Jun 23, 2022

JLL secures $36.5M for historic brewery complex

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Over three years back, ScanlanKemperBard of Portland paid over $38 million for the Original Rainier Brewery in Georgetown, at 5624 - 6004 Airport Way S. Now JLL has announced that it secured a nearly $36.5 million bridge loan last month. JLL's Tom Wilson and Zachary Kersten led the effort. Public records indicate the lender is UBS Bank. The new money replaces the original 2018 loan from Marathon Asset Management. JLL says the floating-rate loan has a three-year initial term, with two one-year extensions. The four-building complex has about 193,908 square feet, with some 39 small tenants including Fran's Chocolates. The oldest portions of the complex date to 1903, with many subsequent additions and alterations. CBRE represents the space.

Kidder Mathews

Ray

Kidder Mathews announced its recent hiring of Heidi Ray. She becomes senior VP and director of engineering and sustainability in the firm's asset services division. She makes the move from Silverback Therapeutics. Kidder Mathews' Paul Klink said in a statement, “She possesses the technical and people skills that will help her lead our in-house engineering teams, and at the same time be a resource to our clients as they continue to reposition assets, especially in the life science sector.” Ray added, “I chose Kidder Mathews because it is clear they are focused on becoming best in class asset management professionals.”

Tour Summit and Ovation

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NAIOP's July property tour will provide an advance look at the downtown convention center expansion, aka Summit, and the just-opened high-rise Ovation apartments on the nearby Town Hall block. NAIOP warns that it'll be a full hard-hat tour for two sites still under construction. LMC's Ovation is now leasing and opening in phases. (Perkins Will and JTM Construction are behind that effort.) Summit is expected to open in January; that team includes Pine Street Group, LMN, Clark Construction Group and Lease Crutcher Lewis.) NAIOP says additional stops will be added; and the tour ends with a happy hour at Two Union Square. The event begins at Ovation at 1:30 p.m. Thursday, July 21. Details and registration: naiopwa.org.

Jun 16, 2022

C&W has $193M role in Belltown high rise

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Security Properties broke ground about two months ago on The Confidential, a 29-story, 212-unit project in Belltown. The developer then said MetLife Investment Management was its equity partner, and that a construction loan would soon follow for the roughly $200 million venture. Now Cushman & Wakefield has announced its recent role in arranging $193 million in financing: about $115.2 million from MetLife, and an over $65.1 loan from Bank OZK. Public records indicate that the latter deal closed this week. For the whole package, C&W's Dave Karson, Chris Moyer, Alex Lapidus and Meredith Donovan worked with all parties. Karson said in a statement, “The region is still facing a significant housing shortage due to the incredible big tech job growth in area. The Confidential is going to be one of the nicest apartment buildings in the Pacific Northwest.” VIA Architecture is the designer, and Exxel Pacific the builder.

Spire 50% sold; pricey penthouses available

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Laconia Development opened its 41-story, 343-unit Spire last August, with the condominiums being sold in tranches. Now on the market are premium penthouses on the uppermost floors. (The gym and amenities are on the very top floor.) Unit 3904 is priced at $3.85 million, says the developer. It's in a range between $1.2 million for 677 square feet and $4 million for a three-bedroom with 2,616 square feet. Luxury features in the penthouses include fully automated parking, Sub-Zero and Wolf appliances, fireplaces and deep soaking tubs in select penthouses. Laconia's Paul Menzies said in a statement, “Our penthouse collection is an inimitable blend of luxury and grand vistas. Spire is indisputably unrivaled in the market. For anyone looking for the pinnacle of luxury living in Seattle, this is it.” Polaris Pacific is selling the units, with about 50% now sold.

Broadmark loans $57M for 58 Factoria units

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Basel Capital announced this week a $57.3 million construction loan for its Cambridge Manor condominium project in Factoria. Broadmark Realty Capital provided the funds; its Mike Incrocci led that effort. Basel's Dr. George Li said in a statement, “The closing of this loan kicks off a new project phase for us. In the coming months, we are going to start seeing the site transforming into a purpose-built townhome community.” The 5-acre site on Coal Creek Parkway Southeast will get 58 units in nine buildings. Basel broke ground in February, doing its own construction and design in-house. Freiheit Architecture also consulted on the project. Completion is anticipated by late next year.

Northmarq secures $33M refi in Bellevue

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Earlier this month, Northmarq said it had secured $33 million in refinacing for the 168-unit Gardens at Town Square, a 24-year-old midrise senior housing community in downtown Bellevue. Stuart Oswald led the effort, and said, “This is a well-run community which has maintained an excellent reputation serving the Bellevue, Washington seniors community for over two decades. It was a pleasure having an opportunity to work with the team members at ERA Living” (the latter being the owner and borrower. The lender wasn't named. Northmarq says the new money comes with a 10-year fixed-rate term, and a 30-year amortization. It replaces an old $20.4 million loan.