Washington

Gantry Arranges $53.5M Financing for Cypress Apartments in Seattle

by Jeff Shaw April 5, 2023

SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community. The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types. Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.

April 5, 2023

Loans Retail Washington Western

BWE Arranges $35M Refinancing for Shopping Center in Washington

by Jeff Shaw April 3, 2023

WASHINGTON — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington. Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer. Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a 30-year amortization schedule. Further information on the borrower and property were not disclosed.

April 3, 2023

Development Multifamily Washington Western

MSquared Receives Funding for $54M Mixed-Income Apartment Project in Lynnwood, Washington

by Jeff Shaw March 23, 2023

LYNNWOOD, WASH. — MSquared has received $54 million in funding for Kōz on Alderwood, a 200-unit apartment development in the Seattle suburb of Lynnwood. Kōz Development is partnering with MSquared on the mixed-income, transit-oriented development. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors. Construction of Kōz on Alderwood is scheduled to begin in spring 2023, with a planned completion date of early winter 2025.

March 23, 2023

Leasing Activity Retail Washington Western

Seven Tenants Sign Leases at Vancouver Mall in Washington

by Jeff Shaw March 23, 2023

VANCOUVER, WASH. — Seven new tenants have signed leases at Vancouver Mall, a shopping center located in Vancouver, just across the Columbia River from Portland, Oregon. Twisted Escape Rooms, Paliy Construction, Mariya’s Touch Boutique and Luxury African Braids have already opened spaces at the property. Lo’u Seie and Quick Bites Deli Shop will open in April of this year, with Smack Town scheduled to join the tenant lineup in May.

March 23, 2023

Acquisitions Multifamily Washington Western

Waterton Purchases 128 on State Apartments in Kirkland, Washington

by Jeff Shaw March 22, 2023

KIRKLAND, WASH. — Waterton has re-entered the Seattle market with its purchase of the 123-unit 128 on State apartment community in Kirkland. The property is situated at the crossroads of NE 85th Street and Interstate 405. The buyer plans to execute a value-add renovation at the 1.5-acre community. The property provides an opportunity for an impactful value-add renovation scope, according to Waterton. This would include upgrading residences (all of which are in original condition) to a modern finish level with quartz countertops, tile backsplashes and refinished cabinetry in kitchens; new tile and tub surrounds in bathrooms; new carpeting in bedrooms; and updated lighting and plumbing fixtures throughout. Common areas will also be updated with modern furniture and finishes, including a new yoga studio in the fitness center.

March 22, 2023

Acquisitions Industrial Washington Western

MCA Realty Buys Auburn Business Center Industrial Park in Washington for $9M

by Jeff Shaw March 20, 2023

AUBURN, WASH. — MCA Realty has acquired Auburn Business Center, a 67,205-square-foot, five-building industrial park in Auburn, for $9 million. Built in 1986, the center is currently 85 percent leased. MCA plans to implement a capital improvement program that will include new paint, asphalt, roof and monument signage. The firm acquired the business park with its $50 million Industrial Growth Fund. Jim Honan of Neil Walter Company represented MCA Realty in this transaction. The seller, a private investor, represented itself.

March 20, 2023

Leasing Activity Retail Washington Western

Ulta, At Home Sign Leases Totaling 95,000 Square Feet at Everett Mall Redevelopment in Metro Seattle

by Jeff Shaw March 15, 2023

EVERETT, WASH. — Ulta Beauty and At Home Stores have signed leases totaling 95,000 square feet at Everett Mall, a property currently undergoing redevelopment in Everett, roughly 30 miles north of Seattle. Both retailers will open spaces within a building that formerly housed Sears. Existing tenant Ulta will occupy 10,000 square feet, with At Home leasing 85,000 square feet. Owner Brixton Capital purchased Everett Mall in 2017 and broke ground on the project earlier this year, which will comprise three phases of redevelopment. Bayley Construction is the general contractor, with MG2 providing architectural services. Mattis Partners represented Brixton in the lease negotiations. Real Retail represented At Home, and Northwest Retail Partners represented Ulta.

March 15, 2023

Acquisitions Multifamily Washington Western

CBRE Negotiates Sale of 110-Unit Madison Park Apartments in Bothell, Washington

by Amy Works March 6, 2023

BOTHELL, WASH. — CBRE has arranged the sale of Madison Park, an apartment community located at 20520 Bothell Everett Highway in Bothell, approximately 15 miles northeast of Seattle. Terms of the transaction were not released. Built in 1990, the 95,676-square-foot Madison Park features 110 one- and two-bedroom apartments. Community amenities include a fitness center, sauna, outdoor pool, clubhouse and indoor dining room. Eli Hanacek, Kyle Yamamoto, Jon Hallgrimson and Mark Washington of CBRE’s Pacific Northwest multifamily team represented the undisclosed seller in the deal.

March 6, 2023

Acquisitions Multifamily Washington Western

Mill Creek Residential Buys 228-Unit Modera Broadway Apartments in Seattle

by Amy Works March 2, 2023

SEATTLE — Mill Creek Residential Trust has bought out AEW Capital Management’s stake in Modera Broadway, a multifamily property located in Seattle’s Capitol Hill neighborhood. The partnership completed the community in 2021. Terms of the transaction were not released. Located at 1732 and 1812 Broadway, Modera Broadway features two seven-story buildings featuring a total of 228 apartments in a mix of studio, one- and two-bedroom layouts. The property also features ground-floor retail space, two club rooms, a fitness center/yoga studio, coworking space, a dog run and three rooftop decks with views of downtown Seattle, Cal Anderson Park and the Olympic Mountains. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team advised Mill Creek and AEW on the transaction.

March 2, 2023

Acquisitions Multifamily Washington Western

Mill Creek Residential Buys 228-Unit Modera Broadway Apartments in Seattle

by Amy Works March 2, 2023

SEATTLE — Mill Creek Residential Trust has bought out AEW Capital Management’s stake in Modera Broadway, a multifamily property located in Seattle’s Capitol Hill neighborhood. The partnership completed the community in 2021. Terms of the transaction were not released. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team advised Mill Creek and AEW on the transaction. Located at 1732 and 1812 Broadway, Modera Broadway features two seven-story buildings featuring a total of 228 apartments in a mix of studio, one- and two-bedroom layouts. The property also features ground-floor retail space, two club rooms, a fitness center/yoga studio, coworking space, a dog run and three rooftop decks with views of downtown Seattle, Cal Anderson Park and the Olympic Mountains.

March 2, 2023

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