Jan 23, 2025

Rise receives $92M in refinancing

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Joseph Arnold Lofts

Rise Properties Trust has, over the past dozen-odd years, become a major multifamily investor in our market. The Canadian REIT has a local office, and about 6,000 units in the Pacific Northwest. Among those are the 131-unit Joseph Arnold Lofts (pictured) in Belltown and the 135-unit Jack Apartments on Capitol Hill. Mesa West Capital recently announced its $92.5 million refinancing package for the duo. CBRE's James Bach represented Rise in the deal. Working from its San Francisco office, Mesa West's Josh Westerberg led the underwriting effort on the five-year loan. He said in a statement, “Multifamily demand has been strong, which has helped offset the influx of new supply to the market. As construction starts have halted, the new and upcoming supply should be fully absorbed in the next two years, which should help accelerate rent growth in the years to come.” Mesa West typically makes loans in the $20 million to $400 million range. Over the past two decades, it has sourced around 400 such deals worth around $27 billion.

NAIOPWA turns to the East(side)

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Meydenbauer Center

Feb. 26 will mark the next monthly NAIOPWA breakfast meeting, to be held at 8 a.m. at Meydenbauer Center in downtown Bellevue. Appropriate to the venue, the discussion topic will be “Bellevue: Big Tech, Big Changes.” As DJC readers know, Microsoft is decamping from the downtown Bellevue core, returning employees to its expanded Redmond HQ, with a more lenient approach toward work-from-home. Meanwhile, Amazon is mandating a five-day return to the office, and shifting ever more of its workforce from SLU to downtown Bellevue. And yet, it's also seeking to sublet some its shiny new buildings there. And Meta/Facebook is also seeking to sublet some of its buildings at the Spring District. All of that should figure in a panel discussion to include Aaron Laing of IMA Financial Group, Whit Hamlin of Sterling Realty Organization and Patrick Miller of Snap. Details and info: http://www.naiopwa.org

Real Retail

Sheets

Kinfe

Real Retail announced that Bezawit Kinfe has joined the brokerage as a marketing coordinator. She said in a statement, “I look forward to leveraging my design, brand marketing and data analysis skills to drive our market presence and generate impactful results for our clients.” Also recently promoted in-house is Garrett Sheets, who now becomes transaction coordinator. He added, “I'm thrilled to step into my new position playing a more integral role in our firm's transactions and daily communications.” Maria Royer leads the firm, and said of both, “We look forward to the innovative perspectives each will bring to our growing team.”

Jan 17, 2025

CREW Seattle

CREW Seattle announced its 2025 Board of Directors, a group of leaders dedicated to advancing women in commercial real estate through initiatives, networking opportunities, and a commitment to fostering meaningful industry impact. With representation from a wide array of CRE sectors — law, development, construction, and more — their collective expertise and dedication ensure that CREW Seattle remains a resource for professional development and community support for members throughout the Puget Sound region.

New board members are: President Elect Treasurer Emily Kelly, Stoel Rives; President Christine Hadman, Auburn Mechanical; Past President Jeanette Flory-Sagan, Cereus Asset Services; CREW Network Liaison Amy Schroeder, KeyBank Commercial; Diversity, Equity, & Inclusion: Linda Kanoski, CBRE; Events: Maria Poyer, Microsoft; Foundation: Melissa Kroskie, Microsoft; MarCom:Anna Glidden, The Marketing Department US; Membership: Linda Hoffner, Wright Runstad & Company; Professional Development: Joan Walters, Skyline Construction; Programs: Mary Ellen Martin, Beam Reach Development; South Sound: Angie Kim, Prologis; and Sponsorship: Sara Bago, Lee & Associates Commercial Real Estate Services.

