KIRKLAND, WASH. — Colliers International has arranged the sale of Building A of Kirkland 405 Corporate Center in Kirkland. KOF Enterprises acquired the property, located at 11411 NE 124th St., from Claddagh Ventures for $14.8 million. At the time of sale, the property was 97 percent leased. Derek Heed and Gregg Riva of Colliers International, along with NAI Puget South Properties and NAI Hunnerman, represented the seller in the deal.
VANCOUVER, WASH. — Cohen Financial, a division of SunTrust Bank, has arranged two loans totaling $11.9 million for the refinancing of two retail centers located in Vancouver. Peter Norrie of Cohen Financial arranged a $4.7 million loan for Salmon Creek Center and a $7.2 million loan for 164th Plaza through Alaska USA Federal Credit Union. The name of the borrower was not disclosed. The five-year loans feature 25-year amortization schedules and an option to extend for another five years.
LACEY, WASH. — Shelter Resources has acquired the 164-unit College Glen Apartments in Lacey for $19.3 million. The community is located at 4870 55th Lane SE. It was built in1996. College Glen is a low-income housing tax credit property. The community contains a playground, community center and indoor sports court. The seller was College Glen Apartments LP. Kidder Mathews brokered the transaction.
EVERETT, WASH. — Evans Senior Investments (ESI) has arranged the sale of Garden Court Retirement Community, a 148-unit independent living and assisted living property in Everett. A national private equity firm acquired the property from an independent owner-operator for $50.5 million, or approximately $341,000 per unit. Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. At the time of sale the community averaged 95 percent occupancy. The buyer will bring Artēgan on as operator.
SEATTLE — Newmark has secured $25.5 million in financing for 1111 East Olive Apartments in Seattle. Meriwether Partners developed the property for the longtime land owners. The property features 80 apartments above ground-floor retail space, which will be occupied by a coffee shop and Richard Hugo House, a non-profit center for supporting writers. Residential amenities include a rooftop deck, conference room, gym, secured bicycle storage and parking for 69 vehicles. Michael Taylor and Patrick Taylor of Newmark’s Seattle office arranged the 15-year term financing through Aegon Real Assets US. The loan will be used to refinance the construction loan.
RICHLAND, WASH. — CBRE has brokered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Badger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an undisclosed price. Built in 2013, the property features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transaction.
BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.
BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.
KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.
KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.