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Aug 12, 2010

Toledo-based Health Care REIT and Merrill Gardens of Seattle are forming an $817 million partnership to own and operate a portfolio of 38 senior housing and care communities mostly on the West Coast. Health Care REIT will own an 80 percent partnership interest, and Merrill Gardens will own the remaining 20 percent and manage the communities. The deal broadens Merrill's relationship with Health Care REIT, Merrill's long-time capital partner, according to Merrill President Bill Pettit. The Merrill family will continue to own and operate Merrill Gardens, so there will be no change in day-to-day operations for residents and staff members resulting from the new agreement. “We look forward to the potential for future growth with Health Care REIT both within the existing portfolio and through new acquisition and development opportunities,” he said in a prepared statement. The partnership will own and operate 13 communities that Health Care REIT now owns and operates and 25 other communities that Merrill Gardens and its affiliates own. Health Care REIT's consideration for its 80 percent interest will be a combination of cash and the pro rata assumption of $249 million of secured debt. The transaction is anticipated to close in September.
Los Angeles-based Mesa West Capital provided an affiliate of Pacific Property Co. and JP Morgan Investment Management with $12.5 million in first mortgage financing for acquisition and lease up of Chateau Woods, a new, 114-unit multifamily property in Woodinville. Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital arranged the financing. Fairfield Residential developed the project about 18 months ago as luxury condos, with prices ranging from around $300,000 to more than $500,000. Public records indicate Pacific Property foreclosed on the project and took the property back through a trustee's sale in June. King County assesses the value of the property at just under $19 million. Mesa West Capital Director Ronnie Gul said his firm was drawn to the project's high quality and proximity to Microsoft, Nintendo and Google. Gul said his firm has confidence in the Eastside multifamily market. Chateau Woods has a fitness center, spa, courtyards and underground parking.
The Seattle Humane Society appointed David Loewe, current chief operating officer, to interim executive director. He joined the society in 2006 after serving as a volunteer. A national search is underway to replace CEO Brenda Barnette, who has been appointed head of the Los Angeles Department of Animal Services. The society placed 6,091 animals in 2009.
Seattle-based Optimum Energy hired Becky Aaronson as west regional business development manager. Aaronson has worked for Comfort Systems USA Energy Services and Johnson Controls. Optimum Energy provides patented software that reduces the amount of energy used to heat and cool large commercial buildings by up to 60 percent.
Law firm Miller Nash hired Adrienne Jeffrey as counsel in the Trusts and Estates Practice Team in Seattle. Jeffrey has 30 years of experience in all areas of estate planning and was with Holland & Knight in Seattle.
Aug 11, 2010




Integra Telecom, a communications provider for business, named Matt Smith senior vice president for Washington. Smith has been senior vice president of Integra's California/Nevada service area and vice president of sales for Integra Telecom of Washington. He is based in Renton.
The Washington Wine Industry Foundation was awarded $128,300 from the Washington State Department of Agriculture's Specialty Crop Block Grant program to create a guide to sustainable winery practices. Dubbed “Winery Wise,” the guide will be a free and web-based tool for Washington wineries seeking to improve their sustainability. It was patterned after Vinewise, the successful guide to sustainable viticulture, now operated by the Washington Association of Wine Grape Growers and also initiated through grant funds.
Rainmaker Marketing of Spokane hired Josh King as head of business development. King has five years of experience in marketing and worked as an account executive for Comcast Spotlight.