Washington

Talonvest Negotiates $13.8M Refinancing for Self-Storage Facility in Seattle

by Amy Works February 5, 2020

SEATTLE — Talonvest Capital has secured a $13.8 million permanent loan on behalf of Catalyst Storage Investors for West Coast Self-Storage in Seattle. A CMBS lender funded the non-recourse, 10-year, fixed-rate, full-term, interest-only financing. The loan is secured by a Class A self-storage asset located at 3736 Rainier Ave. South in Seattle. Developed in 2014 by the borrower, the facility features 851 climate-controlled units and 64,689 net rentable square feet. Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo and Lauren Maehler of Talonvest arranged the financing.

February 5, 2020

Acquisitions Multifamily Washington Western

IPA Negotiates $25.7M Sale of Silver Shadow Apartment Complex in Metro Seattle

by Amy Works January 27, 2020

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Silver Shadow, a multifamily property located in Federal Way. An undisclosed buyer acquired the asset for $25.7 million, or $194,697 per unit. Built in 1989 on 5.4 acres, Silver Shadow offers 132 garden-style apartments and close proximity to multiple mass transit services. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the undisclosed seller and procured the buyer in the deal.

January 27, 2020

Acquisitions Industrial Loans Office Washington Western

Continental Partners Arranges $18.7M in Acquisition Financing for Flex Property Near Seattle

by Amy Works January 24, 2020

REDMOND, WASH. — Los Angeles-based Continental Partners has arranged $18.7 million in financing for the acquisition of Redmond Heights Center, an industrial/office flex property in Redmond, a suburb of Seattle. The borrower, ALCO Investment Co., acquired the 126,545-square-foot asset from Wakefield Redmond Heights. At the time of sale, the property was fully leased to 13 tenants. The 10-year, non-recourse loan has a fixed rate of 3.25 percent with a 30-year amortization schedule and step-down prepayment option. Carl Riggins of Continental Partners secured the permanent financing for the borrower.

January 24, 2020

Development Multifamily Washington Western

Plymouth Housing Breaks Ground on 91-Unit Affordable Project in Seattle

by Amy Works January 21, 2020

SEATTLE — Plymouth Housing has broken ground on an affordable housing development in downtown Seattle. Designed by SMR Architects, the 2nd & Mercer project will deliver 91 permanent housing apartments for adults who have previously experienced homelessness. The project will feature a ground-floor space for Path with Art, a local organization that utilizes art as a means to assist people recovering from homelessness, addiction or other trauma. In addition to operating out of 2nd & Mercer, Path with Art will offer classes and community arts space. The 2nd & Mercer property is slated to open in 2021. Plymouth Housing, a nonprofit developer, received low income tax credits early last year as part of an expansion to the Affordable Housing Tax Credit program. The project closed on financing in December. The City of Seattle is providing major funding for the project, with the city’s Office of Housing and Office of Arts and Culture making a first-time joint investment in an affordable housing and arts space. The site is the second of eight new buildings planned by Plymouth Housing to meet the need for housing for those experiencing chronic homelessness in King County.

January 21, 2020

Development Loans Mixed-Use Multifamily Washington Western

MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle

by Amy Works January 15, 2020

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

January 15, 2020

Loans Office Top Stories Washington Western

Gemini Rosemont Receives $204M Refinancing for Office Campus in Bellevue, Washington

by Kristin Harlow January 15, 2020

BELLEVUE, WASH. — Gemini Rosemont Commercial Real Estate, in partnership with an affiliate of Beacon Capital Partners, has received a $204 million loan for the recapitalization and refinancing of One Twelfth @ Twelfth, an office campus in Bellevue. The asset comprises three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold-certified buildings are located just off the I-405 corridor in downtown Bellevue, about 10 miles east of Seattle. Constructed in 2000, the property features a full-service café, fitness center, outdoor balconies, electric car charging stations, bicycle storage, conference room, outdoor plazas and close proximity the Bellevue Transit Center. Gemini Rosemont acquired the property in December 2016 and completed a capital improvement program in 2019. “In late December 2019, our new partner acquired an 80 percent interest in the joint venture formed to hold the asset,” says Jon Dishell, chief capital officer for Gemini Rosemont. “Beacon shares our vision for the asset, and we are looking forward to working together to continue to increase One Twelfth’s value, as well as pursuing other opportunities together.” MetLife Investment Management provided the five-year, floating-rate loan. It includes a $19 million facility for future leasing costs and capital expenses. Los Angeles-based Gemini Rosemont’s …

January 15, 2020

Development Multifamily Student Housing Washington Western

Peak Campus, Blue Vista Buy Student Housing Development Site Near the University of Washington

by Amy Works January 13, 2020

SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.

January 13, 2020

Acquisitions Retail Washington Western

Vestar Purchases Six-Property Retail Portfolio in Metro Seattle for $95M

by Amy Works January 9, 2020

LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.

January 9, 2020

Development Mixed-Use Multifamily Retail Washington Western

Lowe Completes Development of 286-Unit Talisman Apartments in Redmond, Washington

by Amy Works January 8, 2020

REDMOND, WASH. — Los Angeles-based Lowe has completed the development of Talisman, an apartment property located at Redmond Town Center, a mixed-use lifestyle center in Redmond. As the first apartment building to be completed at the 1.2 million-square-foot Redmond Town Center, Talisman features 286 apartments and 9,400 square feet of ground-floor retail space. Row House, F45, Musashi and The Airrosti Chiropractic occupy the retail portion. The apartment community offers a mix of one- and two-bedroom layouts with loft-inspired designs and high-end finishes, including keyless entry, stainless steel appliances, custom flooring and quartz countertops. Community amenities include a lobby, co-working space, a community sports bar with kegerator, resident lounge, two-level fitness center with yoga room, rooftop deck, outdoor kitchen, fire pit and a maker space where tenants can meet to create, invent and learn. Pre-leasing is underway, with the first occupancies slated for February. The project team includes Compass Construction as general contractor, Encore Architects as architect, Ankrom Moisan as interior designer, Communita Atelier as landscape architect, KPFF as civil engineer and BCQ as structural engineer. Greystar will serve as property manager, and JSH is handling leasing of the retail portion.

January 8, 2020

Acquisitions Office Top Stories Washington Western

Invesco Acquires Two Microsoft-Occupied Office Buildings in Metro Seattle for $585M

by Kristin Harlow January 8, 2020

BELLEVUE, WASH. — Invesco Real Estate has acquired Bravern Office Commons, two Class A office buildings within the Bravern mixed-use development in Bellevue, about 10 miles east of Seattle. A joint venture between Principal Real Estate and PNC Realty sold the office properties, which are fully leased to Microsoft Corp. The purchase price was $585 million, according to several media reports. The office component of Bravern includes 749,694 square feet of space and a seven-level, subterranean parking garage with 3,134 stalls. Bravern Office Commons sits atop 305,000 square feet of retail space, which is adjacent to 455 luxury apartments. Built in 2009, the office asset includes a 12-story, 255,171-square-foot building located at 688 NE 110th Ave. and a 23-story, 494,523-square-foot building located at 11025 NE Eighth St. “The Bellevue central business district is a well-established and highly amenitized office submarket, which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country,” says Chris Cole, senior director of transactions at Invesco Real Estate. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rob Hannan, Tim O’Keefe and Alex Foshay of Newmark Knight Frank (NKF) represented the seller, while Invesco was self-represented in …

January 8, 2020

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