Washington

Arbor Terrace in Port Orchard Sells for $38.1M

by Nellie Day March 6, 2017

PORT ORCHARD, WASH. — A joint venture between New Standard Equities and an affiliate of Brixton Capital has acquired the 276-unit Arbor Terrace apartment community in Port Orchard for $38.1 million. The community is located at 1800 Sydney Ave. The JV plans to implement a $3 million repositioning at the property that includes a full renovation of the asset’s 1995-vintage unit interiors, as well as improvements to the fitness center, leasing facility and exteriors. The acquisition was leveraged with a $30.15 million loan from Freddie Mac, which CBRE’s Brian Eisendrath arranged.

March 6, 2017

Hospitality Washington Western

Hersha Hospitality Trust Purchases Pan Pacific Hotel in Seattle for $79M

by Nellie Day February 28, 2017

SEATTLE — Hersha Hospitality Trust has acquired the 152-room Pan Pacific Hotel in Seattle for $79 million. The hotel is part of the 2200 Westlake mixed-use project in the South Lake Union neighborhood. Pan Pacific Hotel is situated across the street from Amazon’s global headquarters. Other nearby companies include Facebook, Google, Expedia, Microsoft and the Bill & Melinda Gates Foundation. Chris Burdett and Matthew Behrens of CBRE Hotels Northwest represented the seller, Vulcan, in this transaction.

February 28, 2017

Industrial Washington Western

Terreno Realty Corp. Purchases 45,000 SF Industrial Property in Seattle for $7.8M

by Nellie Day February 23, 2017

SEATTLE — Terreno Realty Corp. has acquired a 45,000-square-foot industrial distribution building in Seattle for $7.8 million. The facility is located at 637 S. Lucile St. It sits adjacent to the city’s Port and SoDo (south of Downtown) districts. The asset is fully leased to one tenant on a short-term basis.

February 23, 2017

Multifamily Washington Western

Security Properties Buys Beaumont Grand Apartments in Lakewood for $35.2M

by Nellie Day February 20, 2017

LAKEWOOD, WASH. — Security Properties has acquired the 267-unit Beaumont Grand apartments in Lakewood for $35.2 million. The community is located at 8504 82nd St. SW. It is situated near the Port of Tacoma and Joint Base Lewis-McChord, a U.S. military installation supporting more than 66,000 jobs. The property is 95 percent leased. HFF’s Ira Virden and Chris Ross represented the seller, Grand Peaks Properties, and its finance partner, Pacific Coast Capital Partners, in this transaction.

February 20, 2017

Multifamily Washington Western

Union Bay Apartments in Seattle Trades for $24M

by Nellie Day February 16, 2017

SEATTLE — An affiliate of Champion has acquired the 73-unit Union Bay Apartments in the South Lake Union neighborhood of Seattle for $24 million. The community is located at 526 Yale Ave. N. It was built in 1994. Union Bay is situated near Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research and Zymogenetics.

February 16, 2017

Loans Office Washington Western

PSRS Provides $54M in Acquisition Financing for Seattle Office Park

by Nellie Day February 15, 2017

SEATTLE — PSRS has provided $54 million in acquisition financing for a 324,287-square-foot office campus in Seattle. The borrower was not disclosed. The loan features a three-year term and a 25-year amortization schedule. The loan was placed with a life insurance company. It was structured by PSRS’s Antonio Hachem.

February 15, 2017

Affordable Housing Loans Multifamily Washington Western

KeyBank Provides $54.5M Loan for New Affordable Housing Development in Everett

by Nellie Day February 7, 2017

EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.

February 7, 2017

Office Washington Western

Pacific Coast Capital Partners Buys Evergreen Office Park in Bellevue for $21.4M

by Nellie Day February 7, 2017

BELLEVUE, WASH. — Pacific Coast Capital Partners has purchased Evergreen Office Park in Bellevue for $21.4 million. The two-building office park is located at 10940 & 11000 N.E. 33rd Place. Pacific Coast Capital Partners plans to make capital improvements to the park’s common areas, including new tenant amenities. Andy Miller, Joe Lynch and Dan Harden of Kidder Mathews represented the seller, SteelWave, in this transaction.

February 7, 2017

Multifamily Top Stories Washington Western

Kennedy Wilson Acquires 282-Unit Multifamily Community in Seattle for $141M

by Jeff Shaw February 6, 2017

SEATTLE — A joint venture between real estate investment company Kennedy Wilson (NYSE: KW) and an undisclosed partner has acquired Radius, a 282-unit multifamily community in Seattle’s South Lake Union submarket, for $141 million. Radius is a class-A apartment community built in 2015. Amenities include two rooftop decks, gaming room, fitness center and a private resident media room. The seller was not disclosed. Radius is located directly across the street from the world headquarters and main campus of Amazon and walking distance to over 10 million square feet of additional Amazon office space. The property is also within walking distance of employers such as Facebook, the Fred Hutchinson Cancer Research Center and a future 607,000-square-foot Google campus. The 50/50 joint venture invested $72 million of equity for the purchase, drawing from its recent $58 million sale of The Grove, a 331-unit community in San Jose, Calif. The partnership also secured a 10-year acquisition loan of $70 million. The financing features a fixed interest rate of 4.06 percent and interest-only payments for the first five years. “Radius is an exciting addition to our Seattle apartment portfolio,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Seattle’s South Lake Union neighborhood features some of …

February 6, 2017

Loans Office Washington Western

JV Secures $325M in Financing to Revive Potala Tower Hotel, Apartment Project in Seattle

by Nellie Day February 1, 2017

SEATTLE — A joint venture between the Molasky Group and China-based Binjiang Group has secured $325 million in financing to build a 41-story mixed-use multifamily and hotel tower in the Belltown submarket of Seattle. Financing includes a $225 million joint venture partnership, as well as a $100 million construction-to-permanent loan. The project has not been named yet, but will be built on the site of the old Potala Tower. That project was put under the control of a court-appointed receiver, which suspended construction for about one year. The joint venture development partnership, arranged by Newmark, acquired the property from the court-appointed receiver in October 2016. Construction has resumed at the project. PCL will serve as the general contractor and Weber Thompson will act as the architect. The tower will feature 339 apartment units, 142 hotel rooms and 1,824 square feet of ground-floor retail space. It is scheduled for completion in August 2018. The $100 million construction-to-permanent loan was placed with two of Newmark’s correspondent life insurance company lenders, Guardian Life and Voya Investment, with each lender providing $50 million. The seven-year, construction-to-permanent loans will feature interest-only payments for a period of time, and later amortized over 30 years. Newmark will service the loans, …

February 1, 2017

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