Nov 21, 2024

CBRE finds funding for Uptown hotel

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CBRE announced this week a $27 million refinancing package for the Hampton Inn & Suites extended-stay in Uptown. Leading the team were James Bach, Connor Lemley, Regina Wang and Griffin Walker. The 199-room project was developed in 1996 by family-run Puget Sound Hospitality, which continues to own and operate the midrise hotel located a few steps from Seattle Center. CBRE's Wang said in a statement, “The success of this process highlights the resurgence of competitive capital sources for hospitality assets, which have not been a priority for lenders since 2020. The property's strong post-renovation performance, excellent location and timing for refinance all helped us secure an excellent, sub-6% rate for our client from a correspondent life company lender.” Public records show Jackson National Life Insurance to be the lender. CBRE's in-house hotel analysts say that Seattle was fifth on the U.S. occupancy list last year, at over 80%, compared to the national average of just over 70%.

Fourth Avenue makes Oregon buys

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Multifamily shop Fourth Avenue Capital has offices in Spokane and Seattle, and is both a developer and investor in that sector. The firm recently announced two buys in Oregon: the new 140 Sacramento townhouses in East Portland, with nine units; and the 88-unit Sunpointe garden apartments (pictured), in Gresham, which were developed in 1990. Upgrades are planned there. Fourth Avenue's Davis Vaughn said in a statement, “We continue to find compelling opportunities across a range of deal profiles in the Pacific Northwest. We think now is a great time to be buying, as we have conviction that there will be outsized growth in this region long-term.” The firm now rates its portfolio at 1,000 units, also ranging from Montana to New Mexico, with another 500 planned. Assets under management are valued at over $300 million.

King County Metro Vehicle Maintenance

Blandi

Chris Blandi has been named King County Metro Vehicle Maintenance Employee of the Year. Blandi was selected by his fellow vehicle maintenance team members for the honor. Master mechanics like Blandi reduce the need for costly emergency repairs and extend the lifespan of coaches, said Chris Parrott, division director of vehicle maintenance. Drew Marcell, vehicle maintenance superintendent, said Blandi is “our ideal employee. You can count on him to get things done. If he's doing repairs, you know it's quality.” Blandi has worked in vehicle maintenance for five years. Blandi's colleagues say he's a leader with a positive attitude and is highly capable at leading the shop and making good decisions, even under demanding circumstances.

Hermanson Co.

Hermanson Co. hired Jon Sigmund as a business group leader. Sigmund brings over 28 years of experience in the mechanical construction industry, beginning his career in the field and progressing to roles in estimating, engineering, project management, and as a senior project executive. At Hermanson, he will collaborate with the business group leader team to support the growth of the company's project portfolio and strengthen client relations. Hermanson Co., a full-service mechanical contractor, has offices in Kent, Seattle, Redmond, and in Oregon.

Northwest Natural Holdings

Northwest Natural Holdings has entered into an agreement to acquire SiEnergy Operating from SiEnergy Capital Partners (an affiliate of Ridgewood Infrastructure) for $273 million in cash and the assumption of $152 million of debt. Upon closing the transaction, which is expected to occur in the first quarter of 2025, SiEnergy will become a wholly owned subsidiary of NW Natural Holdings. SiEnergy serves approximately 70,000 residential and commercial customers in the greater metropolitan areas of Houston, Dallas, and Austin. SiEnergy has grown organically by providing infrastructure to residential and commercial developments in high-growth areas and has a current contracted customer backlog of over 180,000. NW Natural Holdings expects to finance the cash portion of the acquisition with junior subordinated notes in the first half of 2025, and has obtained a committed interim term loan from J.P. Morgan Securities to fund the purchase price. J.P. Morgan Securities is serving as exclusive financial advisor to NW Natural Holdings with Stoel Rives serving as legal advisor. NW Natural Holdings is headquartered in Portland, and has been doing business for over 165 years.

Nov 20, 2024

4EA Building Science

Thomas

Unger

4EA Building Science welcomed Justin Unger and Whitney Thomas to its ownership group.

Unger leads the energy and sustainability services at 4EA, leveraging his background in mechanical engineering and building enclosure consulting to focus on energy performance and reducing embodied carbon.

Since joining 4EA, he has worked on a variety of projects, from complex concrete new construction to integrated building enclosure design and energy modeling. He is based in 4EA's Vancouver, BC office.

Thomas is a licensed professional engineer in Washington state, based in 4EA's Seattle office. She specializes in building envelope commissioning and general building envelope project management in both design and construction. She manages a wide range of new construction projects in many industry sectors, including higher-education, mid/high-rise multifamily, commercial and affordable housing.

Her previous experience as a project engineer and assistant superintendent at a general contractor has provided a holistic view of the construction process.

Herrera

Reese

Herrera welcomed Owen Reese as a senior water resource engineer. Reese brings 25 years of experience, specializing in hydrology, stormwater engineering, surface water modeling, water quality treatment and NPDES permitting.

An expert in stormwater discharge permitting, Reese has assisted over a hundred facilities across the Pacific Northwest in complying with their stormwater discharge permits. He has led the design of major stormwater improvement projects, including active treatment systems, media filters, bioretention facilities and more. Reese also assists in assessing the reliability of surface water supplies and susceptibility to climate change through water balance modeling.

Luvera Law Firm

Seattle-based Luvera Law Firm has earned two tier-one designations in the 2025 U.S. News — Best Lawyers “Best Law Firms” rankings for excellence in Personal Injury Litigation — Plaintiffs and Medical Malpractice Law — Plaintiffs for the 15th consecutive year. The “Best Law Firms” guide recognizes select law firms for professional excellence and ratings from clients and peers. Luvera Law Firm represents individuals and families with medical malpractice and negligence claims. In 2023, the firm secured a verdict of more than $102 million against Nationwide Insurance for misconduct against their own customer. The firm also represented two families whose loved ones were the victims of Seattle's South Lake Union crane collapse in 2019, resulting in a $150 million verdict. The U.S. News — Best Lawyers “Best Law Firms” rankings are determined by a peer-review survey comprised of evaluations from lawyers, as well as client evaluations, and peer reviews from top attorneys in their field. To be eligible for a ranking, a firm must have one lawyer listed in The Best Lawyers in America, which recognizes the top 5% of practicing attorneys in the U.S. Luvera Law Firm handles a broad variety of cases, including serious injuries and wrongful death caused by commercial and vehicle accidents, medical malpractice, product defects, construction site accidents, corporate wrongdoing, and insurance misconduct.

Cancer Targeted Technology

Cancer Targeted Technology (CTT), a privately-held Seattle-based biotechnology firm focusing on cancer diagnostics and therapeutics, announced that the National Cancer Institute awarded the Phase I portion ($400,000) of the fast track Phase I/II ($2.4 million) Small Business Innovation Research grant to develop a new drug to treat metastatic prostate cancer. The grant focuses on a promising new prodrug, CTT2274, that targets Prostate-Specific Membrane Antigen on prostate cancer and is designed to release a toxic drug, MMAE, within the cell that takes up the prodrug. In the Phase I portion of the grant, to be completed in Q2 2025, CTT will conduct additional non-clinical efficacy studies and manufacturing optimization. In Phase II of the grant, to be completed in Q2, 2026, CTT will conduct additional manufacturing and safety assessments necessary to advance CTT2274 to an Investigational New Drug application. These studies will support the initial clinical trial in metastatic prostate cancer planned for 2026.