Washington

McBride Capital Arranges $7M Acquisition, Predevelopment Loan for Retail Center in Washington

by Amy Works May 8, 2020

VANCOUVER, WASH. — McBride Capital has arranged a $7 million acquisition and predevelopment loan for a proposed retail center in Vancouver’s Salmon Creek neighborhood. The non-recourse debt facility features a 12-month initial term with extension options, limited prepayment penalty and proceeds to cover predevelopment costs. Danny Natsch of McBride Capital placed the financing on behalf of an undisclosed borrower with a national bridge lender. The name of the grocery-anchored retail property and lender were not released.

May 8, 2020

Company News Retail Washington Western

Nordstrom to Permanently Close 16 Stores, Plans Phased Reopening for Others

by Amy Works May 7, 2020

SEATTLE —Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities in serving customers.” “More than ever, we need to work with flexibility and speed,” he adds. “Our market strategy helps with both, bringing inventory closer where customers live and work, allowing us to use our stores as fulfillment centers to get products to customers faster, and connecting digital and physical experiences with services like curbside pickup and returns.” The retailer is also restructuring its regions, support roles and corporate organization for greater speed and flexibility. This restructuring is expected to result in expense savings of approximately $150 million. That savings represents 30 percent of the company’s previously announced plans for net cash reductions of more than $500 million in operating expenses, …

May 7, 2020

Development Loans Multifamily Retail Washington Western

NorthMarq Arranges $45M in Opportunity Zone Equity for Multifamily Project in Seattle

by Amy Works May 7, 2020

SEATTLE — NorthMarq has secured $45 million in joint-venture equity through Bridge Investment Group for the development of 12th & Yesler, a multifamily property in Seattle. Jake Leibsohn and Ron Peterson of NorthMarq’s Seattle-based regional office secured the equity for the borrowers, Trent Development and Atlanta-based Hatteras Sky. Situated at the corner of 12th Avenue South and East Yesler Way, the property will feature 274 apartments in a mix of 37 studio units, 172 open one-bedroom layouts, 45 one-bedroom units, five live/work units and 15 two-bedroom layouts. Apartments will offer stainless steel appliances, quartz countertops, in-unit washers/dryers and air conditioning, among other amenities. Additionally, the property will feature 8,142 square feet of ground-floor retail space and 133 parking stalls. Community amenities will include a rooftop deck, community barbecues, a business center, community clubhouse, controlled access, bike storage and repair room and a dog wash area. The project is located in an Opportunity Zone, giving it certain tax advantages. The developers will also participate in Seattle’s Multifamily Tax Exemption program, under which 20 percent of the units (54 units) will be dedicated to workforce housing.

May 7, 2020

Acquisitions Multifamily Washington Western

Marcus & Millichap Arranges $3.7M Sale of Madrona Apartments in Everett, Washington

by Amy Works April 30, 2020

EVERETT, WASH. — An undisclosed buyer has acquired The Madrona Apartments, a multifamily building located in Everett, for $3.7 million, or $126,724 per unit. The name of the seller was not released. The Tudor-style property features 29 units. Ryan Dinius, Sidney Warsinske, Philip Assouad and Giovanni Napoli of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 30, 2020

Loans Multifamily Washington Western

Thayer Manca Receives $26.8M Refinancing for Callen Apartments in Washington

by Amy Works April 28, 2020

LACEY, WASH. — Seattle-based Thayer Manca Residential (TMR) has closed on a $26.8 million Fannie Mae refinancing for Callen Apartments in Lacey. The 10-year loan includes full-term, interest-only debt service and a fixed rate of 2.99 percent. Through a sponsored partnership, TMR acquired the 189-unit Callen Apartments in February 2018 and has since implemented the majority of a comprehensive, $3.7 million, value-add renovation. Designed to reposition the property, the upgrades include a renovated clubhouse, modern 24-hour fitness center, various amenity additions and apartment interior renovations.

April 28, 2020

Loans Multifamily Washington Western

Ready Capital Arranges $2.1M Refinancing for Multifamily Property in Tacoma, Washington

by Amy Works April 24, 2020

TACOMA, WASH. — Ready Capital has closed $2.1 million in refinancing for an apartment building located in Tacoma. The undisclosed sponsor constructed the 10-unit, Class B asset in 2015. The non-recourse, hybrid-rate loan features a 20-year term (seven years fixed rate and 13 years floating rate), a 30-year amortization schedule and yield maintenance prepay.

April 24, 2020

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Brokers Sale of Seniors Housing Community in Kennewick, Washington

by Amy Works April 15, 2020

KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.

April 15, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Provides $16.8M in Financing for Seniors Housing Community Near Seattle

by Amy Works April 14, 2020

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

April 14, 2020

Acquisitions Multifamily Seniors Housing Washington Western

ESI Negotiates Sale of a Heartwood Extended Healthcare in Tacoma for $8M

by Jeff Shaw April 13, 2020

TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.

April 13, 2020

Loans Multifamily Washington Western

NorthMarq Arranges $22.5M Refinancing for Sawyer Trail Townhomes in Washington

by Amy Works April 10, 2020

FREDERICKSON, WASH. — NorthMarq has secured $22.5 million in refinancing for Sawyer Trail Townhomes, a multifamily property located at 17516 44th Ave. East in Frederickson. This is the third phase of the Sawyer Trails development, consisting of 90 townhome units. Bob Spiro and Scott Moline of NorthMarq arranged the permanent fixed-rate loan that was structured with a 10-year term on a 30-year amortization schedule. The firm secured financing for the undisclosed borrower through its in-house Fannie Mae team. According to Spiro, this is the third phase of an $80 million finance package over the last two years with Fannie Mae.

April 10, 2020

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