Washington

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

Multifamily Washington Western

Preservation Partners Buys The Olympian Apartments in Washington for $3.1M

by Nellie Day September 1, 2015

OLYMPIA, WASH. — Preservation Partners Development III LLC has acquired The Olympian Apartments, a 50-unit apartment community in Olympia, for $3.1 million. The affordable housing community is located at 116 Legion Way Southeast. It was built in 1919. Robert DiPietrae of Berkadia represented the seller, Olympian Investors Limited Partnership.

September 1, 2015

Retail Washington Western

RPAI Acquires Coal Creek Marketplace for $17.6M

by Nellie Day August 31, 2015

NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot grocery-anchored neighborhood center located in the Seattle suburb of Newcastle, for $17.6 million. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.

August 31, 2015

Retail Washington Western

RPAI Acquires Coal Creek Marketplace Near Seattle for $17.6M

by Nellie Day August 28, 2015

NEWCASTLE, WASH. — RPAI has acquired Coal Creek Marketplace, a 56,000-square-foot, grocery-anchored retail center located in the Seattle suburb of Newcastle. The center is currently 95 percent occupied and anchored by Quality Food Centers, a subsidiary of Kroger. Shane Garrison and Michael Hazinski represented RPAI in-house in the off-market transaction.

August 28, 2015

Multifamily Washington Western

The Addison Apartment Complex in Vancouver Sells for $21.7M

by Nellie Day August 27, 2015

VANCOUVER, WASH. – The 147-unit Addison apartment complex in Seattle has sold to Jackson Square Properties for $21.7 million. The community is located at 7531 NE 18th Street. It was built in 2009. The Addison is currently 99 percent leased. The seller, JB Matteson, was represented by HFF’s Ira Virden and Kerry Hughes.

August 27, 2015

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