Washington

MG Properties Acquires Mosaic Hills Apartments in Kent for $51.6M

by Nellie Day September 27, 2016

KENT, WASH. — MG Properties Group (MGPG) has purchased The Mosaic Hills Apartments in Kent for $51.6 million. The community is located at 10811 S.E. 239th Place. Mosaic Hills was built in 1980. MGPG plans to reposition the property through a multi-million-dollar renovation plan that will include upgrades to the property’s common areas and unit interiors, as well as a capital investment to cure deferred maintenance. MGPG financed the acquisition using a $41.3M Freddie Mac loan that Charles Halladay and Lee Redmond at HFF arranged. Giovanni Napoli and Phillip Assouad at Kidder Mathews represented the seller.

September 27, 2016

Industrial Washington Western

Bridge Development Partners Breaks Ground on Refrigerated Facility near Seattle-Tacoma International Airport

by Nellie Day September 23, 2016

SEATTLE — Bridge Development Partners has broken ground on a 241,140-square-foot refrigerated facility near Seattle’s Sea-Tac Airport. The facility is located at 1010 S. 146 St. Western Distribution Services will operate the property, which Tippmann Innovation will build.

September 23, 2016

Loans Multifamily Seniors Housing Washington Western

Cushman & Wakefield Arranges $145M Acquisition Financing for West Coast Seniors Housing Portfolio

by Nellie Day September 21, 2016

SEATTLE — Cushman & Wakefield has arranged $145 million in acquisition financing for Merrill Gardens, which will use the funds to purchase a 456-unit seniors housing portfolio on the West Coast. Merrill Gardens, a seniors housing owner-operator based in Seattle, already operates the four communities that it will now own, along with a joint venture partner that was not named. The portfolio includes properties in the high-barrier-to-entry markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. The properties acquired are Merrill Gardens of Huntington Beach, Merrill Gardens at Lafayette, Merrill Gardens at Campbell, and Merrill Gardens at First Hill. The communities offer independent living, assisted living and memory care. Cornerstone Real Estate Advisors, acting on behalf of an institutional investor, provided the $145 million in long-term financing. The Cushman & Wakefield team, which arranged both the loan and the transaction, included Richard Swartz, managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Michael Kane, senior director; and Timothy Hosmer, director.

September 21, 2016

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CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year

by Haisten Willis September 21, 2016

CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …

September 21, 2016

Multifamily Washington Western

Kennedy Wilson Fund Buys 451-Unit Apartment Community in Bellevue for $172M

by Nellie Day September 15, 2016

BELLEVUE, WASH. — Kennedy Wilson Real Estate Fund V has purchased a 451-unit apartment community in Bellevue named LIV Bel-Red for $172 million. The Class A community is located at 2170 Bel-Red Road. The property was built in 2015. Notable employers in the area include Microsoft’s world headquarters, Boeing, Expedia, Salesforce and Symetra Financial. The fund invested $58 million of equity and secured a 10-year loan of $115 million through Fannie Mae for the acquisition. Kennedy Wilson is a 12 percent investor in Fund V.

September 15, 2016

Multifamily Seniors Housing Washington Western

Prestige Care Acquires Six Seniors Housing Communities in Washington, Idaho

by Nellie Day September 6, 2016

VANCOUVER, WASH. — Prestige Care, a Vancouver-based operator of seniors housing communities in the West, has acquired six seniors housing communities in Washington and Idaho from industry pioneer Carl Campbell. The price was not disclosed. Prestige expects the sales to close this fall. The communities will be rebranded as: Prestige Senior Living at Colonial Vista, independent and assisted living, Wenatchee, Wash. Colonial Vista Post-Acute & Rehabilitation Center, skilled nursing, Wenatchee, Wash. Prestige Senior Living at East Wenatchee, independent and assisted living, East Wenatchee, Wash. Prestige Senior Living at Hearthstone, independent and assisted living, Ellensburg, Wash. Prestige Senior Living at Karcher Estates, independent and assisted living, Nampa, Idaho Karcher Post-Acute & Rehabilitation Center, skilled nursing, Nampa, Idaho

September 6, 2016

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $130.3M Bond Financing to Refinance, Renovate CCRCs in Seattle

by Nellie Day September 6, 2016

SEATTLE — Ziegler, a specialty investment bank, has priced $130.3 million in fixed-rate bonds for Presbyterian Retirement Communities Northwest (PRCN), a nonprofit operator of three continuing care retirement communities (CCRCs) in Seattle. The bonds, which are expected to close in October, will refinance $98.9 million in existing bonds. The remaining funds will be used for renovations at Park Shore and Fred Lind Manor, two of the company’s CCRCs.

September 6, 2016

Multifamily Seniors Housing Washington Western

CBRE Arranges $60M Acquisition Loan for Four-Property Portfolio in Metro Seattle

by Nellie Day August 16, 2016

SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfolio throughout the Seattle metro area. The four communities total 368 units of assisted living and independent living. Following the acquisition, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements. Aron Will of CBRE National Senior Housing arranged the financing.

August 16, 2016

Retail Washington Western

Domino’s Opens 13,000th Store Near Seattle

by Nellie Day August 15, 2016

AUBURN, WASH. — Domino’s Pizza has opened its 13,000th store in the world, located in Auburn, outside of Seattle. The new store features the pizza theater design, which includes a comfortable lobby, open-area viewing of the food preparation process and the ability to track carryout orders electronically on a lobby screen. The store also features energy-efficient electric bikes and a Domino’s DXP, the company’s new specialized delivery car.

August 15, 2016

Retail Washington Western

Capital Pacific Arranges $19.3M Sale of Marketplace at Lynden in Washington

by Nellie Day August 11, 2016

LYNDEN, WASH. — Capital Pacific has arranged the $19.3 million sale of The Marketplace at Lynden, a 70,442-square-foot shopping center located in Lynden. Safeway anchors the fully occupied property, located at the corner of Guide Meridian and Birch Bay-Lynden Road. Capital Pacific secured a West Coast-based private buyer to complete the acquisition. The seller was undisclosed.

August 11, 2016

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