Washington

City of Seattle Approves Development of 1.2 MSF Urban Visions Office Campus

by Amy Works January 7, 2019

SEATTLE — Urban Visions has received permit approval from the City of Seattle for S, an office and retail campus project located on a seven-acre land parcel adjoining Seattle’s Pioneer Square and Chinatown districts. Designed by NBBJ, S will feature five buildings offering large, flexible office floorplates, rooftop decks on each building and outdoor terrace spaces on every floor, as well as ground-floor retail space. The development is located directly east of CenturyLink Field and at the hub of the region’s Link light rail transportation network. Jesse Ottele, Cavan O’Keefe, Daniel Seger and David Marks of Newmark Knight Frank are representing the developer. With permit approval, Urban Visions is able to commence construction as early as the first quarter of 2020.

January 7, 2019

Development Multifamily Washington Western

LMC Opens 226-Unit Smart-Home Apartment Community in Seattle

by Amy Works December 21, 2018

SEATTLE — LMC has opened Axle, an eight-story apartment community fully integrated with smart-home technology located at 3230 16th Ave. West in Seattle’s Interbay neighborhood. Axle, which is pursuing LEED Gold certification, features 226 smart apartments. The community’s smart homes feature an Amazon Echo integrated into a Sonos Play:1, a Ruckus access-point device for superior Wi-Fi coverage and Lutron Pico Remote for dimming lights and controlling smart-home speakers. Additionally, residents will receive a Sonos Play:1 upon move-in. All units also feature Lutron roller shades, which can be controlled through a smartphone, a Pico remote or by voice activation through Alexa. The property consists of one- and two-bedroom apartments, with den and townhome layouts available, ranging in size from 539 to 1,454 square feet. Interiors feature quartz countertops, designer lighting, high-end stainless steel appliances, hardwood-style plank flooring, full-size washers and dryers, ceramic tile tub surrounds, lighted mirrors and under-cabinet lighting. Community amenities include a sky lounge with full kitchen, dining area with fireplace and large communal room with two oversized televisions; a co-working lounge; club-inspired 24-hour fitness center; rooftop deck with barbecues and lounge areas; a pet park and pet wash station; and a large bike and gear maintenance facility. LMC, …

December 21, 2018

Loans Multifamily Washington Western

Newmark Arranges $21.7M in Financing for Birch Hills Apartments in Pullman, Washington

by Amy Works December 19, 2018

PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.

December 19, 2018

Acquisitions Multifamily Washington Western

CBRE Directs Sale of 94-Unit Multifamily Property in Richland, Washington

by Amy Works December 18, 2018

RICHLAND, WASH. — CBRE has arranged the sale of 575 Columbia, a 77,700-square-foot multifamily property located along the Columbia River in Richland. Evergreen Housing Development Group sold the property for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the deal. The name of the buyer was not released. Built in 2017, 575 Columbia features 58 one-bedroom units and 36 two-bedroom units with nine-foot ceilings, quartz countertops and ample storage. Community amenities include a resident pool and lounge, as well as a fitness center.

December 18, 2018

Acquisitions Retail Washington Western

JKL Real Estate Investment Buys 30,000 SF Retail Complex in Washington for $6.2M

by Amy Works December 18, 2018

EVERETT, WASH. — JKL Real Estate Investment LP has acquired Everett Mall Way Plaza, a retail complex located at 500 S.E. Everett Mall Way in Everett. Robinson Properties & Investments sold the two-building asset for $6.2 million. Everett Mall Way Plaza features 30,000 square feet of retail space. XinXin Li of Colliers International and Godwin Moy of DBW Private Brokerage represented the buyer in the transaction.

