May 03, 2018

JLL secures $48M for Cyrene

Mack Real Estate Group's Cyrene opened last year at 50 University St., one of the first new luxury apartment buildings to go up in advance of the viaduct coming down. JLL Capital Markets said it arranged a $48 million permanent loan for the 16-story, 169-unit Cyrene, which was designed by Ankrom Moisan and built by Exxel Pacific on land leased from Enwave Seattle (formerly Seattle Steam). JLL's Ray Allen, Seth Heikkila and Drew Heitstuman sourced the loan. Public records indicate it came from Societe Generale.

iBorrow arranges $9M Olympia loan

Direct lender iBorrow, which recently opened an office in Ballard, said it arranged a refinance loan for $8.9 million on OB Investors' 88,450 square-foot office building at 3000 Pacific Ave. S. in Olympia. The 30-year-old building is 74 percent occupied. OB Investors, a partnership between Larry Mattal and a family trust, has owned the building for a decade. CEO Brian Good said in a statement, “The borrower needed a new loan to enable it to continue its leasing efforts before marketing it for sale.” Based in Los Angeles, iBorrow is a nationwide direct lender. JLL Northwest brokers Ray Allen and Seth Heikkila arranged the loan on behalf of OB Investors.

ISRD seeks board member

The International Special Review District has an open slot for an ID resident, tenant or community participant. The term ends in November 2019. The ISRD board has five elected and two appointed members. For more information, see the Department of Neighborhoods page at seattle.gov.

JLL expands multifamily team

Jones Lang LaSalle has announced three new local hires. Jim Schneider moves from Centennial Mortgage, where he closed more than $1.2 billlion in HUD loans over seven years. Madeleine Roach and William “Wim” Roach also make the move from Centennial. Together, over the past two years, they've closed over $166 million in HUD loans.

$10M loan for Hope Valley Resort

Columbia Pacific Advisors has provided $10.25 million in short-term debt for a former RV park near Salem, Oregon, being converted to a tiny-house community. Hope Valley Resort, in the town of Turner, will have about 250 home sites (or pads). The project currently has 194 pads, a renovated clubhouse and new 160-unit self-storage facility. Financing was arranged by Nate Wingham of IndoGro Capital. Billy Meyer represented Columbia Pacific Advisors.

Apr 26, 2018

Mod Pizza opens in 200 Occidental

Kidder Mathews' team of Jason Miller and Damian Sevilla signed Mod Pizza for space in Urban Visions' 200 Occidental, which is Weyerhaeuser's headquarters in Pioneer Square. The local chain will have a 5,000-square-foot restaurant in the northwest corner of the building, next to Cherry Street Public House. Zocalo has the southwest corner. One 1,894-square-foot retail bay remains. Founded 10 years ago by Scott and Ally Svenson, Mod Pizza now has 330 locations in the U.S. and U.K. Its local restaurants are in downtown, West Seattle, Seattle Center, U District and Ballard, with plans for one Rainier Valley. No opening date has been announced for the Pioneer Square location.

NAIOP focus: Kent, Bremerton, Burien

NAIOP's May 16 breakfast meeting will focus on emerging markets south and west of Seattle. On hand to celebrate their respective cities will be Mayor Jimmy Matta of Burien, Cary Bozeman (current Port of Bremerton commissioner, and past mayor of Bremerton and Bellevue) and Bill Ellis, chief economic development officer for Kent. Moderating the discussion will be Susan Kemp of Hart Crowser The event starts at 7 a.m., at the Hyatt Olive 8, 1635 Eighth Ave. Details and registration: naiopwa.org