Feb 22, 2018

iBorrow comes to Seattle

Kurth

Los Angeles-based real estate lender iBorrow has opened a Seattle office, which will be led by Ryan Kurth. The office is in Ballard, at 1455 N.W. Leary Way. Kurth was with Wells Fargo, and joins iBorrow as VP of originations. iBorrow CEO Brian Good said the company has made numerous loans in Seattle and the Northwest. iBorrow is a nationwide direct lender that provides short-term bridge financing to commercial property owners at fixed rates on a non-recourse basis.

NAIOP examines urban industrial projects

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Georgetown Crossroads

NAIOP is holding a two-day event March 5-6 examining the future of urban industrial real estate, with a case study of Prologis' Georgetown Crossroads, which it says will be the nation's first three-story logistics center when it opens late this year or early in 2019. The event is called The Last Mile. Speakers will include Rick Kolpa and Chris Caton of Prologis, Wilma Warshak of Washington Real Estate Advisors, Ben Conwell of Cushman & Wakefield, and Gregg Healy of Colliers. There will also be site tours of Georgetown Crossroads, Starbucks headquarters, Amazon's PrimeNow and AmazonFresh's pickup location, Panattoni's Des Moines Creek Business Park, and Charles Smith Jet City Winery in Georgetown. The event is at Renaissance Seattle Hotel. NAIOP also is hosting a St. Patrick's Day-themed networking event at 4:30 p.m. March 8 at Kell's. Details and registration for both events is at naiop.org. In other NAIOP news, the Washington state chapter earned merit awards for legislative/government affairs and membership growth. The executive of the year award went to NAIOPWA Executive Director Peggi Lewis Fu.

Pigotts win 2018 First Citizen Award

The Seattle King County Realtors named the Pigott family as its 2018 First Citizen Award winners. They will be honored at a civic banquet on May 23. The Pigotts founded Paccar, now based in Bellevue, over a century ago. Its brands include Kenworth, Peterbilt and DAF trucks. J. Lennox Scott of John L. Scott Real Estate said in a statement, “This is a wonderful tribute to one of the founding families of Seattle. The Pigott family and Paccar are leaders in our community and have contributed to the region's growth for over a century.”

ULI real estate forum March 6

Urban Land Institute will hold a Young Leaders Group forum and networking event at 5 p.m. March 6 on the UW campus (124 MacKenzie Hall). The focus will be on development, finance, public policy, land use and real estate law, engineering, architecture and planning. Spencer Evans of Fairbank Construction Co. will moderate the panel discussion, with Mahi Demissie of Sellen Construction, Louis Galassini of SDOT, Kristen Link of Tarragon and Laura Bartunek of Olson Kundig. Registration and info: northwest.uli.org.

Feb 15, 2018

C&W swings $265M loan for Southport

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Cushman & Wakefield said it has obtained a $265 million construction loan for Seco Development's Southport project in Renton. C&W's New York office obtained the loan from Apollo Commercial Real Estate Finance, Inc. C&W also arranged a $105 million refinancing of Seco's adjacent and now open Hyatt Regency Lake Washington with Starwood Property Trust and Argentic Capital Management, and recapitalized the adjacent Bristol apartment complex — which Seco completed in 2008 — with Terra Capital Partners and private investors. The 17-acre Southport development will have over 700,000 square feet of office space, along with retail, restaurants and a parking garage. Total project size is about 2.4 million square feet, with completion expected next year.

HFF secures $82M for 200 Occidental

Holliday Fenoglio Fowler said it has secured an $82 million refinancing loan for Urban Visions' 200 Occidental in Pioneer Square. The new headquarters for Weyerhaeuser was completed in 2016. The LEED platinum building was designed by Mithun and built by JTM Construction. HFF's Bruce Ganong, Gerry Rohm and Brandon Roth secured the 15-year fixed-rate loan through Allianz Real Estate of America. The loan replaces a prior construction loan also arranged by HFF.

March CREW meeting on Point Ruston

CREW meets March 5 in Tacoma, and the luncheon topic will be the 97-acre, $1.2 billion mixed-use redevelopment of Point Ruston. Michael Foley of Point Ruston LLC and MC Construction will be the speaker. The project on the old Asarco copper smelting property includes a 180-room Silver Cloud hotel, restaurants and retail, a Cinemark movie theater, and over 350 apartments and condos. The event starts at 11:30 a.m. at the Hotel Murano, 1320 Broadway Plaza. Details and registration at: crewnetwork.org.

Jeff Lyon receives award

Lyon

Seattle Business magazine gave Kidder Mathews Chairman and CEO Jeff Lyon an Executive Excellence Award. KM said in a statement that Lyon merged his Lyon Commercial with KM in 1991, and it has grown from four offices and 150 people to 21 offices in five states with over 700 employees. KM is now the largest independent commercial real estate firm on the West Coast.

Land Advisors promotes Swanson

Swanson

Land Advisors Organization-Washington promoted Morgan Swanson to a full-time broker specializing in urban redevelopment. She joined the firm in 2014 after a stint with Gallo Wine Co. LAO is based in Scottsdale and says it is the largest land brokerage company in the nation, with a regional office in Bellevue. Nationwide, it has 22 offices with 65 brokers. LAO has capital investment, resorts and property tax divisions.

NorthMarq lands $22M for SeaLevel

NorthMarq Capital said it has secured $21.85 refinancing loan for SeaLevel Properties' SAMM Apartments in Sammamish. The 92-unit building opened last summer. Group Architect was the designer, and Venture was the general contractor. NorthMarq's Stuart Oswald arranged the take-out loan, which has a 15-year term on a 30-year amortization schedule, with one year interest only.