Washington

Village-Green-Retirement-Campus-Federal-Way-WA

CBRE Arranges $21.6M Financing for 167-Unit Seniors Housing Community Near Seattle

by Amy Works September 17, 2018

FEDERAL WAY, WASH. — CBRE has arranged $21.6 million in financing for Village Green Retirement Campus, a 167-unit independent living and assisted living community in the Seattle suburb of Federal Way. The borrower is The Powell Family, a Seattle-based developer and operator of many types of commercial real estate. The community is located less than a mile from St. Francis Hospital, which is a part of CHI Franciscan Health, one of the largest health care systems in the Puget Sound area. Situated on 12.9 acres, the property comprises two main buildings and 30 cottages. Mark Capeloto of CBRE’s Debt and Structured Finance office in Seattle and Aron Will of CBRE National Senior Housing arranged the financing. The Freddie Mac loan features a seven-year term, floating rate and 36 months of interest-only payments.

September 17, 2018

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $30.9M in Financing to Build Two Affordable Housing Projects in Seattle

by Amy Works September 14, 2018

SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Mental Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jackson streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junction, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council. KeyBank will also provide the borrower with a $5.6 million private placement permanent loan. Additionally, KeyBank provided a $11.7 million construction loan for the development of Patricia A. Apartments. The property will offer 52 units of permanent supportive housing for individuals with mental illnesses. The City of Seattle, King County and Washington State Housing Trust Fund provided additional funding. Victoria Quinn of KeyBank’s CDLI group arranged the financing for both properties.

September 14, 2018

Loans Office Washington Western

Newmark Arranges $27M Loan for 80,365 SF Office Building in Seattle

by Amy Works August 30, 2018

SEATTLE — Newmark has secured $27 million in financing for Eastlake Office Building, located at 617 Eastlake Ave. East in Seattle. The five-story property features 80,365 square feet of office space, views of Lake Union and freeway access. At the time of financing, the property was 100 percent leased. Brian Bonipart and Abby Kemp of San Francisco-based Newmark arranged the 10-year, fixed-rate loan with a 25-year amortization schedule for the undisclosed borrower through one of Newmark’s correspondent life insurance lenders. The planned use of the funds was not disclosed.

August 30, 2018

Development Multifamily Seniors Housing Washington Western

Áegis Living Opens 83-Unit Seniors Housing Community in Seattle

by Amy Works August 30, 2018

SEATTLE — Áegis Living has opened the doors on Áegis of West Seattle, an 83-unit assisted living and memory care community in Seattle. The project was designed to look like a Mediterranean resort. Áegis’ most recent communities are designed on such themes. Its community under construction on nearby Mercer Island is lodge-themed, and the company recently opened an Italian-themed community in Seattle. Áegis Living is a Bellevue-based developer and operator with 31 seniors housing communities in Washington, California and Nevada.

August 30, 2018

Healthcare Loans Mixed-Use Office Retail Washington Western

Newmark Arranges $42M in Financing for 107,000 SF Mixed-Use Property in Sammamish, Washington

by Amy Works August 23, 2018

SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.

August 23, 2018

Acquisitions Multifamily Oregon Seniors Housing Washington Western

JCH Negotiates $16.5M Sale of 152-Unit Seniors Housing Portfolio in Pacific Northwest

by Amy Works August 20, 2018

WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction.

August 20, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Funds $5.3M in Refinancing for Multifamily Property in Metro Seattle

by Amy Works August 20, 2018

LYNNWOOD, WASH. — Hunt Real Estate Capital has provided a $5.3 million Freddie Mac Small Balance Loan for the refinancing of Bailey Court Townhomes in Lynnwood, a suburb 16 miles north of Seattle. The borrower was Bailey Court LLC, backed by key principal Jeffrey Butler. Located at 17420-17415 52nd Ave. West, the multifamily property features 26 garden-style apartments spread across four three-story, townhome-style buildings. On-site amenities include a laundry room, bicycle storage area, security cameras, garages and open parking. At the time of financing, the property was 100 percent occupied. Jeffrey Ballaine of Hunt Real Estate Capital arranged the financing with a 30-year amortization and a yield-maintenance prepayment schedule.

August 20, 2018

Acquisitions Office Washington Western

Lincoln Property Co. Buys 103,494 SF Office Building in Seattle for $58.7M

by Amy Works August 14, 2018

SEATTLE — Lincoln Property Co. has purchased 501 Eastlake, an office property located in Seattle’s South Lake Union submarket. LBA Realty sold the five-story property for $58.7 million, or $568 per square foot. Built in 2002, the 103,494-square-foot property features an on-site athletic facility and walkable amenities. At the time of sale, the building was 79 percent leased to a variety of tenants, including the regional headquarters of Capital One. Kevin Shannon, Nick Kucha, Michael Moll, Tim O’Keefe and James Childress of NKF Capital Markets represented the seller in the transaction.

August 14, 2018

California Loans Office Washington Western

iBorrow Provides Two Loans Totaling $11.7M for Properties in San Francisco, Spokane

by Amy Works August 14, 2018

SAN FRANCISCO AND SPOKANE, WASH. — iBorrow, a private direct lender for commercial real estate, has provided two loans totaling $11.7 million for properties in San Francisco and Spokane. The lender funded a $5.6 million loan to refinance a four-story, 9,580-square-foot building, located at 131 Franklin St. in San Francisco. The asset is situated on a 2,395-square-foot lot in the Hayes Valley neighborhood. The name of the borrower was not disclosed. Additionally, iBorrow provided a $6.1 million to an undisclosed borrower for an office building located at 901 N. Monroe St. in Spokane. The three-story property features 76,814 square feet of office space. Brian Good, CEO of iBorrow, handled both transactions.

August 14, 2018

Cedar-Creek-Memory-Care-Community-Edmonds-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Communities Completes $17M Memory Care Community in Edmonds, Washington

by Amy Works August 13, 2018

EDMONDS, WASH. — Koelsch Communities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seattle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls “historical surprises.” The community features several rooms designed to look like the 1950s, including a Julia Child-style kitchen, a garage featuring a classic car and a great room designed to look like the interior of a traditional log cabin. More than 50 percent of the rooms were reserved prior to the opening of Cedar Creek. Koelsch Communities operates 29 seniors housing properties in eight states, with nine new communities in development.

August 13, 2018

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