Oct 24, 2019

PSW is now StoryBuilt

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There's a new corporate name change for PSW Real Estate, which is based in Austin, Texas, but has a Seattle office. The residential developer is rebranding itself as StoryBuilt. Co-founder Anthony Siela said in a statement, “We're storytellers, and we craft a narrative for each community we develop. Homes tell a story: the story of families created, lives improved, and time well spent.” In our market, those homes include townhouse projects in Georgetown, Ravenna and Shoreline. The firm's largest local project is a six-story condominium with 154 units planned at 5256 Rainier Ave. S. in Columbia City. Johnston Architects designed it, and StoryBuilt will apparently act as its own general contractor.

JLL announces $20M refi for Bothell biotech

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JLL announced another refinancing for the owner of Nexus Canyon Park, at 21720 23rd Drive S.E. in Bothell. Prior to JLL's recent acquisition of HFF, the San Diego-based HFF team of Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta secured $19.2 million from an unnamed lender. Nexus Properties of San Diego developed owned the 152,050-square-foot facility in 1999. Some of its space was recently converted from lab to flex industrial. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Holderman said in a statement, “Bothell is considered a strong secondary life science cluster for tenants seeking more affordable lab or manufacturing space as compared to South Lake Union.” The last refinancing for the property came two years ago, for $17.8 million, secured by the same team.

Mt. Baker Housing gets national honors

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Affordable Housing Finance has honored the $51 million Mt. Baker Village Apartments expansion/preservation project with its Readers' Choice Award winner for the current year. It was named a finalist in July. The roughly 60-year-old complex at 2914 S. McClellan St. has been increased to 156 units by nonprofit owner Mt. Baker Housing. The same project was also honored by Novogradac Journal of Tax Credits, which chronicles affordable housing, as a “Development of Distinction.” (The project employed federal low-income housing tax credits.) Funding came from multiple sources secured by Beacon Development Group. ARC Architects and general contractor Rafn Co. are also on the team.

WSHFC lands HUD dollars for O-Zones

The Washington State Housing Finance Commission has been granted $372,314 from the U.S. Department of Housing and Urban Development, which made the announcement. HUD also made grants in Idaho and Oregon that, including Washington, total $721,067. That Northwest subset is part of a broader $42.8 million package of grants. WSHFC, a publicly accountable, self-supporting state agency, will spend the money on counseling low-income renters and buyers in federally tax-favored Opportunity Zones, as HUD intends, which allow investors to defer their capital gains taxes. In Washington, there are some 139 census tracts that are so favored; many are in Sodo, the Duwamish area and Pioneer Square.