Washington

Terreno Realty Acquires Parmac Industrial Park in Metro Seattle for $33.7M

by Amy Works March 1, 2021

KIRKLAND, WASH. — Terreno Realty has purchased Parmac Industrial Park, located at 10822-10858 117th PL NE in Kirkland. An investment group, which owned the property for more than 30 years, sold the asset for $33.7 million, or $266 per square foot. At the time of escrow, a mix of wholesalers, distributors and sports/recreational tenants fully occupied the 126,721-square-foot property. A seven-acre lot with future expansion potential was included in the transaction. Leroy Lutu of Marcus & Millichap represented the seller and procured the buyer in the deal.

March 1, 2021

Idaho Loans Retail Utah Washington Western

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

by Amy Works February 25, 2021

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.

February 25, 2021

Loans Multifamily Washington Western

Dwight Capital Provides $55M in Financing for U Place Apartments in Seattle

by Amy Works February 23, 2021

SEATTLE — Dwight Capital has closed a $55 million bridge loan for U Place Apartments in Seattle’s University District. The name of the borrower was not released. Built in August 2020 on a 32,633-square-foot site, U Place features 243 apartments and 19,450 square feet of ground-floor retail space. Units feature in-unit washers/dryers, private balconies, floor-to-ceiling windows and keyless Bluetooth room entry. The community offers a fitness center, community room and rooftop deck with 360-degree views. Josh Sasouness of Dwight Capital originated the transaction.

February 23, 2021

Acquisitions Multifamily Washington Western

Fourth Avenue Capital Buys Calabria Apartment Building in Issaquah from Pacifica Cos. for $9M

by Amy Works February 19, 2021

ISSAQUAH, WASH. — Fourth Avenue Capital, a local apartment investor, has acquired Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah. San Diego-based Pacifica Cos. sold the asset for $9 million, or $450,000 per unit. Constructed in 2009, the property features 20 condominium-quality apartment units, with 10 being three-bedroom townhome units. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team at Kidder Mathews represented the seller.

February 19, 2021

Loans Net Lease Office Washington Western

Gantry Arranges $12.5M in Financing for Net-Leased Office Building in Seattle

by Amy Works February 18, 2021

SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.

February 18, 2021

Development Loans Multifamily Washington Western

NorthMarq Secures $45M in Joint-Venture Equity for Tacoma Plaza Multifamily Project in Washington

by Amy Works February 16, 2021

TACOMA, WASH. — NorthMarq has arranged $45 million in joint-venture equity between Trent Development and Bridge Investment Group for the development of Tacoma Plaza, an apartment community in Tacoma. Situated on 1.3 acres at 1502 Fawcett Ave., Tacoma Plaza will feature 368 apartments in a mix of studio, one- and two-bedroom units with private balconies and large windows. The community will offer two rooftop decks, two private courtyards and a dog spa. Completion is slated for 2023. Seattle-based Studio 19 Architects designed the project, while Gig Harbor-based Rush Commercial Construction is general contractor. Jake Leibsohn and Ron Peterson of NorthMarq secured the joint-venture equity.

February 16, 2021

Development Multifamily Student Housing Washington Western

Peak Campus, Blue Vista Break Ground on 441-Bed Student Housing Community Near the University of Washington

by Amy Works February 15, 2021

SEATTLE — A joint venture between Peak Campus and Blue Vista Capital Management has broken ground on Theory U District, a 441-bed student housing community located near the University of Washington campus in Seattle’s University District. The seven-story development will offer fully furnished units alongside communal amenities including a fitness center, business center, courtyard, rooftop amenity deck, gathering areas, grilling areas and an outdoor kitchen. The Bank of Oklahoma is providing construction financing for the project, set to open in fall 2022.

February 15, 2021

Development Multifamily Seniors Housing Washington Western

Revel Communities Opens 146-Unit Independent Living Property in Issaquah, Washington

by Amy Works February 15, 2021

ISSAQUAH, WASH. — Revel Communities, a division of The Wolff Co., has opened Revel Issaquah, a 146-unit independent living community in the Seattle suburb of Issaquah. As Revel’s third community in Washington State, the property is located less than 20 miles outside Seattle and just outside of downtown Issaquah across from Lake Sammamish, providing residents with easy access to art galleries, shopping and entertainment.

February 15, 2021

Loans Multifamily Washington Western

Sage Creek Group Arranges $11.4M in Financing for Student Housing Complex in Western Washington

by Amy Works February 12, 2021

WASHINGTON — The Sage Creek Group has closed $11.4 million in permanent financing for a recently constructed student housing complex in Western Washington. The two-building property features 53 units for students. Further details on the asset were not disclosed. The undisclosed borrower used the loan proceeds to retire the senior construction loans, provide cash to the borrower and cover closing costs. The eight-year loan features a 3.37 percent fixed rate with 24 months interest-only payments followed by a 28-year payment schedule.

February 12, 2021

Development Loans Multifamily Washington Western

Parkview Financial Funds $9.4M Construction Loan for Multifamily Development in Tacoma, Washington

by Amy Works February 11, 2021

TACOMA, WASH. — Parkview Financial has provided a $9.4 million construction loan to Emerald Bay Apartments LLC for the development of a multifamily property in Tacoma. Construction is under way at the project, with completion slated for early 2022. Located at 1624 E 32nd St., Emerald Bay Apartments will feature 82 units in a mix of 53 studios and 29 one-bedroom units. The units feature plank vinyl and treated concrete floors, exposed wood truss ceilings and stone surfaces. On-site amenities include a fitness center, rooftop terrace, community room, event space, dog wash and grass area, and a bike storage and repair room.

February 11, 2021

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