SEATTLE — PSRS has provided $54 million in acquisition financing for a 324,287-square-foot office campus in Seattle. The borrower was not disclosed. The loan features a three-year term and a 25-year amortization schedule. The loan was placed with a life insurance company. It was structured by PSRS’s Antonio Hachem.
EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.
BELLEVUE, WASH. — Pacific Coast Capital Partners has purchased Evergreen Office Park in Bellevue for $21.4 million. The two-building office park is located at 10940 & 11000 N.E. 33rd Place. Pacific Coast Capital Partners plans to make capital improvements to the park’s common areas, including new tenant amenities. Andy Miller, Joe Lynch and Dan Harden of Kidder Mathews represented the seller, SteelWave, in this transaction.
SEATTLE — A joint venture between real estate investment company Kennedy Wilson (NYSE: KW) and an undisclosed partner has acquired Radius, a 282-unit multifamily community in Seattle’s South Lake Union submarket, for $141 million. Radius is a class-A apartment community built in 2015. Amenities include two rooftop decks, gaming room, fitness center and a private resident media room. The seller was not disclosed. Radius is located directly across the street from the world headquarters and main campus of Amazon and walking distance to over 10 million square feet of additional Amazon office space. The property is also within walking distance of employers such as Facebook, the Fred Hutchinson Cancer Research Center and a future 607,000-square-foot Google campus. The 50/50 joint venture invested $72 million of equity for the purchase, drawing from its recent $58 million sale of The Grove, a 331-unit community in San Jose, Calif. The partnership also secured a 10-year acquisition loan of $70 million. The financing features a fixed interest rate of 4.06 percent and interest-only payments for the first five years. “Radius is an exciting addition to our Seattle apartment portfolio,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Seattle’s South Lake Union neighborhood features some of …
SEATTLE — A joint venture between the Molasky Group and China-based Binjiang Group has secured $325 million in financing to build a 41-story mixed-use multifamily and hotel tower in the Belltown submarket of Seattle. Financing includes a $225 million joint venture partnership, as well as a $100 million construction-to-permanent loan. The project has not been named yet, but will be built on the site of the old Potala Tower. That project was put under the control of a court-appointed receiver, which suspended construction for about one year. The joint venture development partnership, arranged by Newmark, acquired the property from the court-appointed receiver in October 2016. Construction has resumed at the project. PCL will serve as the general contractor and Weber Thompson will act as the architect. The tower will feature 339 apartment units, 142 hotel rooms and 1,824 square feet of ground-floor retail space. It is scheduled for completion in August 2018. The $100 million construction-to-permanent loan was placed with two of Newmark’s correspondent life insurance company lenders, Guardian Life and Voya Investment, with each lender providing $50 million. The seven-year, construction-to-permanent loans will feature interest-only payments for a period of time, and later amortized over 30 years. Newmark will service the loans, …
SEATTLE — Atlas Workbase has opened a new 20,000-square-foot coworking space at the Lumen Building in Seattle’s Queen Anne neighborhood. The space will cater to mature companies, small businesses and executives, meaning managers and consultants rather than the traditional start-up crowd. The space is targeting professional industries like retail banking, insurance and law that seek a professional shared workspace. Atlas Workbase was designed in conjunction with Gensler and OpenSquare. It was created with partners including FedEx Office, Steelcase and Philips Lighting. Atlas previously announced a partnership with FedEx Office. The company has opened an in-house print and ship center inside its Mercer Street facility.
SAN RAFAEL, CALIF., AND BURLINGTON, WASH. — Macerich has completed the disposition of two retail centers in California and Washington. Merlone Geier Partners acquired the properties — Northgate Mall in San Rafael and Cascade Mall in Burlington — for $170 million. The transaction resulted in net proceeds to Macerich of approximately $100 million after the repayment of a floating-rate note on Northgate Mall.
VANCOUVER, WASH. — Parkview Financial has secured a $16.2 million loan for a 124-unit multifamily development in Vancouver. The community is being developed along 134th Street.
SEATTLE — Schnitzer West has sold Urban Union, a Class A office building in Seattle’s South Lake Union neighborhood, for $268.9 million, according to The Seattle Times. A joint venture between TriStar Capital and RFR Holding purchased the property. The building opened last year and recently underwent a $10.5 million alteration project for Amazon, the building’s main tenant, according to The Times. Totaling 12 stories and 291,000 square feet, Urban Union features a coffee shop, restaurant, rooftop conference deck, fitness center, locker rooms, bike lockers and concierge services. Seattle-based architecture firm CollinsWoerman designed the building. Just north of downtown, the South Lake Union neighborhood stretches from the Space Needle along the southern waterfront of Lake Union. The area is known for its restaurants, art galleries and museums. Schnitzer West is a real estate developer and manager of office properties, largely in the Seattle and Denver metros. TriStar and RFR are both New York City-based investment firms. — Jeff Shaw
REDMOND, WASH. — Equus Capital Partners has purchased Quadrant Willows B and D, a two-building office portfolio in Redmond, for $22.3 million. The Class B buildings are situated along Willows Road at the west end of the Redmond Valley. Notable employers in the area include Microsoft’s world headquarters and Nintendo USA’s headquarters. Equus purchased Quadrant Willows C and E in March 2016. The firm plans to make significant upgrades to all four buildings. The acquisition was made on behalf of Equus Investment Partnership X L.P. CBRE’s Scott Davis, Tom Pehl and Lou Senini represented the seller, Menlo Equities, in this transaction.