Feb 06, 2020

Thompson hotel partners with Emerald condos

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They're across Stewart Street from each other, so now the neighbors have announced a new partnership. Home buyers at Daniels Create World Seattle's Emerald condominium tower, slated to open this summer, will be able to enjoy services from the Thompson Seattle hotel. Perks will include parking and electric vehicle charging at the Thompson (with valet service), food and drink specials, and more. Polaris Pacific is selling the 262 condos (priced from about $550,000 to $10.9 million), and its Josh Nasvik said in a statement, “This partnership is unlike any other in Seattle, and will offer owners at The Emerald a new set of keys to enjoy everything this great city has to offer.” Sales figures weren't announced. The 22 penthouse units of the 40-story tower are priced at $2 million and up, and the uppermost residential floor — below the roof deck and lounge — has only two units, dubbed Trillion and Marquise (for gemstones), which are both priced at $10.9 million. Andersen Construction is in the late stages of construction on the tower, which was designed by Hewitt. The Thompson and its companion apartment building, Sequel, were developed by Douglas Howe, and opened in 2016. The hotel is operated by Two Roads Hospitality.

Blankenship jumps to KM

Blankenship

Kidder Mathews announced that veteran broker Scott Blankenship will join its Bellevue office, where he'll focus on retail leasing and investment sales. He makes the move from CBRE, where past clients have included Albertsons/Safeway, Regency Centers, Tarragon and US Realty Partners.

Evergreen adds to lending team

Evergreen Home Loans has hired industry veteran Chuck Iverson as executive vice president of production reporting, the company announced. He makes the move from Sierra Pacific Mortgage, and will relocate from Sacramento for the position. Evergreen operates in six West Coast states, and provided almost 12,500 loans last year — nearly half of those via its digital closings platform. The company is based in Bellevue.

Seattle Home Show returns

This year's Seattle Home Show runs Feb. 15-23 at CenturyLink Field Event Center. Industry-oriented attendees may wish to see the model ADUs and DADUs on display. And of course there will be VR — virtual reality goggles employed for home tours. Info and details: SeattleHomeShow.com.

Jan 30, 2020

CBRE arranges loan for Alley24 buyer

The residential portion of Alley24, at 241 Yale Ave. N. in South Lake Union, sold last month for $71.8 million. CBRE recently announced that it secured a loan for the buyer, Jacobson Co. of Los Angeles, without specifying the amount or the lender. (Public records say it was Heitman.) In CBRE's Los Angeles office, Brian Eisendrath, Brandon Smith and Cory Wizenberg arranged the deal. The mixed-use Alley24, with 172 unit apartments, was developed in 2006 by Vulcan Real Estate with Pemco Insurance. New owner Larry Jacobson said in a statement, “There is a supply and demand imbalance in local multifamily which bodes well for existing product in the neighborhood such as Alley24.” He also said that other Seattle area investments were planned this year.

Atari hotel planned

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Japanese game maker Atari recently announced a branding deals with developer True North Studio and GSD Group.

Though the location hasn't been disclosed, Seattle will eventually be home to a new Atari-branded hotel. The Japanese game maker recently announced a branding deals with developer True North Studio and GSD Group. The first hotel will be in Phoenix, with an expected groundbreaking this year. Others are planned for Austin, Chicago, Denver, Las Vegas, San Francisco and San Jose. The companies said in a release, “Atari hotels will feature common areas following the latest trends in hospitality, with a focus on the video game universe and the Atari brand. They will include a state of the art eSport studio, an Atari gaming playground, meeting and event rooms, co-working spaces, restaurants, bars, a bakery, a movie theatre and a gym. They are targeted at family or business travelers.” Whether they'll include vintage Pong and Asteroids consoles remains to be seen.

Aegis adds board member

Fast-growing West Coast senior housing developer Aegis Living, which is based in Bellevue, announced a new board member. Nader Naini of Frazier Healthcare Partners joins a small board led by Aegis CEO and founder Dwayne Clark. The company, now with 32 communities, plans to double in size over the coming decade. It currently has plans underway in Ballard, Kirkland, Eastlake and near Laurelhurst.

Alki condos break ground

Vibrant Cities is developing the 40-condominium Infinity Shore Club Residences, at 1250 Alki Ave. S.W., and Realogics Sotheby's International Realty is selling them. Prices will run from below $1.5 million to over $5 million, with sizes from around 1,108 to 2,382 square feet. (See infinityshoreclub.com for further details.) The first shovel was planted yesterday, followed by a buyers reception at Salty's. Walsh Group is building the project, which was designed by Tiscareno Associates, with Susan Marinello Interiors. Vibrant Cities' James Wong said it took 23 years to assemble the site, which his company purchased in 2015 for $5.7 million. JLL recently secured a $43 million construction loan for the project, which Vibrant Cities hopes to complete next year.

BOMA names new chair

Angela Merculief has been announced to be the new chair for the Building Owners and Managers Association Seattle King County. She rises from vice chair to succeed outgoing chair Jeff Myrter of Wright Runstad & Co. Industry veteran Merculief is with EB-5 developer American Life, where she manages properties including the Avalara Hawk Tower, Home Plate Center and Stadium Innovation Center. She's been a BOMA board member since 2012.

Berkadia secures $30M for ICG apartment deal

Berkadia announced that its Seattle office recently secured $30.3 million in financing for the local buyer of the 288-unit Talus in Great Falls, Montana. Berkadia's Jeff Stuart arranged the 10-year Freddie Mac loan for Investors Capital Group. ICG invests in most of the West Coast, Southwest and Texas. It doesn't list any Seattle properties, but owns apartments in Pasco and Spokane. It has about 6,000 units in its portfolio. The firm is led by Mick Halpin, Ward Murphy and Michael Christian.

NAIOP confronts rent control

To address possible legislation in Olympia, economist Morgan Shook of EcoNW will speak on the industry specter of rent control at NAIOP's breakfast meeting next month. Joining in the conversation will be attorney Ian Morrison with McCullough Hill Leary. The gathering takes place at 7 a.m. Feb. 26 at the Four Seasons (99 Union St., Seattle). Details and registration: naiopwa.org. Also note that the topic replaces the previously scheduled subject of co-living.

$19M secured for Redmond industrial purchase

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Redmond Heights Center sold in December for $37.5 million. The local buyer was Alco Redmond Heights LLC, which is associated with the Rosen family-run Alco Investment Co. of Bellevue. Continental Partners of Los Angeles recently announced that it secured an $18.75 million loan for the deal, which was worth about $296 per square foot. Continental's Carl Riggins arranged the 10-year fixed, non-recourse loan without naming the lender (public records say TIAA). He said in a statement, “This acquisition presented the sponsor with an opportunity to benefit from the increasing appetite for office space throughout greater Seattle.” He also noted that the flex-industrial complex at 8561 Willows Road was renting for about 25% below current market rates; it's now fully leased to 13 tenants.