Nov 10, 2022

Aegis launches new development arm

Aegis Living is already a prolific developer of senior housing projects in our state, California and Nevada. Now it's going to lend its expertise to other developers with its new Aegis Development division. Founder and CEO Dwayne Clark said in a statement, “A key part of this mission, and our success, is the purpose-built development and design process we deploy for each new building. We have been asked to share these best practices for years, and I am excited to see Aegis Development help others create the high-quality housing and care environments seniors need and deserve.” The main company's Adam Clark, Brian Palmore and Jeanna Korbas will be prominent in the new advisory arm. Meanwhile, now under construction, Aegis projects in Ballard and at Five Corners (near Laurelhurst, pictured) are both expected to open in early 2024. Aegis now has three dozen communities in its portfolio.

Urban Renaissance Group

Leedom

Urban Renaissance Group recently announced that Bill Leedom will join the firm as senior development manager. He makes the move from Talon Private Capital, where he was closely involved with its Kirkland Urban project. His new role will also overlap with Touchstone, a subsidiary of URG. Joe Polito of Touchstone said in a statement, “Many of us at URG have known and worked with Bill over many years. His experience allows us to immediately plug him into our existing development pipeline and grow that pipeline.”

Shakeup at Broadmark

Brian Ward joined Broadmark Realty Capital in February as CEO and a member of the board. (He then made the move from Trimont Real Estate Advisors.) And now, quite unexpectedly, he's out. Jeff Pyatt is reclaiming his prior role as CEO on an interim basis. The company's David Karp said in a statement, “We thank Brian for his contributions to Broadmark, and we wish him much success in his future endeavors.” He further cited “rapidly changing economic forces in and around our industry.” A new CEO search effort is already underway. Also on an interim basis, Kevin Luebbers will serve as president. And on a permanent basis, Jonathan Hermes will be promoted to CFO next month.

JLL arranges over $34M construction loan

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Developer Great Expectations and Jackson Main Architecture are planning the 199-unit Cornus House in Downtown Tacoma. Through an LLC, the developer acquired the corner property at 2502 Pacific Ave. two years ago, paying about $670,000. Now JLL has announced that its capital markets team recently landed a $34.8 million construction loan for the project, which will be built by Rush. JLL's Kaden Eichmeier and Jake Davidson secured the financing, from an unnamed national bank and an LLC associated with Stonehill Strategic Capital of Atlanta. The latter money comes as a PACE loan; that acronym stands for Commercial Property Assessed Clean Energy. Eichmeier said in a statement, “The development will also be utilizing the newly approved PACE program from Pierce County, a program built around incentivizing energy-efficient development and investment.” Completion is anticipated by the fall of 2024, on a site that's a few steps from Tacoma Link (aka the T Line) and Tacoma Dome Station, which is served by the Sounder train.

Kamin moves to USG Realty

Alternative investor USG Realty Capital is based in Santa Barbara and Silverdale. The firm announced earlier this month that Audrey Kamin, whose eponymous consulting firm is based in Tacoma, will lead its independent advisory board and become the director of business development. USG founder Greg Genovese said in a statement, “Audrey is an industry colleague that I've known and admired for many years, and she is one of the most respected capital markets professionals in the alternative investment industry. Audrey's experience and expertise will be all-important in helping us establish ourselves on more equity placement platforms.” Kamin has three decades' experience in the field. She said in a statement, “It is very important to me to work with product sponsors like USG Realty Capital who put their clients first.”

Nov 03, 2022

Northmarq does three deals worth $57M

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Northmarq recently announced a trio of notable deals. Up in Everett, the firm's Scott Moline and Bob Spiro arranged an $8.3 million refinancing package for the Seaway Ridge office and industrial building, at 1930 Merrill Creek Parkway. That 1996 building is fully leased to three tenants, says Northmarq. Said Moline of the 10-year, interest-only note, “We were able to provide competitive loan terms with a quick rate lock process, which was critical at this point in the market.” And down in Sumner, in a two-step process, Jake Leibsohn arranged $13.2 million in new equity provided by PCCP to stack atop the accompanying $35.5 million construction loan, also arranged by Northmarq. The borrower and developer is local shop Timberlane Partners, which is planning an unnamed low-rise development with 162 units and 250 parking stalls. Construction began in September, under architect Casey + DeChant and Rush Construction. Completion is anticipated in the fall of next year. Timberlane's Dave Enslow said in a statement, “I grew up in the house across the street from the site, so this is a very special project for me personally. I'm glad I could be a small part of bringing more housing to this great community.” The address couldn't be verified. Northmarq says the project is about 1.5 miles east of the Sumner Transit Station.

ULI marches through ID

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The affordable housing project dubbed Uncle Bob's Place is nearing completion in the International District, and that'll be one of the stops for ULI Northwest's walking tour next Thursday. It's associated with the separate Emerging Trends confab, also held that day, at the nearby Embassy Suites. (There's separate registration for both.) The tour begins with lunch at Uwajimaya Food Hall, then eventually leads back to the main ULI gathering. A representative from Mithun, the architect behind Uncle Bob's, will be on hand to discuss that project, which is being developed by the InterIm Community Development Association. It replaced the old Four Seas restaurant. Details and registration: northwest.uli.org.