Jul 15, 2010

Propel buys Cascade, Encore

Tacoma-based Propel Insurance, which covers builders and developers, increased its real estate expertise by acquiring Cascade Risk Placement of Bellevue and Encore & Co. Insurance of Lynnwood. Terms were not disclosed. Cascade and Encore staff members will work in Propel's Seattle office. Cascade focused mostly on the real estate industry and ran the Insurance Program for Association Housing. Encore covered owners and managers of manufactured housing communities, shopping centers, and self-storage facilities.

Pacific Housing now Vitus Group

Seattle affordable housing consulting company Modern Realty, parent company of Pacific Housing Advisors and Allied Pacific Development, is now Vitus Group. With offices in New York as well on the West Coast and Hawaii and more than 60 properties nationwide, company officials said the Pacific name did not reflect the company's reach. The company develops properties and consults with affordable housing developers. The managing director is Stephen Whyte. Vitus Group will serve as the parent company to Vitus Advisors (formerly Pacific Housing Advisors) and Vitus Development (formerly Allied Pacific Development). Vitus owns more than 5,000 residential units in 13 states.

NorthMarq Capital

Bob Spiro of NorthMarq's Bellevue office arranged a $6.3 million first mortgage for Beau Rivage 115, a 115-unit multifamily property in Spokane. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged through Freddie Mac. Ron Peterson, also of NorthMarq's Bellevue office, arranged a $9.25 million first mortgage for a 210-unit multifamily property in Silverdale for Outlook Apartments LLC. It was based on a 10-year term with a 30-year amortization schedule.

Olympia Federal Savings

Olympia Federal Savings donated $5,000 to Impact Capital's operating fund. Impact Capital of Seattle provides early bridge financing for strategic real estate investments in the state. By handling the riskiest part of the financing, the group attracts other investors to projects.

Keller Williams Realty

Shawn Lee joined Keller Williams Realty Seattle Metro West Market Center in West Seattle.

NAIOP Developing Leaders

The NAIOP Developing Leaders' Summer Rainmaker will be from 4:30 to 7:30 p.m. July 22 in the Microsoft Cafe on the 28th floor of Lincoln Square, 700 Bellevue Way. Fees range from $5 to $30. Register at naiopwa.org.

NAIOP property tour July 29

NAIOP's annual property tour July 29 will focus on some of downtown Seattle's new developments. The tour begins at 11 a.m. on Ride the Ducks vessels and includes lunch, walking tour and reception. Stops will include West 8th, Escala, the Joshua Green Building, Russell Investments Center and the Four Seasons Seattle. The cost ranges from $80 to $150. Register at naiopwa.org.

Seminars on commercial condos, appraisals

The Seminar Group will offer two continuing education sessions for real estate professionals and others next month in Seattle. The first is a daylong conference on commercial condominiums at West 8th, 2001 Eighth Ave., Seattle. Topics include feasibility, financing, marketing, property management and other issues. Fees range from $297 to $505. The second is a morning session about resolving residential appraisal disputes. It will be at the Grand Hyatt, 721 Pine St. Fees range from $145 to $305. Register at theseminargroup.net.