Jun 22, 2017
The Seattle office of CBRE secured $14 million in construction financing for 5th & Idaho Apartments, an 81-unit complex under construction in Boise's historic downtown. The HUD-backed loan has an interest-only construction period of 16 months with a 40-year, non-recourse and fully amortizing permanent loan. John Taylor led the CBRE Capital Markets Debt & Structured Finance team in the effort. Seattle-based GGLO partnered with Hummel Architects of Boise to design the five-story project, which includes a pocket park.
Houston-based Transwestern hired David Easton to the asset services team in Seattle. Easton joins the firm as VP, and is making the move from Madison Bay Commercial. The 25-year industry veteran also has local experience at Seattle Steam Co. (now Enwave) and Unico Properties. Easton has degrees in marketing and fine art from Central Washington University, and a Commercial Real Estate Certificate from the University of Washington. Transwestern has 34 U.S. offices, and specializes in agency leasing, tenant advisory, capital markets, asset services and research.
Capitol Hill Housing has started work on the 115-unit Liberty Bank Building project near 23rd and Union. Mayor Ed Murray, council member Kshama Sawant and representatives from CHH were on hand to wield shovels at the future affordable housing site. CHH CEO Christopher Persons said, “If we're going to preserve affordable, equitable communities, it's going to take all developers, nonprofit and for-profit alike, to double down on stopping displacement. Stable housing is the stake in the ground that allows communities to flourish.” The $32million project was designed by Mithun and is being built by Walsh Construction. Completion is set for late 2018. Funding came from city and state sources, Heritage Bank, Impact Capital, Enterprise Community Partners, Lucky 7 Foundation and Wyncote Foundation NW.
Washington State Employees Credit Union has announced its first Bellevue location, and 21st state-wide. The credit union is remodeling 3,000 square feet in the Columbia West building at 155 108th Ave N.E., with opening set for September. In a statement, WSECU's Ann Flannigan said, “Even as more transactions move online, branches remain an important way we connect with members and serve a community.” WSECU is also constructing a new branch building in Seattle's University District.
The Los Angeles-based commercial real estate lending firm iBorrow announced last month it provided a $9.7 million loan to LLCs related to Seneca Ventures to convert two historic Pioneer Square properties into small boutique hotels. Now it has extended a $3.875 million refinancing loan to the 132-room Shilo Tacoma hotel, which will refinance an existing CMBS loan.
River of Life Fellowship in Kent recently closed a refinancing deal thanks to Ziegler, a Chicago-based investment bank. Ziegler said it acted as a lender and advisor to help the church pay off three variable rate loans with another bank that were used to build its present home. The new fixed-rate loan has a 25-year term and will save the church $30,000 annually in debt service. Ziegler specializes in health care, senior living, education and religious groups, as well as general municipal and structured finance.
Jun 15, 2017
Vancouver, B.C.-based Burrard Group is developing the 378-unit Nexus condominiums at 1200 Howell St., and offering some large units in the 41-story tower. Realogics Sotheby's International Realty is the agent for the Sky Series Residences. Sizes will range from 1,400 to more than 3,000 square feet, and presale prices range from about $1.6 million to $4.9 million. The units could have up to four bedrooms. RSIR's Dean Jones said, “There are thousands of would-be buyers that are currently living in large, single-family homes but likely considering the benefits of lock-and-leave ‘resort-style” living in a downtown condominium.” Designed by Weber Thompson and being constructed by Skanska, Nexus is expected to open in mid-2019. Groundbreaking was in March. Burrard says about 80 percent of the units are presold.
CREW is offering a chance to see Tableau's swanky new HQ at NorthEdge in Fremont. Developed by Touchstone, designed by Perkins + Will and built by Lease Crutcher Lewis, the LEED silver building opened this spring. On the tour will be Tableau's Matt Ross, SparkLab Lighting's CJ Brockway and Gensler's Lisa Morgenroth. Gensler repurposed a former gym nearby for Tableau, which is leasing space in five Fremont buildings. The tour begins at 3:30 p.m. Wednesday, June 28 at NorthEdge, 1621 N. 34th St. CREW is having a happy hour at Aqua (Pier 70, 2801 Alaskan Way) at 5:30 p.m. Thursday, June 29. RSVP and details for both events at: crewss.memberclicks.net.
CalAtlantic Homes said it will enter the local market by acquiring the single-family homebuilding division of Oakpointe. The Arlington, Virginia-based company now will own over 1,750 homesites in 19 future communities, seven of which are expected to be marketed in the first quarter of next year. No layoffs are planned. Oakpointe CEO Brian Ross will separately operate the development division, which was not part of the sale. In a statement, CalAtlantic CEO Larry Nicholson said, “Seattle's booming economy and strong job market presents a tremendous growth opportunity for CalAtlantic.” The company operates in 43 markets in 19 states. Current master-planned developments include Ten Trails in Black Diamond.
Lake Washington Institute of Technology said the city of Redmond will lease 20,000 square feet for an interim community center. The two-year lease, beginning next June, will allow Lake Washington School District to renovate the Old Redmond School House Community Center. Redmond Mayor John Marchione said the lease ensures the center's programs can continue.