Washington

Taylor Street Arranges $5M in Loans to Refinance Two Multifamily Properties in Seattle

by Amy Works January 6, 2021

SEATTLE — Taylor Street Capital Partners (TSCP) has secured a total of $5 million in refinancing for two multifamily properties in Seattle. In the first transaction, TSCP arranged a $3.5 million cash-out Freddie Mac refinancing for undisclosed owners of a 23-unit multifamily asset in downtown Seattle. The firm negotiated the loan on the behalf of out-of-state clients looking to withdraw equity for capital improvements and asset appreciation. In the second transaction, TSCP arranged a $1.5 million cash-out Freddie Mac refinancing for the out-of-state owners of a 12-unit multifamily asset in downtown Seattle. The firm negotiated the loan for the owners who are looking to withdraw equity for capital improvements and asset appreciation.

January 6, 2021

Affordable Housing Development Multifamily Southeast Tennessee Top Stories Virginia Washington Western

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

by Kristin Harlow January 6, 2021

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …

January 6, 2021

Development Industrial Washington Western

Bridge Development Plans 1.9 MSF Industrial Park in Suburban Seattle

by Amy Works January 5, 2021

MILTON, WASH. — Bridge Development Partners has purchased a 117-acre land site in Milton, three miles from the Port of Tacoma, for an undisclosed price. The company plans to develop Bridge Point I-5 Seattle, a four-building, 1.9 million-square-foot industrial park at the site. Bridge Point I-5 will be delivered in two phases: a 1 million-square-foot cross-dock facility to be delivered in first-quarter 2023 and three single-load buildings totaling 921,270 square feet to be delivered in 2024. Of the 117 acres purchased, 89 acres will be used for Bridge Point I-5 Seattle. The four planned industrial buildings will range in size from 119,022 square feet up to 1 million square feet. The facilities will feature 32- to 40-foot clear heights, ESFR sprinklers, LED lighting, 1,218 car parking spaces, and 130- to 185-foot truck courts. Mike Newton of Kidder Mathews represented Bridge, while Bob Naber of NAI Puget Sound Properties represented the undisclosed seller in the transaction. Newton was retained to serve as leasing agent for the project.

January 5, 2021

Affordable Housing Development Loans Multifamily Washington Western

Enterprise Housing Invests $57.5M in Seattle’s First Affordable Housing High-Rise

by Amy Works December 22, 2020

SEATTLE — Enterprise Housing Credit Investments has invested $57.5 million to create Seattle’s first affordable housing high-rise development located in the First Hill neighborhood. The 17-story building will feature 365 apartments and offer two entrances for tenants at 1400 Madison St. and 1014 Boylston Ave. The investment is the largest single Low-Income Housing Tax Credit equity deal in the company’s history. Plymouth Housing is developing the Bolyston supportive housing development, located on floors two through five, which will include more than 100 studio apartments. The development will serve homeless seniors who earn up to 30 percent of the area median income (AMI) and will offer supportive services to all residents. Service staff will provide individualized case management, daily living support, social engagement, outings and coordination of psychiatric care as needed. Developed by Bellwether Housing, Rise on Madison will occupy floors six through 17 and offer 250 apartments for workforce and family households earning up to 60 percent AMI. The development will feature 91 studios, 111 one-bedroom units, 22 two-bedroom layouts and 26 three-bedroom floorplans. Rents will range from $1,015 per month for a studio to $1,783 per month for a three-bedroom apartment. Bellwether will provide resident service coordinators to assist …

December 22, 2020

Acquisitions Mixed-Use Office Restaurant Retail Top Stories Washington Western

Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic

by John Nelson December 22, 2020

SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began. Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro. Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood. Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings. Skanska will retain a 5 percent interest in 2+U and is …

December 22, 2020

Castlerock-Apts-Pacific-Village-Wenatchee-WA

Acquisitions Multifamily Washington Western

Quality Pacific Sells Two Multifamily Properties in Eastern Washington for $28.3M

by Amy Works December 21, 2020

WENATCHEE, WASH. — Quality Pacific Inc. has completed the sales of two apartment communities located in the Eastern Washington city of Wenatchee. The two assets sold for a total of $28.3 million. Castlerock Wenatchee 139 LLC acquired the 14-building, 139-unit Castlerock Apartments for $20.1 million, or $144,604 per unit. Pacific Village-Wenatchee LLC purchased the six-building, 64-unit Pacific Village for $8.2 million, or $128,516 per unit. Zach Howe of Marcus & Millichap’s Seattle office represented the seller and procured the buyers in the deals. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corp. arranged $5.3 million in fixed-rate financing for the acquisition of Pacific Village.

December 21, 2020

Acquisitions Net Lease Retail Washington Western

Newmark Arranges $16.2M Sale of Net-Leased Retail Property in Walla Walla, Washington

by Amy Works December 15, 2020

WALLA WALLA, WASH. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

December 15, 2020

Acquisitions Office Washington Western

Marcus & Millichap Brokers $6.9M Sale of James Center Plaza Office Building in Tacoma, Washington

by Amy Works December 14, 2020

TACOMA, WASH. — Marcus & Millichap has arranged the sale of James Center Plaza, an office property located at 1628 S. Milred St. in Tacoma. A limited liability company sold the building to an undisclosed buyer for $6.9 million. Built in 1997, the asset features 33,375 square feet of office and medical office space. At the time of sale, the building was 78.1 percent occupied, mostly by longstanding medical-dental tenants. Matthew Herman and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in in the deal.

December 14, 2020

Company News Restaurant Retail Washington Western

Starbucks Predicts 20 Percent Growth by 2022, Market Cap Climbs to $122B

by Amy Works December 11, 2020

SEATTLE — Starbucks (NASDAQ: SBUX) has predicted a resurgence in its cafes and customer demand for its coffee by 2022, forecasting a growth of more than 20 percent by fiscal 2022. With this news, shares of the Seattle-based coffee roaster and retailer jumped more than 4 percent in extended trading. The stock, which has a market value of $122 billion, has increased 18 percent so far this year. Pat Grismer, CFO, reaffirmed the company’s fiscal 2021 forecast with adjusted earnings per share of $2.70 to $2.90 at the company biennial investor day. In 2023 and 2024, Starbucks expects to hit long-term growth targets with adjusted earnings per share growth of 10 percent to 12 percent. Starbucks also is adjusting its forecast for ongoing long-term revenue growth by increasing it to a range of 8 percent to 10 percent, upgrading its 2018 prediction of 7 percent to 9 percent. The company is projecting a net new unit growth of 6 percent worldwide as it aims for 55,000 cafes globally by 2030, with a 3 percent growth in the United States and a low-teens net unit growth rate for China. Currently, the company has nearly 33,000 stores worldwide.

December 11, 2020

Acquisitions Multifamily Washington Western

MG Properties Acquires LIV Bel-Red Apartments in Bellevue for $191M

by Amy Works December 10, 2020

BELLEVUE, WASH. — San Diego-based MG Properties Group has purchased LIV Bel-Red Apartment Homes in Bellevue. Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, sold the asset for $191 million. The buyer has rebranded the multifamily property as Vue 22 Apartments. Completed in 2015 and situated in the Bel-Red submarket, Vue 22 features 451 residences. The property is located to the east of Seattle, between downtown Bellevue and downtown Redmond, Wash. David Young, Corey Marx, Chris Ross and Jordan Louie of JLL Capital Markets represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer. MG Properties Group has purchased seven communities in the past 12 months, totaling more than 2,000 units and $715 million in combined value.

December 10, 2020

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