Washington

HFF Secures $24.8 Million Financing for Retail Center in Washington

by Nellie Day October 8, 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, Washington. 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 84 percent leased center include Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource and Supercuts.

October 8, 2015

Multifamily Oregon Seniors Housing Washington Western

Sabra Acquires Nine Seniors Housing Facilities for $84.7M

by Nellie Day October 2, 2015

IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …

October 2, 2015

Multifamily Oregon Washington Western

TruAmerica Buys Two Multifamily Assets in the Pacific Northwest

by Nellie Day September 18, 2015

SEATTLE — TruAmerica Multifamily has purchased two apartment assets in the Pacific Northwest for a total of $48.7 million. The acquisitions include the 92-unit Township Apartment Homes in Canby, Ore., and the 202-unit Windsor Apartment Homes in Renton, Wash. The properties were built in 1999 and 1989, respectively. Both assets will undergo significant renovations. TruAmerica purchased the communities in partnership with a syndicate of domestic and international institutional investors, including Allstate and the Guardian Life Insurance Company of America. The seller was San Francisco-based FPA Multifamily.

September 18, 2015

Multifamily Student Housing Washington Western

Capstone, Harrison Street Open Cornish Commons Student Housing in Seattle

by Nellie Day September 17, 2015

SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have opened Cornish Commons, a $49 million, 432-bed student housing development located on the Cornish College campus in downtown Seattle. The property features 16,854 square feet of academic space, with the first and second floors devoted to housing administrative offices, studio movement classrooms and a campus “living room.” The top floor contains amenities including a fitness center, media room, community kitchen, gaming area, lounge, laundry room, music practice rooms and a sky deck. The design and construction team for the project consisted of Ankrom Moisan Architects and Howard S. Wright Construction. Capstone Development Partners, Cornish College and Capstone On-Campus Management will manage the property.

September 17, 2015

Loans Retail Washington Western

Bellevue Collection Mixed-Use Property Receives $526M Loan for Expansion

by Nellie Day September 16, 2015

BELLEVUE, WASH. — The Bellevue Collection has received a $526 million construction-to-permanent loan to expand the 4-million-square-foot, mixed-use property in Bellevue. The new 1.5-million-square-foot phase will be known as the Lincoln Square Expansion. The development, which is currently underway, will include a 41-story multifamily/W Hotel tower, a 31-story trophy office tower, and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. An affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB), provided the financing. The single source of capital was attractive to the borrower because it removed syndication risk and provided a single point of contact. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield represented the borrower, Kemper Development Co.

September 16, 2015

Multifamily Seniors Housing Washington Western

Living Care Lifestyles to Open New Memory Care Community in West Seattle

by Nellie Day September 14, 2015

SEATTLE — Living Care Lifestyles, an operator with 10 communities in Hawaii, California, Oregon, Texas and Washington, plans to open a new memory care community in Seattle in early 2017. Quail Park of West Seattle will feature 45 units, all memory care, in a 20,000-square-foot, three-story facility situated on a half-acre site. According to the operator, the community will be the first memory-care-only facility in West Seattle. Morningside Development Group is developing the property, which John Lape Architecture designed.

September 14, 2015

Retail Washington Western

Colliers International Arranges Sale of Three Washington Retail Centers for $59.6M

by Nellie Day September 10, 2015

SEATTLE — Seattle-based Colliers International has arranged the sale of three Washington retail properties for $59.6 million. Transactions include the sale of Surprise Lake Square, a 134,795-square-foot shopping center located in Milton, to Tourmaline Capital for $19.5 Million; the sale of Everett Village Center, a 120,912-square-foot retail center located in Everett, to Stockbridge Capital Group for $22.5 million; and the sale of Coal Creek Marketplace, a 55,875-square-foot retail center located in Newcastle, to RPAI for $17.6 million.

September 10, 2015

Office Washington Western

PMF Investments Buys Homeport Building and Marina in Kirkland for $28M

by Nellie Day September 9, 2015

KIRKLAND, WASH. — PMF Investments has purchased the Homeport Building and Marina in Kirkland for $28 million. The office property is located at 135 Lake St. The Homeport Building is one of only a few office marina investments existing on Lake Washington, according to Kidder Mathews, which brokered the sale. The firm’s Jason Rosauer, Andy Miller and Rob Anderson represented the seller, Westwater Development.

September 9, 2015

Multifamily Seniors Housing Washington Western

Silverado to Build New Memory Care Facility in Washington

by Nellie Day September 9, 2015

BELLINGHAM, WASH. — Memory care developer Silverado will lay the foundation for Silverado Bellingham, a 80-bed memory care community in Bellingham, on the West Coast near the Canadian border, on Sept. 11. The 41,000-square-foot, single-story community is situated on four acres of land and is slated to open in late 2016. Silverado expects development costs to total over $10 million. Architect James Brown with Wattenbarger Architects, local civil engineer Craig Parkinson with Cascade Engineering, and Dawson Construction Inc. all will participate in the construction.

September 9, 2015

Multifamily Seniors Housing Washington Western

Zenith Capital, Seniority Plan $23.5M Community Near Seattle

by Nellie Day September 8, 2015

COVINGTON, WASH. — Seniors housing operator Seniority Inc. and investor Zenith Capital have revealed joint plans for a new 98-unit assisted living and memory care community on three acres in Covington, approximately 25 miles southeast of Seattle. Covington Assisted Living and Memory Care Community include 64 units for assisted living and 34 for memory care. Development cost is estimated at $23.5 million. Construction will start in the second quarter of 2016, with the facility slated to open in summer 2017. This will be the first assisted living and memory care facility in Covington, according to the developers. When completed, Seniority — a subsidiary of American Baptist Homes of the West — will operate the facility. Seattle-based Zenith Capital will oversee the project’s development and financing. The U.S. government’s EB-5 immigrant investor visa program will provide a portion of the project’s overall financing, along with additional equity partners investing into the project.

September 8, 2015

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