Nov 15, 2018
AJ Capital Partners of Chicago paid $44.6 million last year for the 87-year-old Hotel Deca (previously the Edmond Meany Hotel) in the University District. AJ Capital's Graduate Hotels has renovated and rebranded the 16-story, 154-room hotel as Graduate Seattle. It's the 12th in Graduate's mini-chain, which has locations near many major universities. Up to 13 more are expected to open in the next two years. Poindexter Coffee will open soon in the lobby, and the rooftop Mountaineer Club will open later this year. Graduate is still deciding what to do with the old District Lounge space facing 45th.
At the Affordable Housing Developers Summit in Chicago, Kim Herman was inducted into the national Affordable Housing Hall of Fame. He's executive director of the nonprofit Washington State Housing Finance Commission (which is not a government agency), and has been in the field for four decades. He has led WSHFC since 1984, and during that time it has financed 128,000 affordable units. Herman said in a statement, “I am very grateful and humbled by this recognition. Especially now that we are facing the biggest housing and homeless crisis since the Great Depression, it's more important than ever that we keep opening doors to a better life.”
Holly Yang, of Kidder Mathews' Bellevue office, won a Women in Real Estate Award from the online real estate news site Connect Media. Yang leads KM's China Service Group, and has brokered over 120 sales worth more than $400 million. She's also on the board of the Washington State China Relations Council.
Thrive Communities named April Syria VP on its property management team. Thrive is the property management arm of Rise Properties Trust, a Canadian REIT with a Seattle office. Thrive manages about 10,000 units. Rise now has about 2,000 units in its local portfolio. Among its recent acquisitions is the 135-unit Modera Capitol Hill.
Norris, Beggs & Simpson has secured $19.5 million to build a new FedEx Express distribution center in Everett. The borrower was Underwood Gartland Johnson, and the 122,286-square-foot building is called UGJ63. It will be on almost 10.5 acres at 7301 Hardeson Rd., in the Evergreen neighborhood north of Highway 526. NBS's Mike Wood and Colin Ceithaml arranged the loan from State Farm Life Insurance Co. It has a 7-year term and a 30-year amortization. FedEx is moving from a smaller facility in Bothell. Underwood Gartland Johnson acquired the Everett site last year for a little over $5 million. The start and completion dates for the FedEx facility weren't announced.
Nov 08, 2018
San Francisco-based affordable housing developer Bridge Housing has added Kurt Creager to its Seattle team, as vice president. He makes the move from the Portland Housing Bureau. Bridge has developed 17,000 units in California and the Pacific Northwest, which it values at $3 billion. One example is the 474-unit Tressa, near Bitter Lake.
Weidner Apartment Homes of Kirkland has elevated Marie Virgilio to a new position it calls chief people officer. She's been with the firm for almost a decade. Its Jack O'Connor said in a statement, “Marie and her team have identified outstanding talent in the field.” Weidner now has over 260 properties and 52,250 units in its portfolio.
Tarragon announced the recent hiring of project engineer Tim Werfelmann and development associate Matt Farrell. Werfelmann will be on the multifamily team, while Farrell splits his duties between multifamily and industrial.
NAIOP's November breakfast will consider Gen Z, and how that demographic surge affects real estate. Speakers will include Microsoft's Jonah Sterling, BORA's Amy Donohue and Derek Lunde of Red Propeller. The breakfast will be at 7 a.m. Wednesday, Nov. 14 at the Four Seasons (98 Union St.). Details and registration: naiopwa.org.