Jan 06, 2011

Kennedy Wilson

The real estate investment and services firm Kennedy Wilson refinanced Onyx Apartments, a 400-unit property in Redmond owned in partnership with the LeFrak Organization. The 50/50 partnership owns a total of 2,912 apartments, all of which were purchased in 2010. The $42.5 million Onyx financing has a seven-year term and carries a fixed interest rate of 4.67 percent. Wells Fargo Multifamily Capital, through its Fannie Mae DUS lending program, is the lender.

NAIOP developers' panel Jan. 19

Some of the Seattle area's most active commercial real estate investors and developers will share what their companies did in 2010 and what they're planning for 2011 at the Jan. 19 NAIOP breakfast meeting. Marc Stiles of the DJC will moderate a panel of Patrick Hollister, Swedish Hospital, Brian Fritz, AvalonBay Communities, John Pietromonaco, Hill-Raaum-Pietromonaco, and A-P Hurd, Touchstone Corp. The 7:30 a.m. program is at the Sheraton Seattle, 1400 Sixth Ave. Register at naiopwa.org.

CREW topic: Seattle, Bellevue

Kate Joncas of the Seattle Downtown Association and Leslie Lloyd of the Bellevue Downtown Association will be the speakers at the Jan. 13 meeting of Crew Seattle & Sound Commercial Real Estate Women at the Washington Athletic Club, 1325 Sixth Ave., Seattle. They will review 2010 and look at the growth prospects for both cities in 2011 and beyond. The event starts at 11:30 a.m. with registration and networking. For more information and registration go to crewseattle.org.

ICSC: Consumers still cautious

A recent survey by the International Council of Shopping Centers and Goldman Sachs found consumers don't know whether they will spend, save or pay down debt with the tax windfall they are getting this year. The survey of 1,000 households found 27 percent of consumers were unsure what they would do with the money, while 26 percent would likely pay down debt. Twenty-two percent expected to save most of the money while 16 percent said they would likely spend some of it and 9 percent most of it. By year-end 2011, ICSC predicts, the extra take-home pay will provide an aggregate incremental lift in consumer spending of approximately one-half to three-quarters of a percentage point.

Dec 30, 2010

Holliday Fenoglio Fowler

The San Diego and Portland offices of Holliday Fenoglio Fowler arranged a $21 million refinancing for a biotech/lab building in Bothell, and the company's Portland office arranged a $15.6 million refinancing for a 241-unit apartment property in Fife. Tim Wright, Tom Wilson and Zack Holderman secured the loan with Prime Finance for Nexus Properties, which owns the 152,000-square-foot Nexus Canyon Park in Bothell. The loan is a refinancing of a maturing loan. The property is fully leased to VoiceStream/T-Mobile, Immenex/Amgen, Epoch Pharmaceuticals and Acucela. Wilson and Casey Davidson arranged the loan on Rainier Pointe for a joint venture of Security Properties and Equity Resource Investments. Rainier Pointe is undergoing an exterior renovation and apartments are being upgraded. HHF placed the 35-year, fully-amortizing, 3.79 percent fixed-rate (excluding mortgage insurance premium) 223(f) FHA loan with AmeriSphere Mortgage Fianance LLC. The new permanent financing replaced a short-term bridge loan. Rainier Pointe is 88 percent occupied.

Multi-family investment symposium Jan. 14

NAI Puget Sound Properties and the University of Washington-Tacoma will host a symposium about multi-family investments in a recovering economy from 8:45 a.m. to 3 p.m. Jan. 14 at Carwein Auditorium on the UW Tacoma campus. Doug Smith and Hugh Winskill of NAI are presenting the event. Washington state Senior Economist Bret Bertolin will present the economic forecast. Among the other speakers are Karen McIver of Columbia Bank, who will talk about distressed properties; and Peter O'Kane of Roanoke Financial Group, who will discuss the commercial-mortgage backed securities crisis and whether apartment loans maturing in the next few years are foreclosures waiting to happen. For more information or to register, go to nai-psp.com/symposium.