May 22, 2014

NorthMarq refinances Bellevue apartments

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12 Central apartments in Bellevue

NorthMarq Capital's Ron Peterson arranged a $27 million refinance of 12 Central apartments in Bellevue.

The 204-unit garden style complex is at 10290 N.E. 12th St., in what NorthMarq calls a “50-yard line location.” The lender was Freddie Mac.

NorthMarq said it is the largest privately held commercial real estate financial intermediary in the U.S., producing more than $10 billion a year in loans and servicing a portfolio of more than $42 billion.

John Fa leads JLL group

Fa

John Fa has been tapped to run Jones Lang LaSalle's project and development services group in the Pacific Northwest. Fa will handle design, construction and relocation services for corporate and institutional clients. Fa has more than 20 years of experience and was last with Colliers International handling real estate advisory services in the San Francisco office. He has also worked on construction, development and corporate real estate. Jones Lang LaSalle has more than 1,000 employees in 67 U.S. offices. The project and development group manages more than 2,000 projects annually.

Two counties get development grants

The Washington State Community Economic Revitalization Board awarded nearly $90,000 in grants for economic development in Chelan and Whitman counties. The board gave $39,750 to the city of Wenatchee to work on a redevelopment and recruitment strategy. Wenatchee will supply $13,250 in matching funds and develop a development plan for south Wenatchee. The Port of Whitman County will put up $16,500 to match a $50,000 grant to evaluate construction of a LEED-certified building for companies that emerge from Washington State University. The board has given more than $168 million to governments across the state, which it said has created more than 34,000 jobs.

May 15, 2014

Kirkland Waterfront Market refinances

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Mike Wood and Austin Johnson of NBS Financial Services arranged $8.5 million to refinance Kirkland Waterfront Market, a 24,000-square-foot mixed-used building at 130 Lake St. HomeStreet Bank was the lender. Wood said the loan was a challenge because the building is mixed-use and condos were used as collateral, but Wood said the location near the waterfront made the building worth the investment. NBS Financial Services is the financial arm of Portland-based Norris, Beggs & Simpson Cos.

Bridge financing for 954 E. Union

Louis Weisman of Berkadia Commercial Mortgage and Tim Ufkes of Hendricks-Berkadia closed $14.7 million in bridge financing for a six-story, 79-unit apartment building now under construction at 954 E. Union St. on Capitol Hill. The developer, Seawest Investment Associates, is using the money to finance construction. The building is one block from the Seattle Streetcar line, which is scheduled to open later this year. Berkadia Commercial mortgage provides acquisition, construction and refinance loans for real estate properties and manages a portfolio of more than $229 billion.

Two CCIM chapters combine

Two regional chapters of the Certified Commercial Investment Member Institute have combined: Washington State and Inland Northwest. The change brings 150 new members from the Inland Northwest into a new chapter that will cover all of Washington and northern Idaho. CCIMs include brokers, investors, developers, property managers, appraisers and other commercial real estate experts. There are more than 8,400 CCIMs in North America.