TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
SEATTLE — Digital Realty, a global provider of data center, colocation and interconnection solutions, has reached an agreement with Clise Properties to purchase 49 percent ownership interest in the Westin Building Exchange in Seattle. Terms of the transaction were not released. The Westin Building Exchange serves as an interconnection hub for the Pacific Northwest, linking Canada, Alaska and Asia along the Pacific Rim. The 34-story tower is home to global cloud, content and interconnection providers, housing more than 150 carriers and over 10,000 cross-connects. The property is adjacent to Amazon’s 4.1 million-square-foot urban campus and overlooks Elliott Bay, as well as the downtown Seattle skyline. The transaction is subject to customary closing conditions and is expected to close in the first half of 2020. Upon closing, Digital Realty will assume management and operational oversight for the facility.
BOTHELL, WASH. — CBRE Capital Markets’ Debt & Structured Finance group has secured $38 million in financing for Canyon Park East, a business campus in Bothell. CBRE arranged the financing for Kennedy Wilson Fund VI, which purchased the property in December 2019 for $54.6 million. The $38.6 million loan closed on Jan. 30 with financing from an East Coast-based bank. Brad Zampa, Mike Walker and Megan Woodring of CBRE arranged the six-year, non-recourse, floating-rate financing with full-term interest-only payments. The loan will finance a portion of the acquisition and provide funding for future capital expenditures and leasing costs. Tom Pehl and Lou Senini with CBRE Capital Markets in Seattle represented the undisclosed seller in the acquisition deal. Situated on 16.5 acres, Canyon Park East comprises five office, R&D and warehouse buildings offering a total of 269,369 square feet of rentable space. At the time of financing, the property was 83 percent occupied.
RENTON, WASH. — Turner Impact Capital has purchased Sunset View, a multifamily community located in Renton, for an undisclosed price. This is the firm’s first investment in the Pacific Northwest and brings its total number of acquired housing units to 9,755. Terms of the acquisition were not disclosed. Located less than 10 miles from downtown Seattle, Sunset View features 240 workforce housing units. Community amenities include a clubhouse, pool, fitness center and an outdoor game area. Turner Impact Capital purchased the asset through its Turner Multifamily Impact Fund II. The Fund plans to provide programs and implement a range of LEED-based sustainability improvements, including low-flow toilets, Energy Star appliances and LED lighting.
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.
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.
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.
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.
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.
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 …