SPOKANE, WASH. — Newmark has arranged $5 million in permanent financing for the Village at Regal Pond, a retail property located in Spokane’s Inland Northwest submarket. The multi-tenant property features 22,367 square feet of retail space. Demetri Koston and Skip Slavin of Newmark’s Seattle office secured the non-recourse financing with one of Newmark’s correspondent life companies. Newmark will service the 20-year, fully amortizing loan at no additional cost to the undisclosed borrower.
KIRKLAND, WASH. — Colliers International has arranged the sale of The Residences at 518, an apartment complex located at 518 Second St. in Kirkland. Greenwood Pub LLC sold the property to Goodwin DC LLC for $3.4 million, or $339,000 per unit. Colliers’ Tim McKay, Dan Chhan and Sam Wayne handled the transaction. Built in 1901, the 10-unit property was fully renovated in 2016 resulting in additional units and exterior upgrades.
SINGAPORE — CapitaLand has acquired a multifamily portfolio located throughout the metropolitan areas of Seattle, Portland, Los Angeles and Denver for $835 million. The Singapore-based real estate company acquired the assets through its wholly owned international business unit, CapitaLand International. The 16-property, Class B portfolio includes 3,787 units, representing a price per unit of approximately $220,000. The acquisition will more than double CapitaLand’s investment in the U.S. to over $1.5 billion, as well as increase its presence in the market to more than 6,500 units. “The stable, reliable cash flows of these Class B multifamily properties make this suburban portfolio more attractive than the higher-priced urban core segment,” says Gerald Yong, CEO of CapitaLand International. “Situated in well-established, well-connected rental communities, this portfolio of low-rise and garden-style properties continue to be a strong draw for middle-income and skilled professionals working in surrounding employment hubs.” The portfolio includes five properties located in Seattle, three in Portland, three in the greater Los Angeles area and five in Denver. All of the properties in the portfolio were more than 90 percent occupied at the time of sale, with an average length of stay of two years. Community amenities across the portfolio include swimming …
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.
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.
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.
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.
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.
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.
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.
