BOTHELL, WASH. — Dwight Capital has provided a $36.2 million HUD 223(a)(7) loan for Willina Ranch Apartments, a multifamily property located in Bothell. The refinance includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points as the property is Energy Star certified. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction. Built in 2000, the property features 175 apartments, a swimming pool, business center, clubhouse and fitness center.
WENATCHEE, WASH. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
SEATTLE — Urban Visions and Mitsui Fudosan America Inc. have unveiled plans for The Net, a 36-story, 812,000-square-foot office tower in Seattle’s central business district. The joint venture purchased the half-block site on Third Avenue for $127.7 million, according to the Puget Sound Business Journal. Gerry Rohm and Logan Greer of JLL Capital Markets arranged the joint venture partnership for the development. Designed by Urban Visions and architectural firm NBBJ, the Class A tower will comprise 800,000 square feet of office space and 12,000 square feet of street-level retail space. Six levels of subterranean parking will provide 390 spaces. With an emphasis on health, the project will feature abundant natural light and green space, including a sky park on the upper three levels. Tenants will enjoy views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The property will be surrounded by many transportation options, including bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge. Completion of the project is slated for 2024. “The future supply of this scope and type of development is limited,” says JLL’s Rohm. “The developers will define an entirely new generation of office buildings that are foremost focused on occupant …
SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization. As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.
ISSAQUAH, WASH. — Costco Wholesale Corp. (NASDAQ: COST) has reported a 12.5 percent increase in quarterly net sales in its fiscal fourth quarter, which ended Aug. 30. Costco’s sales jumped to $52.9 billion from $46.4 billion last year. Costco also experienced a 91 percent jump in quarterly e-commerce sales, resulting in a 50 percent increase over the previous year. The company’s net income for the fourth quarter was $1.4 billion, compared with $1.1 billion last year, even though this year’s fourth quarter was negatively impacted by $281 million in costs related to COVID-19 — such as premium wages and sanitation protocols — and a $36 million pre-tax charge due to prepayment of a $1.5 billion in debt. Costco recorded $4 billion in net income for the fiscal year, up from $3.7 billion in the prior year. The company currently operates 795 stores across the globe, as well as e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.
CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit. Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, in-unit washers/dryers, walk-in closets in select units and a private patios/balconies with attached storage locker. Common amenities include a clubhouse, outdoor swimming pool, hot tub, fitness center and covered parking. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.
PASCO, WASH. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Pasco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit. Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking. Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction
BELLEVUE, WASH. — The specialty outdoor retailer REI Co-op has completed the disposition of its newly completed corporate campus in Bellevue’s Spring District. Facebook acquired the property for $390 million. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped two-acre portion of the property. Facebook’s acquisition includes the 400,000-square-foot campus and approximately six acres of land. In August, REI announced its intention to sell its Bellevue campus and shift to a more distributed work model. The co-op’s future “headquarters” will span multiple satellite locations across the region, and REI will lean into remote working as a more engrained, supported and normalized model for headquarters employees. Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the co-op has been involved in bringing to life for the last four years. Once complete, the trail system will connect the diverse communities and businesses of King County’s Eastside through access to transit alternatives, employee hubs and greenspace.
SEATTLE — Amazon (NASDAQ: AMZN) has announced plans to hire an additional 100,000 full- and part-time employees throughout the United States and Canada. This plan is in addition to the 33,000 new corporate and technology jobs announced last week. The roles offer a starting wage of at least $15 per hour, and in select cities, Amazon is offering sign-on bonuses up to $1,000 to new hires. The new employees will staff the 100 new operations buildings that Amazon is opening this month across its fulfillment centers, delivery stations and other sites. States with the most available jobs include Arizona, California, Colorado, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, Ohio, Oregon, Pennsylvania, Utah, Washington and Wisconsin. This year-to-date, the company has opened more than 75 new fulfillment centers, sortation centers, regional air hubs and delivery stations in the United States and Canada.