Mar 27, 2025

Toll Bros. names Bellevue development

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In the Crossroads area of Bellevue, Enclave at Kelsey Creek is the moniker of a new luxury home subdivision from Toll Brothers. The company announced a hard-hat tour on April 6 for prospective buyers, to begin at 1 p.m. at 12 148th Ave. N.E. The 11 three-story homes start at 2,864 square feet and about $2.4 million. Toll's Kelley Moldstad said in a press release, “Our new home designs provide a unique opportunity for home shoppers to create their own one-of-a-kind residence while enjoying the best of everything this beautiful area has to offer.” Construction should wrap this fall.

Judy Runstad adds to honors

Runstad

Philanthropist and real estate attorney Judy Runstad is extremely prominent in her field. She recently retired from Foster Garvey, and a private banquet will be held in her honor next month. She also remains vice-chair at Wright Runstad & Co. Adding to all those achievements, she was recently named Seattle King County First Citizen for 2025. The award comes from the Seattle King County Realtors organization. Its Garrett Nelson said in a statement, “Judy Runstad exemplifies the high qualities of leadership, selflessness and philanthropy.” Jon Scholes of the Downtown Seattle Association added, “Judy's impact has made an indelible impression on our city to the benefit of us all.” And from the Seattle Metropolitan Chamber of Commerce, its Rachel Smith calls her longtime friend “many things to many people in our community — business executive, city builder, civic leader, political force of nature and family matriarch.” The First Citizen awards began in 1939.

Mohr Partners

Marona

Based in Dallas, advisory firm Mohr Partners has a new Seattle office. The news came earlier this month. Mohr said in a press release that Spencer Marona will lead the office; he makes the move from Flinn Ferguson. He said in a statement, “I am thrilled to return to my roots in commercial real estate and tenant representation. I am confident Mohr Partners has the best advisory platform to serve my local and national occupier clients.” Mohr plans to add staff to its Seattle office, one of about two dozen nationwide. CEO Robert Shibuya said of the expansion, “A significant number of our existing national clients lease or own corporate real estate in the Seattle area, and Spencer's strong understanding of the local commercial real estate markets make him an ideal professional to execute their transactions.”

Gantry secures $16M refinancing in Pinewood

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Two years ago, Guntower Capital acquired an empty senior community, then called Cogir of Northgate, in the Pinehurst area. It reopened as the Highlander apartments earlier this year, with 121 units priced for workforce-level tenants. Now the ownership has benefited from a $16.2 million Fannie Mae loan arranged by Gantry, the latter firm announced last week. Its Mike Wood, Mike Taylor and Tim Brown led the refinancing effort. Wood said in a statement, “The transformation of the Highlander apartments from a dated assisted living facility to a contemporary apartment community is a testament to successful value-add investing. The redevelopment of this asset into workforce housing opened the door to agency programs that reward project sponsors with exceptionally attractive terms.” Because the Highlander is affordable to households earning up to 80% of area median income, it's eligible for Fannie Mae's Sponsor Dedicated Workforce Housing program.

Kidder Mathews

Paulsen

Kidder Mathews announced this week that its Eric Paulsen has risen to the post of chief operating officer. He's been with the firm for four years, and counts over three decades in the profession. CEO Bill Frame said in a statement, “His experience, positive energy, and drive to win make him the perfect fit to lead our growth and promote our outstanding company culture.” Said Paulsen, “I'm committed to collaboration that empowers our teams to succeed and provide unmatched service to our clients.” He'll oversee 19 offices in six West Coast states including our own.

Avatar loans $10M for California project

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Based here in Seattle, Avatar Financial Group provides or arranges financing all around the county. It recently announced the provision of a $10.1 million bridge loan in La Jolla, California. The borrower refinanced old debt for a luxury home now under construction. The new financing carries a two-year term at a 10.5% initial rate and a 44% loan-to-value. Avatar's T.R. Hazelrigg IV said in a statement, “This financing allows an experienced developer to complete a best-in-class home in a premier location, ensuring it reaches its full market potential.”

Dwight finds $22M for E. Washington units

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West of Spokane is the city of Airway Heights. There, Dwight Capital recently announced that it arranged a $22.5 million refinancing package for the 128-unit Skyview Heights. The money came in the form of a 223(f) loan from the U.S. Department of Housing and Urban Development. Dwight said it achieved a favorable rate via HUD's Green Mortgage Insurance Premium (MIP) program. McBride Capital represented the unnamed property owner.

eXp Realty lauds Bothell broker

Nominally based in Bellingham, founded in 2009, eXp Realty is an entirely virtual brokerage, with its agents working all around the county and in Canada. It recently named its top producers for 2024, and that list includes Chandra Vennapusa of Bothell. His desk also includes Texas. Last year, says eXp, he closed an “impressive $101,252,631 in sales on 98 sides, a testament to his expertise and commitment to excellence.” Company CEO Leo Pareja said of all its top performers, “Our agents continue to push boundaries, leveraging innovative strategies, unwavering dedication, and a commitment to top-tier service for their clients. Their achievements prove the power of eXp's model and our collaborative culture — this is what the future of real estate looks like.” The company says it now has 83,000 agents across 25 international locations.

Washington Patriot Construction

Remond

Murphy

Heaton

Finch

Montgomery

Louie

Washington Patriot Construction has promoted Sarah Montgomery to controller and Carrie Finch to senior accountant. In addition, the firm has hired Aileen Heaton as project manager, Tonya Murphy as marketing manager, Christen Redmond as accounting assistant, and Lillian Louie as marketing/administrative assistant. Montgomery has 13 years of experience in construction accounting. She earned her bachelor’s degree from Central Washington University, and is an active member of the Construction Financial Management Association. In her new role, she succeeds Dave Rutherford, who served as the firm’s controller since its inception in 2009. Montgomery will oversee all accounting operations, in addition to financial reporting responsibilities. Finch has over 25 years in construction accounting. She recently transitioned from her role in accounts payable/accounts receivable into a senior accountant role, mainly focusing on accounts receivable, contracts, and project set up for subcontracts. Finch has been promoted in recognition of her consistent contributions to improve firm-wide accounting processes and procedures. Heaton brings 17 years of experience in commercial construction. Her background includes a diverse portfolio of projects ranging from tenant improvement projects to large commercial construction. As project manager, she will be leading commercial and industrial projects in the firm’s private sector market. Murphy has nine years of experience in the A/E industry and succeeds Carole Vose, who has served as the firm’s marketing manager since 2013. She brings a wealth of technical capabilities and strong organizational skills, and will lead the firm’s marketing strategies to effectively promote a strong corporate image. Redmond brings over 10 years of accounting experience in the hospitality and construction industries. She holds a bookkeeping certification from Penn State University and has also studied computer programming and accounting. Redmond is involved in subcontracts, subcontractor compliance, and other accounting functions. Louie joined the firm as administrative/marketing assistant. She graduated from Pacific Lutheran University in May of 2024 with a Bachelor of Fine Arts degree with a concentration in graphic design. She offers administrative support to our operations team, and uses her graphic design expertise to aid the marketing department with graphics and branding across all channels.