Jan 16, 2025

Bridge welcomes new tenant in Everett

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There's a new tenant at the year-old Bridge Point Everett 500, from Bridge Industrial. FastSigns announced last week that it's occupied 50,000 square feet in Building B (over half its capacity). That's about double the space it previously had downtown. The ribbon snip came last week, with Mayor Cassie Franklin in attendance. The company estimates it could eventually grow its operation there to 140 employees. CEO Tobi Ferguson said in a statement, “Our new state-of-the-art facility marks a transformative step forward. This expansion not only doubles our production capacity, but also integrates advanced printing technologies.” The entire development spans 40 acres, with 487,199 square feet. Of that, only 78,317 square feet remains unclaimed. The brokers are Daniel Seger, Blake Bentz and Thad Mallory at Newmark. Sierra built the project, which was designed by SynThesis.

$56M Avatar loan backs 600 units in Boulder

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Based here in Seattle, Avatar Financial Group announced this week that it supplied a $56 million loan for the future 610-unit Williams Village redevelopment in Boulder, Colorado. That's to replace an old strip mall. Avatar's T.R. Hazelrigg IV said in a statement, “Borrowers with large, transitional, and often complex projects like Williams Village are increasingly turning to private capital for the flexibility and speed they need.” The two-year loan “allows the borrower to buy out two remaining ground leases and get the site fully entitled for redevelopment,” says Avatar. Land deals will come this year; the six-building, mixed-use development will occur in two phases. It's to include a new grocery store and other retail. Morgan Creek Ventures is the developer, working with Coburn Architects. About half the apartments are intended for students at the nearby University of Colorado.

Cushman & Wakefield finds $40M for SoDo industrial

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Down in SoDo, Avenue 55 completed its speculative Track6 industrial building in 2023. That four-story, 210,774-square-foot project is now about 28% occupied. The project recently benefited from a $40 million refinancing package secured by Cushman & Wakefield's Dave Karson, Chris Moyer, Paul Roeter and Jason Blankfein. The money came from Thorofare Capital. Karson said in a statement, “The lending market for differentiated industrial assets such as Track6 is robust, and we could not have been more pleased to work with Thorofare Capital on this transaction.” Avenue 55's Joe Blattner added, “Track6 presents a distinct value proposition, as there is effectively no competitive product in the market. This special facility is nearly a turnkey offering for tenants.” Sierra built the project, which was designed by Nelson and Craft Architects. Newmark represents the space.

Northmarq lands $67M for Bremerton units

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In Bremerton, Tarragon began the phased Camber apartments in 2021. Both phases, with 324 units, are now open and leasing. Milbrandt Architects designed the garden apartments, which were built by the developer. Now's the time to refinance Camber, and Northmarq's Robert Spiro and colleagues did just that. Northmarq announced the $67 million December deal last week. The new money, from Fannie Mae, retired prior loans from PNC Bank and Heritage Bank. The new fixed-rate loan carries a seven-year term. Spiro said in a statement, “Another great property to get financed to pay off both construction loans just before year end.”

Zoom finds a home in Bellevue

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Broderick Group recently noted in its Eastside office report for the fourth quarter that pandemic darling Zoom had leased 19,085 square feet at Symetra Center in downtown Bellevue. Broderick's Grant Yerke and Matt Schreck represent the 39-year-old office tower. Now the landlord, Sterling Realty Organization, has offered more details. Its Whit Hamlin said in a statement, “We are delighted to welcome Zoom to the Symetra Center. This lease, in addition to strong interest from other top-tier tenants, underscores the impact of SRO's substantial investment in reimagining the lobby and exterior plazas.” The 25-story building was renovated last year, a $40 million effort led by Turner Construction, architect CollinsWoerman and interior designer Grayscale Design Studio. Remarkably, says Hamlin, the building is now 96% leased! That's an enviable number for an office building of any vintage. Zoom's Alana Collins added, “We chose to locate our newest office in the Seattle area due to the region's vast history of innovation and its prominent role in the evolution of AI.”

South Sound economic forecast, ahoy!

Frame

NAIOPWA will hold its annual South Sound economic forecast event next Wednesday at the Tacoma Convention Center. Speaking will be Matthew Gardner of Gardner Economics, with a following panel discussion also to include Morgan Sly of Rush Companies, Kidder Mathews CEO Bill Frame (pictured), Panattoni's Travis Hale and Bellevue Capital Group's Faraz Rouhani. The event begins at 11 a.m. Details and registration: http://www.naiopwa.org