KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …
REDMOND, WASH. — Vibe Brand Boutique Office Properties has completed the disposition of Vibe Redmond, a three-building Class A office complex in Redmond. Muslim Association of Puget Sound (MAPS) and Medina Academy acquired the asset for an undisclosed price in an off-market transaction. Tom Pehl, Charles Safley and Jeff Hudson of CBRE’s Capital Markets team in the Pacific Northwest represented the seller, while Jim Reed and Adrienne Hunter of Lee & Associates represented the buyers in the deal. Developed in 1982 on 7.7 acres, the three buildings at 5000, 5010 and 5020 148th Ave. NE offer a total of 146,165 square feet. Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated and redevelop Building B into an education and outreach center.
EVERETT, WASH. — Colliers has arranged the sale of an industrial facility located at 815 Sievers-Duecy Blvd. in Everett. Underwood Gartland 64 LLC sold the property to a privately held family business, which is one of the largest HVAC operators on the West Coast, for $8.3 million. Totaling 26,666 square feet, the property offers a clear height of 24 feet, 24,070 square feet of warehouse space, 2,596 square feet of office space, ESFR sprinklers, 600 amps of 3-phase power and dock-high and drive-in loading.
TACOMA, WASH. — Phillips Edison & Co. has acquired Westgate North, a retail center in Tacoma. Located at 2601 N. Pearl St., Westgate North offers 74,789 square feet of retail space that is 97.9 percent leased to a mix of national and local tenants. Westgate North is shadow-anchored by Safeway. Other major tenants include Ace Hardware, Taco Bell, Chase Bank, Franciscan Health System and Anytime Fitness. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Capital Market’s Investment Sales and Advisory team represented the undisclosed seller in the deal.
BOTHELL, WASH. — JLL Capital Markets has arranged a $19 million loan for MainStreet Property Group for the refinancing of The 104, an urban-style multifamily community in Bothell. Seth Heikkila and Bill Maloney of JLL Capital Markets Debt Advisory team secured the five-year, fixed-rate loan through Fannie Mae. JLL Real Estate Capital LLC will serve the loan. The 104 features 115 traditional and open one- and two-bedroom floor plans, averaging 773 square feet, with stainless steel appliances, walk-in closets and exposed concrete details. Community amenities include a lounge with kitchen, a community courtyard, bike storage and valet trash service. The property is located at 18414 104th Ave. NE.
SEQUIM, WASH. — Marcus & Millichap has arranged the sale of Great House Motel in Sequim. A private investor sold the property to a private investor for $1.2 million. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the seller, while Donaven Santana and Whitney Rhoades of Marcus & Millichap secured and represented the buyer in the deal. Originally built in 1965, Great House Motel offers 20 guest rooms, several with kitchenettes, and all equipped with TVs, microwaves and mini refrigerators. The property is located at 740 E. Washington St.
SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has directed the sale of Skye, an 18-story apartment property in Seattle’s Denny Triangle neighborhood. Terms of the transaction were not released. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer. Built in 1949, Skye has undergone significant building upgrades over the past 10 years and all units were upgraded between 2014 and 2016. The property has a controlled-access parking garage, a rooftop terrace, fenced dog park, walking trails and green lawns. The community offers 371 studio, one- and two-bedroom apartments with new cabinets, quartz countertops, stainless steel or black appliances, and new plumbing and lighting fixtures. Skye also offers 13,300 square feet of ground-level retail space.
TACOMA, WASH. — Pierce County, Wash., Housing Authority (PCHA) has acquired Hidden Firs, a multifamily community in Tacoma. A long-time family ownership group, which developed the property, sold the asset for an undisclosed price in an off-market transaction. Located at 15008 A St., Hidden Firs offers 56 apartments spread across 2 acres. The acquisition supports PCHA’s mission to maintain affordability and access to housing as regional costs continue to rise. The property appealed to PCHA because its resident profile has many tenants eligible for housing vouchers. Austin Kelley and Ted Sipila of Kidder Mathews represented PCHA in the transaction.
TACOMA, WASH. — Gantry has arranged a $21.4 million mortgage for the sale of James Center, a 140,240-square-foot retail center located in Tacoma. The loan, which carries a fixed rate, 10-year term and 30-year amortization schedule, was funded by a life insurance company. Gantry will service the loan. A partnership affiliate of Bellevue, Wash.-based Rosen Harbottle Commercial Real Estate purchased the property, which is situated on roughly 16 acres and anchored by Fred Meyer. Additional tenants at the center include Rite Aid, U.S. Bank, IHOP, Taco Bell, MultiCare Health System and FedEx. Alan Hergert and Tim Brown of Gantry’s Seattle office represented the borrower.
LYNNWOOD, WASH. — IRA Capital has received $58 million in financing for Quail Park of Lynnwood, a 253-unit seniors housing community located at 4015 164th St. in Lynnwood. Alanna Ellis, John Chun and Zach Brantley of JLL Capital Markets Seniors Housing team placed the three-year, floating-rate senior loan with a regional bank. Additionally, Dean Ferris of JLL handled the sale of the property to IRA Capital in June 2024. Built in two phases in 2013 and 2020, the first phase consists of 131 independent living, assisted living and memory care units, and the second phase features 122 independent living and assisted living units, including 26 cottages and 16 enhanced assisted living units for a full continuum of care. Units offer studio, one- and two-bedroom floor plans, averaging 720 square feet with full kitchens. Community amenities include a fitness center, movie theater, putting green, walking trails, bistro and pub, meditation room, sustainable gardening and a host of activities, outings and social celebrations.