Jan 24, 2019

CBRE secures Cubix North refi

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NexGen Housing Partners developed the modular micro units.

CBRE Capital Markets' Debt & Structured Finance team said it secured long-term refinancing for Cubix North Apartments in North Seattle. It has 108 units and 3,380 square feet of commercial space. Jeff Henderson of CBRE represented Daniel Stoner of 1008 Apartments, LLC, the borrower. The $13 million loan is fixed for 10 years. Stoner said, “Building the first modular micro-apartment project west of the Mississippi has been a fun and unique opportunity.” NexGen Housing Partners developed the project at 1008 N. 109th St. NexGen focuses on affordable workforce housing in Seattle.

Kidder Mathews promotes Grainger

Grainger

Mike Grainger, a 25-year commercial real estate veteran, has assumed responsibility for Kidder Mathews' property management for the Eastside and suburban markets. He will be based in Bellevue. He has been with KM for 12 years and overseen more than a million square feet of property. Clients include the Port of Seattle, Nicola Crosby and Lionstone Group.

NAIOP topic: Opportunity zones

NAIOP's Feb. 13 breakfast meeting at the Four Seasons is all about opportunity zones. NAIOP said that there are 8,700 opportunity zones in the U.S. The Seattle zone — from the Central District to the waterfront and south to Georgetown — is ranked fifth highest for investment opportunity by Fundrise.com, NAIOP said. The meeting will look at how these investments are impacting development in the region. Learn what qualifies as an opportunity zone business or investment, how the timing is structured and why the benefits matter. Speakers are Marc Gearhart of Ryan Companies, Eric Kodesch of Lane Powell, Michael D'Onofrio of Engineered Tax Services and Tim Schoultz of Smartcap. Information and registration is at http://www.naiop.org

California firm Mynd acquires Jevons

Mynd Property Management of Oakland, California, a tech-enabled property management firm, said it has entered the Seattle market by acquiring Jevons Property Management. Mynd now manages more than 800 units of multifamily and single-family rentals here. Jevons will be known as Mynd Property Management. Enrique Jevons will run the Seattle office as regional property manager. He has also worked for Hyatt Hotels, Stanford University and Marriott. Mynd said it plans to expand into other states this year.

Jan 17, 2019

Weidner names Jack O'Conner CEO

O'Connor

After 13 years with the firm, Jack O'Connor has been promoted from COO to CEO of Weidner Property Management. Firm founder Dean Weidner said in a statement, “Jack has consistently exceeded every goal set before him, and under his leadership our company has grown exponentially He has developed and led our property management team and processes to enable our expansion by 325 percent.” The company, which includes Weidner Apartment Homes, estimates that O'Connor has acquired or developed nearly 40,000 units. Weidner's portfolio now includes 260 properties and 52,250 units, owned and managed, in the U.S. and Canada.

TCC promotes three

Netherland

Dobbs

Nelson

Tom Woodworth is retiring from Trammell Crow Co. at the end of March. Previously with Schnitzer West, he joined TCC in 2013 to help reestablish its Seattle office. TCC is promoting Mike Nelson, Craig Dobbs and Mark Netherland to managing directors. That trio also came from Schnitzer West in 2012, when TCC reopened its Seattle office. TCC says that since 2012, the Seattle office has developed $615 million of projects including Midtown21, First Hill Medical Pavilion and 929 Office Tower in Bellevue.

Esterra Park apartments open in May

Lincoln Property Co. of Dallas is one of the developers busy at Esterra Park, the new 28-acre Redmond neighborhood near Overlake Village Station, where light rail service will begin in 2023. It's also quite close to Microsoft headquarters. Two years ago, Lincoln paid $33 million for two blocks where it's building the phased, four-building, 664-unit Parkside. Clark Barnes is the architect, and Venture General Contracting is the builder. The first phase will open in May. Nationally, Lincoln has over 190,000 units in its portfolio. It recently acquired South Seattle Business Park in Georgetown for $17.5 million, and an office building at 501 Eastlake Ave. E. for almost $59 million. Esterra Park, formerly the old Group Health campus, is a venture of Capstone Partners and Lionstone Investments. That venture has sold off some blocks, and developed others. The housing total could reach 2,600 units. A 181-room Starwood hotel has opened, and at least one office building is still planned.

NBS adds to loan team

Ballaine

Norris, Beggs & Simpson Financial Services hired Jeffrey Ballaine as vice president on its loan origination team. The 25-year industry veteran makes the move from Hunt Real Estate Capital. NBS estimates that, over his career, Ballaine has closed almost $800 million in loans, generating over $7 million in fee income.

NAIOP's South Sound forecast

NAIOP's annual South Sound Economic Forecast is set for 11 a.m. Thursday, Jan 24 at Tacoma Convention Center, 1501 Broadway. Speakers are Lynn Michaelis of Forest Economic Advisors, Gregg Boehm of Black Creek Group, Greg Pearson of CenterPoint Properties, Drew Hess of Duke Realty and moderator Thad Mallory of NKF. Details and registration: naiopwa.org.

Land Advisors hires Pitzer, Ward

Ward

Pitzer

Land Advisors Organization has announced two recent hires. Vance Pitzer has 25 years in development, with an emphasis on mixed-use and infill projects. Nate Ward will focus on the same areas; he's newer to the field, and makes the move from Washington, D.C.