December 18, 2018

Acquisitions Industrial Office Washington Western

Investcorp Sells 201,766 SF Tech Campus in Washington to Equus Capital Partners

by Amy Works December 17, 2018

BOTHELL, WASH — Investcorp has completed the sale of Highlands Campus Tech Centre, a technology campus located at 21520, 21312 and 21222 30th Drive SE in Bothell. Equus Capital Partners acquired the asset for an undisclosed price. The 201,766-square-foot campus features two flex/R&D buildings and one office building. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.

December 17, 2018

Development Loans Retail Washington Western

Buchanan Street Partners Closes $16M Construction Loan for Retail Development Near Seattle

by Amy Works December 14, 2018

PUYALLUP, WASH. — Buchanan Street Partners has provided a $16 million non-recourse bridge loan to Net Lease Alliance to resume and complete construction of a retail center in Puyallup. Located at 301 37th Ave. SE, the 125,100-square-foot project is fully preleased to 24 Hour Fitness and At Home, a retail chain specializing in home décor products. Buchanan Street closed the loan in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019. Target Rock Partners represented Net Lease Alliance in the transaction.

December 14, 2018

Acquisitions Hospitality Washington Western

Crystal Investment Property Arranges Sale of Olympic View Inn in Sequim, Washington

by Amy Works December 10, 2018

SEQUIM, WASH. — Crystal Investment Property (CIP) has brokered the sale of Olympic View Inn, a hotel located at 830 W. Washington St. in Sequim. The independent mid-scale hotel features 51 guest rooms spread across two exterior corridor buildings on four tax lots with excess land for future development. The hotel offers newly remodeled rooms, a conference room and fitness center. Joseph Kennedy of CIP worked closely with the undisclosed buyer and seller in the deal. The sales price was not released.

December 10, 2018

Development Multifamily Seniors Housing Washington Western

AMWA to Develop 255-Unit Affordable Seniors Housing Community in Arlington, Washington

by Amy Works December 6, 2018

ARLINGTON, WASH. — AMWA Development Inc. has closed on a construction financing transaction for Cedar Pointe, a 255-unit affordable seniors housing community in Arlington, approximately 45 miles north of Seattle. Located on a four-acre site in the city’s Smokey Point neighborhood, the property will offer 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager’s unit. All residents must be over the age of 55 and earning 60 percent or less of the area median income. Finance partners on the project include Washington State Housing Finance Commission, Hudson Housing Capital and Citi Community Capital. AMWA Construction will oversee the construction process, with a planned delivery of August 2020. FPI Management will operate the community. Cedar Pointe is the first real estate development project in Washington for AMWA Development, an independently owned and operated affiliate of AMCAL, a Southern California-based real estate developer.

December 6, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Refinances Three-Property Multifamily Portfolio in Washington

by Amy Works December 3, 2018

LAKEWOOD AND TACOMA, WASH. — Hunt Real Estate Capital has provided three Freddie Mac Small Balance Loans totaling $11.1 million for a multifamily portfolio in Washington. The company funded two cash-out refinances, which provided liquidity for the acquisition of the third property. The loans have a five-year fixed-rate term, with no interest-only period, amortized over 30 years. The name of the borrower was not released. Hunt Real Estate provided a $6.7 million loan to acquire Springtree Apartments, a 103-unit multifamily property located at 4810 127th Street Court SW in Lakewood. The 13-building complex features 14 one-bedroom, one-bathroom units and 89 two-bedroom, one-bath apartments. On-site amenities include a laundry facility, sport court, playground, barbecue/picnic area and on-site manager, as well as 41 surface parking spots. Additionally, the company funded $1.7 million in refinancing for Southcrest Apartments, located 5410, 5416, 5420 and 5422 Boston Ave. SW in Lakewood. Built in 1970, the five-building property features 35 one-bedroom/one-bath units and one two-bedroom/two-bath unit. The community also features 46 surface parking spots. In the third transaction, Hunt Real Estate Capital provided a $2.7 million loan for the refinancing of Colonial Village Apartments, located at 9220 Pacific Ave. S. in Tacoma. Built in 1961, the …

December 3, 2018

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