Mar 29, 2012

Paragon and Westlake

Cathy Jeney and Peter Larsen of Paragon Real Estate Advisors and Tyler Smith and Steve Fischer of Westlake Associates brokered the sale of the Daniels, a 44-unit apartment building with 10,000 square feet of retail space. The price was $7.25 million, and the cap rate was 5.7 percent. The 17-year-old building at 12250 Greenwood Ave. N. was owned and operated by the original builder. Paragon represented the seller, Civetta Properties of Seattle, and Westlake represented the buyer, Couch Investments of Palo Alto, Calif.

Westlake Associates

Westlake Associates said it is now offering property management and court-appointed receivership services.

Solid Ground

Solid Ground in Seattle and the Washington State Housing Finance Commission received $290,000 from the U.S. Department of Housing and Urban Development to counsel families on buying houses, finding shelter, avoiding foreclosure and other services. Solid Ground also will use the grant money help seniors with reverse mortgages.

CREW April 12 meeting on Parkplace

A-P Hurd of Touchstone Corp. will discuss its plans for Kirkland Parkplace at Commercial Real Estate Women's noon lunch meeting April 12 at the Washington Athletic Club in Seattle. Kirkland Parkplace will include 1.6 million square feet of office, retail and hotel space. Register at crewseattle.org.

NW Hotel Investment Forum

Hotel executives will speak at the April 12 Northwest Hotel Investment Forum at Hotel 1000 in Seattle. Representatives from Starwood, Hyatt, Marriott, Intercontinental Hotel Group and Hilton will talk about plans for development, repositioning and acquisitions. Irvin Sandman of Sandman Savrann, a national law firm that works with the hospitality industry, and Mark Lukens of the local office of HREC, a hotel real estate brokerage and consulting company, will lead the program. Attendance is by invitation. Email info@sandsav.com for details.

Mar 22, 2012

Marcus & Millichap

Robert Sheppard is Marcus & Millichap's top-performing agent out of more than 1,000 investment specialists nationwide. This is the third straight year he won the highest ranking. Sheppard is national director of the company's Tax Credit Group. Armand Tiberio ranked seventh, and Spencer Hurst ranked 13th. All three work in the Seattle office. Sheppard is also the firm's top multifamily investment specialist nationwide, a position he's held for the past four years.

Enterprise and Bellwether Capital

Enterprise Community Investment's Multifamily Mortgage Finance business has merged with Bellwether Real Estate Capital. The new firm, Bellwether Enterprise, will be headquartered in Cleveland, with originators in 13 cities including Seattle. The merger moves Enterprise into commercial real estate, expanding beyond affordable multi-family and community building finance. Enterprise has invested $11 billion nationwide in 300,000 affordable homes. With a portfolio exceeding $4.2 billion and offices in the Midwest and Southeast, Bellwether provided loans for investment real estate.

Kidder Mathews and GLY

Kidder Mathews Sustainability Practices provided LEED consulting to help GLY Construction achieve LEED gold for its new office space in the 200 Building in Bellevue. An open floor plan resulted in a light-filled area, with walls and spaces built mostly from recycled materials. Low-flow fixtures cut water use by 54 percent.

Common Ground

The JP Morgan Chase Foundation granted Common Ground $37,000 to develop innovations for creating low-income housing. The Seattle nonprofit's New Housing Models Initiative has a goal of reducing the cost of housing by up to 40 percent.

NorthMarq Capital

Ron Peterson of NorthMarq's Bellevue office arranged first mortgage refinancing of $29.1 million for Overlake Center, a 116,700-square-foot retail property in Issaquah. Financing was based on a 5-year term with 9 months interest only followed by a 25-year amortization schedule and was arranged through a regional bank. Stuart Oswald, also of the Bellevue office, arranged a bridge loan of $16 million for a senior housing portfolio of two assisted-living facilities, Emeritus at Pantano in Tucson, Ariz., and Emeritus at Steel Lake in Federal Way. Financing was based on a 3-year term interest only and was arranged through an institutional bridge lender. A West Coast based opportunity fund recently acquired the assets in an all-cash deal.

Conference on buying real estate

Law Seminars International's Commercial Real Estate Purchases and Sales Conference is Monday and Tuesday at the Washington State Convention Center. Instructors include Jim Bowles of CBRE, Anthony Gibbons of Resolve, Dan Ivanoff of Schnitzer West, Jeff Lyon of Kidder Mathews, Bill Pollard of Talon Private Capital, and Steve Wood of Century Pacific. Information is at lawseminars.com.

NAIOP seminar on foreign trade zones

Manufacturers and distributors in King County can defer and possibly eliminate customs duties through the Port of Seattle's foreign trade zone program, which will be covered in three-hour seminar at 7:30 a.m. April 10 at ShoWare Center in Kent. The benefits can be applied to existing buildings and greenfield sites. Registration and information is available from NAIOP at http://tiny.cc/3lehbw.