Nov 14, 2019

Berkadia scores $77M loan for Eastside deal

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The 298-unit Issaquah Terrace traded early this month for $125 million. At the time, public records indicated a loan sourced via Berkadia to the buyers, three LLCs associated with Pacific Urban Residential of Palo Alto, California. Berkadia has now announced details for the transaction. Working out of its San Francisco office, Mitch Thurston and Andy Ahlers secured $77.4 million in senior debt financing from a private multifamily investment firm. Colliers brokered the deal for the 21-building in the Issaquah Highlands on behalf of the seller, Shelter Holdings.

Merrill Gardens adds to portfolio

Merrill Gardens announced the pending acquisition of a 26-property senior housing portfolio from New Senior Investment Group of New York. Terms weren't announced. The deal will be a joint venture with Toledo-based ReNew, which invests in senior housing. If completed as planned in the first quarter of next year, that'll bring Merrill Gardens' national portfolio up to 65 communities in 17 states. About half the new acquisitions are already managed by Blue Harbor of Portland, which Merrill Gardens purchased earlier this month. (At Blue Harbor, Tana Gall will succeed Dave Eskenazy, who's retiring, as president.) R.D. Merrill Co.'s Bill Pettit said in a statement, “This agreement provides an important chance for us to expand our footprint and diversify our senior housing product by entering the more moderately priced market and offering quality senior living to residents who are focused on that price point.”

WSHFC secures $252M for affordable units

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The Washington State Housing Finance Commission announced $252.6 million in financing for three affordable housing projects that total 807 units. All three packages combine tax-exempt and taxable bonds, plus federal tax-credit equity. Filipino Community Village, with 95 units in Hillman City, gets about $30.1 million. (Filipino Community of Seattle and HumanGood are the developers.) Inland Group's Copper Gate Apartments in north Auburn gets about $127.5 million for its 500 units. And at Esterra Park's Block 6B, Inland Group, the city of Redmond and Imagine Housing will benefit from about $95 million for 212 units.

Urban Design Forum and beers!

AIA Seattle will host its next Urban Design Forum and happy hour on Nov. 20. The event begins at 6 p.m. at Altstadt Bierhalle & Brathaus (209 First Ave. S.) Topics of discussion will include growth, climate, sustainability, last-mile delivery and microtransit. And that's just for starters. Details and info: aiaseattle.org.