Washington

Strata Equity Group Receives $100M in Financing for Multifamily Portfolio in Seattle

by Nellie Day December 3, 2015

SEATTLE — Strata Equity Group has received $100 million in acquisition financing for a multifamily portfolio in Seattle. The portfolio contains a total of 1,041 units. The portfolio features five properties that were built between 1986 and 1991. Strata plans to execute a capital improvement program that will upgrade the residential amenities and interior unit finishes. Four of the properties are within five miles of Boeing’s Everett Factory, the region’s largest employer, which is undergoing a large expansion. The other property is in Lynwood, 16 miles north of downtown Seattle. The 10-year loan features full-term, interest-only payments through Freddie Mac. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing.

December 3, 2015

Loans Multifamily Washington Western

Lancaster Pollard Provides $10.4M Refinancing for Two Communities near Seattle

by Nellie Day November 25, 2015

PORT TOWNSEND and BUCKLEY, WASH. — Lancaster Pollard has secured two HUD loans totaling $10.4 million to refinance San Juan Villa, a 32-bed memory care community in Port Townsend, and Heritage House, a 76-unit assisted living and memory care community in Buckley. Both towns are suburbs of Seattle. Oregon-based operator Caring Places Management manages both communities. Each loan is nonrecourse and features a 35-year term. The loans will provide annual debt service savings and fund replacement reserves for ongoing repairs at each property. Matt Lindsay led the transactions for Lancaster Pollard.

November 25, 2015

Retail Washington Western

Amazon Opens First Bookstore in Seattle

by Nellie Day November 17, 2015

SEATTLE — Online retail giant Amazon has opened its first brick-and-mortar bookstore, Amazon Books, at University Village in north Seattle. The store opens 20 years after Amazon began selling books — severely discounted compared to traditional retailers — over the Internet. The 5,500-square-foot store, which offers as many as 6,000 titles and an additional 2,000 square feet of storage, is a physical extension of the company website, combining the benefits of online pricing with traditional book shopping, the company told the Associated Press in a statement. Inside the store, shoppers will find book displays that contain cards with ratings and reviews. Shoppers can buy the book now, or save the review card and purchase the book online later. The store will not be a location to pick up Amazon orders. While the store will showcase Amazon’s Kindle e-readers, Fire tablets and Fire TV streaming-media devices, it will focus first on being a bookstore. All books will face outward, displaying their entire covers rather than only the spines showing.

November 17, 2015

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $19.1M in Financing for Acquisition of Community in Seattle

by Nellie Day November 11, 2015

SEATTLE — CBRE has arranged a $19.1 million loan for seniors housing investment company Capitol Seniors Housing (CSH) to acquire Maple Leaf Assisted Living & Memory Care, a 119-unit independent living, assisted living and memory care community in Seattle. The non-recourse, floating rate loan includes a three-year term with 24 months of interest-only payments. Of the proceeds, $16.6 million will be used for the acquisition and $2.5 million are for capital improvements. Planned improvements include upgrading units and renovating common areas, with particular emphasis on the memory care areas. Upon acquisition, CSH will lease the community to Washington-based operator Milestone Retirement Communities. Aron Will, executive vice president of CBRE National Senior Housing, arranged the financing.

November 11, 2015

Office Washington Western

Red Lion Headquarters in Spokane Sells for $12.3M

by Nellie Day November 5, 2015

SPOKANE, WASH. — DPGB-WA-1 LLC has purchased the Red Lion Headquarters Building, a 100,362-square-foot office building in Spokane, for $12.3 million. The property is located at 201 W. North River Drive. It is situated along the Spokane River’s north bank. David Peterson of Goodale & Barbieri and Chris Johnson and MaryKay West of NAI Norris, Beggs & Simpson represented the sellers, 201 North River LLC and Red Lion Hotels LP. Peterson also represented the buyer.

November 5, 2015

Office Washington Western

Goodale & Barbieri, Dakota Pacific Acquire RLH Building in Spokane

by Nellie Day October 26, 2015

SPOKANE, WASH. — Goodale & Barbieri and Dakota Pacific have purchased the RLH office building in Spokane for an undisclosed sum. The building contains 100,000 square feet of office space and a 252-car parking garage. It is situated on the north bank of the Spokane River in downtown Spokane. Notable tenants at the building include Red Lion Hotels Corp., HomeStreet Bank, TransCanada Corp., Mutual of Enumclaw Insurance, Wipfli LLP and Farmers Insurance.

October 26, 2015

Multifamily Washington Western

Lowe Enterprises, First Capital Advisors Buy Deer Creek Apartment Homes in Puyallup

by Nellie Day October 20, 2015

PUYALLUP, WASH. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has purchased the 256-unit Deer Creek Apartment Homes in Puyallup for an undisclosed sum. The community is located at 6115 111th St. East. The 18-acre, garden-style property was built in 2000. It was 95 percent occupied at the time of sale. Deer Creek is situated at the base of Mt. Rainier, 10 miles outside of Tacoma and 35 miles south of Seattle. Greystar will manage the property. Jones Lang LaSalle represented the unnamed seller.

October 20, 2015

Loans Office Washington Western

Kemper Development Refinances Eddie Bauer Building in Bellevue for $220M

by Nellie Day October 16, 2015

BELLEVUE, WASH. — Kemper Development Company has received $220 million to refinance the Eddie Bauer Building in Bellevue. The 538,705-square-foot office building is situated within the Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corp. The Bellevue Collection contains retail, office, hotel and residential properties. It features more than 250 retail brands, dozens of restaurants, more than 1 million square feet of Class A office space and more than 1,000 hotel rooms. TIAA-CREF provided the financing. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield Equity represented Kemper Development.

October 16, 2015

Retail Washington Western

HFF Secures $24.8M Financing for Retail Center in Washington

by Nellie Day October 13, 2015

VANCOUVER, WASH. — Holliday Fenoglio Fowler (HFF) has arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center located in Vancouver, Wash. Bruce Ganong, Casey Davidson and Brandon Roth of HFF worked on behalf of the sponsor, Pine Tree Commercial Realty LLC, to place the five-year, floating-rate loan with East West Bank. Tenants at the center, which is 84 percent leased, include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.

October 13, 2015

Loans Office Washington Western

HFF Arranges $88M Construction Loan for Office Development in Seattle

by Nellie Day October 9, 2015

SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.

October 9, 2015

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