Jun 22, 2017

CBRE helps fund Boise apartments

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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.

Transwestern expands Seattle team

Easton

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.

CHH starts Liberty Bank project

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.

WSECU to open Bellevue branch

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.

iBorrow adds to local loan portfolio

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.

Ziegler helps Kent church refinance

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.

Schweitzer Engineering Laboratories

Pullman-based Schweitzer Engineering Laboratories is making changes in its leadership team to address new markets and technologies. President and founder Dr. Edmund O. Schweitzer will continue as president and take on the role of chief technology officer. Dave Whitehead will become chief operations officer and continue to lead Research & Development. Luis D'Acosta will become chief sales officer. Bob Morris is now chief engineering services officer. Tony Lee will continue to lead manufacturing operations with the title of chief manufacturing officer. Joey Nestegard continues to lead finance as chief finance officer. SEL designs and builds digital products and systems to protect power grids.

Skagit County Superior Court

Skagit County's longest serving Superior Court Judge, Michael E. Rickert, retires June 30 after more than 24 years of service. Rickert began his tenure with Skagit County in 1986 when he was elected prosecutor. He developed and launched the first Drug Court program in 1997, which has served nearly 520 people countywide.