Sep 24, 2020
The Seattle office of Trammell Crow Co. announced the recent hiring of Alan Cantlin as senior VP. Besides developing office buildings, he'll be part of TCC's multifamily arm, High Street Residential. (Remember: Trammell Crow Residential, or TCR, is an entirely separate company.) Twenty-year industry veteran Cantlin makes the move from Madison Development Group. TCC's Mike Nelson said in a statement, “With experience in both office leasing and development, Alan's background and vast professional network will be crucial as we continue working on projects like the Boren Office Lofts in the Denny Triangle neighborhood of downtown Seattle.”
Greystone, of New York, announced that it has secured a $13.9 million HUD-insured loan to refinance the 80-unit Savoy at Lake City. Greystone's Shana Daby and Lorie Hanson arranged the fixed-rate, non-recourse loan, which has 40-year term and amortization. Daby said in a statement, “Our expansive HUD lending platform and deep market expertise enable us to deliver the right terms — which, in this case meant significantly reducing annual debt service.” That five-story affordable senior housing project is owned by an EB-5 investor fund led by Steve Smith, and was completed in 2017. Smith said in a statement, “We couldn't be happier with the end result, and we look forward to working with Greystone on our other portfolio properties.” The Savoy project began in 2008, got its master use permit in 2010, then ran into financing difficulties owing to the great recession. HUD money and Federal Housing Administration financing were also part of the original capital stack, arranged by CBRE in 2015.
Architect Pelletier + Schaar, of Stanwood, said that its Graphite Art Studios project broke ground in July. Artist, owner and client Mary Olsen commissioned the one-story, 11,135-square foot project at 202 Main St. in Edmonds, about three blocks inland from the ferry terminal. Completion by Ryan General Contractors is expected sometime next spring. The project will feature nine artist studios, large central common studio, ceramics studio, gallery space, flex spaces, small offices and a cafe with a large terrace. Olsen said in a statement, “I want Graphite to be an access point, facilitating teachers, providing re-sources and guidance to teachers that will better enable them to bring art into their classrooms.” A possible Phase II for the project, according to city records, could have a two-story building at 117 Second Ave. S. with eight apartments over commercial space and parking.
Joshua Green Corp. owns Island Village Shopping Center, on Bainbridge Island. And it's there at 1050 Hildebrand Lane N.E. that Bainbridge Island Bargain Boutique relocated last month into an old 3,340-square-foot retail space. Urban Renaissance Group, which is majority owned by Joshua Green, manages the complex. URG says the over 30-year-old nonprofit, whose sales benefit Seattle Children's, is run entirely by volunteers. Boutique manager Robin Denis said in a statement, “Given our adjacency to other quality shopping and easy vehicular access directly off of Highway 305, we think this new location at 1050 Hildebrand is a perfect fit.” Several staff members at URG live on Bainbridge, the company said. Island firms Wenzlau Architects and Toilsome Construction revamped the building for the boutique. The building's other tenant is pet store Paws & Fins. Joshua Green bought the retail complex in 2001 as part of a $15.6 million Bainbridge portfolio sale.
Local startup Porch, an online platform for residential real estate services including home repairs, plans to go public in the fourth quarter of this year. The local firm will merge with publicly traded PropTech Acquisition Corp. of Los Angeles, which will then take Porch's name. As part of the planning, PTAC valued Porch at $523 million. And Porch just named five new members to its board: Javier Saade, Chris Terrill, Regi Vengalil, Margaret Whelan and Thomas Hennessy, the co-CEO of PTAC. Porch co-founder and CEO Matt Ehrlichman will then become chairman of the new nine-member board, effective when the company shares start trading. Ehrlichman said in a statement, “We are looking forward to this diverse and accomplished board, along with our partners at PropTech, to facilitate a smooth transition to becoming public, set strategy and maximize our pathways to create shareholder value.” Porch launched in 2013, has been through several rounds of private funding, and says it now reaches two out of three U.S. homebuyers every month. The platform offers access to over 11,000 vendors.
Sep 17, 2020
Gantry announced the recent provision of a nearly $5.6 million, 10-year loan to refinance an industrial property in Woodinville. The borrower, an LLC related to Underwood Gartland Development of Bellevue, is the owner of a 71,750-square-foot industrial building at 8415 216th St. S.E. The building is fully leased to Bio-Rad Laboratories, a global leader of life science research and clinical diagnostic products. Gantry's Michael Wood and Colin Ceithaml secured the funding. Wood said in a statement, “State Farm stepped up for a repeat borrower and put forth a great non-recourse quote with a 30-year amortization and lower rate than competitive lenders. It helped that the property is home to an investment grade tenant, because that checks off a big box for lenders seeking to hedge against risk in today's COVID-19 environment.”
Industry veteran Peter Ostrander announced that he's joined the Belltown office of Realogics Sotheby's International Realty (RSIR). Ostrander said in a statement, “For over 35 years I have established a career in real estate through sales, marketing, title insurance, and mortgage origination. I'm thrilled to announce that I've started a new journey as a real estate broker.”