Oct 06, 2011

State Housing Finance Commission

Cote

Flynn

Lieberman

Rieckers

The state Housing Finance Commission gave Ray Rieckers a lifetime achievement award. He's the retired director of Housing Opportunities for Spokane Neighborhood Action Partners, an adjunct professor at Eastern Washington University, and on the Housing Finance Commission. Friend of Housing awards went to Betsy Lieberman, Seattle, executive director of Building Changes; Mark Flynn, Burien, retired from the U.S. Department of Housing and Urban Development Northwest field office; Marc Cote, Seattle, a director with the Washington Homeownership Resource Center and Parkview Services; retired architect John M. Campbell, founder of Homes For Islanders on Orcas Island; Arlene L. Patton, Spokane, retired from the Spokane and Boise HUD offices; Ray Mooney of Deer Park, retired executive of Sterling Savings Bank; and Elena Basset, executive director of the Colville Indian Housing Authority.

Norman Partners

Seattle real estate veterans Jim Norman and Rob Larsen formalized their long-time collaboration and formed Norman Partners, an advisory firm. Norman most recently was principal at MetPartners. He founded and ran The Norman Co., which was one of the region's largest real estate firms in the 1980s and 90s before its sale to Trammell Crow Co. Larsen most recently was a principal at ClearPath Real Estate, which used the clearpath strategic planning system. Originally created to develop and manage Disney Theme Parks, the clearpath system uses storyboards to display the complex functions of a corporate or institutional real estate portfolio.

Paragon Real Estate Advisors

Erik Peterson and Cathy Jeney of Paragon Real Estate Advisors represented an Anacortes limited liability company whose member is Joline Hedgcock in the sale of a six-unit Seattle apartment building, the 2707 Franklin, in the Eastlake neighborhood. James G. and Susan A. Lutz of Seattle paid $1.15 million. Paul Mickley, also of Paragon, represented the buyers. The building sold at a 4.8 percent cap rate. The buyer obtained a loan through US Bank.

Portland Housing Bureau

Uptown Tower, a 72-unit affordable housing complex in downtown Portland, is re-opening after a $16.2 million renovation. The Portland Housing Bureau worked with Guardian Real Estate, Oregon Housing Community Services, MHT Housing, JP Morgan Chase, PNC Multifamily Capital, LMC Construction, Carleton Hart Architects and Glow Interior Design. The project was part of the city's 11 X 13 housing preservation campaign, which identified 11 buildings with federal subsidy contracts, some of which were set to expire. The program prerserved more than 520 apartments.

New green valuation form

The Appraisal Institute released a form to help analyze energy-efficient houses. The group says this is the first of its kind for appraisers. It is an optional addendum to Fannie Mae Form 1004, which is widely used for mortgage lending. The addendum is at http://tiny.cc/kkada.

NAIOP program on Frederickson

NAIOP's South Sound Committee will hold a program on the Frederickson industrial area at 7:30 a.m. Oct. 14. Topics include how Pierce County's largest contiguous industrial area was developed, current projects and impediments to growth. Panelists will be economic development officials and representatives from Boeing and the Port of Tacoma. The event is at the Hotel Murano. Register at naiopwa.org.

Sep 29, 2011

Skanska USA Commercial Development

Matheson

Dan Matheson joined the Seattle office of Skanska USA Commercial Development as senior development manager. He worked as an owner representative for the Seattle Mariners during construction of Safeco Field. He moved to San Diego and worked for Hines on the Petco Park baseball stadium. Later he worked on urban infill condominium projects for Intergulf Development. Most recently, he was a principal at Urban Collective Services, a development consultant in San Diego.

Network Mortgage Services

Woodbury

Network Mortgage Services is opening an office in Seattle. The non-bank lender operates branches as Network Home Loans. Mary Woodbury will lead the branch in the Plaza 600 Building at 600 Stewart St. She worked for Phoenix Mortgage, GMAC Mortgage and Landover Mortgage. The flagship office is in Lynnwood, with offices in Everett and Silverdale.

Associa

Wendy L. Jones is the new regional manager of marketing and sales for Associa on the West Coast. Associa manages community associations for multifamily properties. EMB Management of Bellevue is an Associa company.

MG Properties Group

MG Properties Group, a private San Diego company, acquired The Park at Northgate for $22.3 million, financed with a $17.35 million loan from Guggenheim Commercial Real Estate and Pillar Multifamily Limited Liability Co. that was arranged by George Elkins Mortgage Banking Co. The balance of the purchase price was provided by MGPG's Private Capital Group, a pool of high-net-worth investors. MGPG plans $2 million in upgrades ton the 146 units, using its in-house construction services. MGPG Senior Vice President of Investments Justin Smith said it is pursuing other acquisitions.

Retail Opportunity Investments Corp.

The publicly traded Retail Opportunity Investments Corp., which owns property in the Puget Sound area, says it has refinanced its $175 million senior unsecured revolving credit facility as well as $110 million senior unsecured term loan facility arranged by KeyBanc Capital Markets and Merrill Lynch, Pierce, Fenner & Smith. ROI owns shopping centers in Bothell, Lake Stevens and Kent, and has a 49 percent interest in Crossroads Shopping Center in Bellevue.

Capitol Hill Housing benefit

Omnivorous, a benefit for Capitol Hill Housing, will be at 6 p.m. tomorrow in Century Ballroom at 915 E. Pine St. The event showcases the food of 16 restaurants. Tickets are $75 and can be purchased at http://tiny.cc/hzty6. Capitol Hill Housing provides affordable housing and community development.

ICSC program

The International Council of Shopping Centers will hold a panel discussion at 5 p.m. Oct. 11 at Hard Rock Cafe, 116 Pike St., Seattle. Betsy Shriver of Retail Opportunity Investments Corp., Mel McCarthy of REI and Joe Geivett of Emerald Bay Equity will discuss retail real estate in the region. Register at icsc.org.

ULI event on housing

Urban Land Institute is holding a breakfast meeting at 7:30 a.m. Oct. 12 about what kind of mixed-use housing appeals to Gen Yers and baby boomers. ULI Senior Resident Fellow John McIlwain is the keynote speaker at the event at the Grand Hyatt Seattle, 721 Pine St. There will be a panel discussion by Katlin Jackson of Heartland, Todd Johnson of Children's Hospital and Joe Tovar, Shoreline planning director. Register at http://tiny.cc/ngqd4.