing of Theory U District, a student housing community in Seattle. Serving the students at University of Washington, the seven-story property features 171 units totaling 441 beds. Loan proceeds will be used to refinance the construction loan, covering closing costs and repatriating sponsor equity. Craig Foreman of PGIM Real Estate closed the financing.

April 5, 2024

Affordable Housing Development Loans Multifamily Washington Western

Amazon Housing Equity Fund Provides $139.6M in Financing for 11 Affordable Housing Communities in Washington

by Amy Works April 1, 2024

BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State. JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions. The properties included in the financing are: C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.

April 1, 2024

Development Industrial Washington Western

TCC, MetLife Investment Near Completion of 702,429 SF Seattle Metro Logistics in South Seattle

by Amy Works March 29, 2024

SEATTLE — Trammel Crow. Co (TCC) and its joint venture partner MetLife Investment Management are near completion of Seattle Metro Logistics, a two-story industrial facility at 44 S. Nevada Ave. in South Seattle. In 2021, the Port of Seattle Commission approved the long-term ground lease for this portion of Port-owned land — known as Terminal 106 — to TCC, allowing for the demolition of the port’s old warehouse and construction of a new light industrial facility, which started in 2022. Slated for delivery this August, the 702,429-square-foot facility will feature 30-foot clear heights, 50-foot by 50-foot column spacing, 350 pounds per square foot floor loading, ESFR sprinklers, 289-foot warehouse depth and truck court depths ranging from 131 feet to 135 feet. The property is designed to suit a broad range of industrial uses, from last-mile and regional distribution to storage, maritime and manufacturing uses. Seattle Metro Logistics will include a parking garage with 701 spaces and a solar-ready roof. Project partners include Nelson Worldwide as architect of record, Lease Crutcher Lewis as general contractor and Bank OZK as construction lender. Andrew Stark and Andrew Hitchcock of CBRE are handling the marketing and leasing of the facility.

March 29, 2024

Acquisitions Retail Washington Western

Marcus & Millichap Brokers $3.2M Sale of Shell-Occupied Gas Station Property in Seattle

by Amy Works March 25, 2024

SEATTLE — Marcus & Millichap has arranged the sale of a gas station in the Ballard neighborhood of Seattle. Shell occupies the property, located at 6759 15th Ave. NW, on a net-leased basis. A partnership sold the asset for $3.2 million. The buyer, a local experienced fuel-station owner, will continue to operate the 1,950-square-foot property as a Shell station. Hank Wolfer of Marcus & Millichap’s Seattle office represented the seller in the deal.

March 25, 2024

Acquisitions Multifamily Washington Western

Marcus & Millichap Arranges $3.6M Sale of Apartment Building in Sumner, Washington

by Amy Works March 18, 2024

SUMNER, WASH. — Marcus & Millichap has brokered the sale of 1314 Maple, a multifamily property in Sumner. A limited liability company sold the asset to an undisclosed buyer for $3.6 million, or $495 per square foot. Located at 1314 Maple St., the building features 16 studio and urban one-bedroom units, averaging 458 square feet. The sellers completed a more than $1 million interior and exterior renovation to the property. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller in the deal.

March 18, 2024

Acquisitions Retail Washington Western

CDM Fitness Holdings Acquires Seven Tacoma-Area Planet Fitness Clubs

by Amy Works March 12, 2024

KENT, WASH. — CDM Fitness Holdings, an SBJ Capital portfolio company based in Foxborough, Mass., with an office in Kent, has purchased seven Planet Fitness clubs from Philadelphia-based Jeg Viper LLC for an undisclosed price. The buyer is one of the largest developers and operators of Planet Fitness locations. Totaling nearly 162,000 square feet in Washington, the properties are: The transaction, which did not involve brokers, grants CDM the rights to build and operate additional clubs in the Tacoma area. The acquisition marks the company’s second Planet Fitness purchase in Washington, following the 2023 purchase of 10 locations in the Seattle area.

March 12, 2024

Loans Office Washington Western

Gantry Arranges $6.2M Refinancing for Lake Union Center Office Building in Seattle

by Amy Works February 29, 2024

SEATTLE — Gantry has arranged a $6.2 million permanent loan to refinance Lake Union Center, a Class A property in Seattle’s North Lake Union submarket. The borrower is a private real estate entity. Mike Wood and Colin Ceithaml of Gantry’s Seattle office secured the 10-year loan, which features a fixed rate and 25-year amortization schedule. Located at 1441 N. 34th St., the property features 65,000 square feet of office space that was fully occupied at the time of sale.

February 29, 2024

Acquisitions Industrial Washington Western

Marcus & Millichap Brokers Sale of 12,000 SF Industrial Building in Renton, Washington

by Amy Works February 27, 2024

RENTON, WASH. — Marcus & Millichap has arranged the sale of a 12,000-square-foot industrial building at 61 Shattuck Ave. South in Renton, a suburb southeast of Seattle. A limited liability company sold the asset to an undisclosed buyer for $2.3 million. Anne Goldman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the deal. According to the firm, the transaction represents a record price per square foot for 1970s vintage construction in the submarket.

February 27, 2024

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