Jan 05, 2023

Northmarq lends a hand to SEED

[enlarge]

In a year-end deal, Northmarq announced last month that it arranged a $15.2 million refinancing package for an affordable senior housing community run by Southeast Effective Development, or SEED. That's the 208-unit Courtland Place at Rainier Court, which was developed circa 2005. Stuart Oswald led the effort, for an FHA loan carrying a 35-year fixed rate. He said in a statement, “We are grateful for the opportunity to help SEED continue their mission of providing affordable housing in Southeast Seattle. This building is the first of a five-phase affordable housing development in the Columbia City neighborhood which SEED started over 15 years ago.” SEED plans to spend about $1.5 million on maintaining and improving the building; and it's separately planning the 49-unit Rainier Court V, the final phase of development at Rainier Court.

Stewart Title

Hainey

Stewart Title announced last month the hiring of industry veteran Rob Hainey. Stewart's Peter Johndrow said in a statement, “We're excited to have a name as trusted and recognized as Rob's become a part of our local team.” Said Hainey, “When you're a partner on transactions that will play a part in shaping where you work and live, you do your best to ensure that you provide the very best expertise, guidance and professionalism that you can.”

C&W and Greystone secure over $15M for Tacoma units

[enlarge]

What Koz Development calls Koz on MLK, with 161 units, opened last May a little northwest of downtown Tacoma, facing People's Park, on the north end of the Hilltop neighborhood. Koz acted as its own architect, with Deacon Construction as the builder. Work began in 2020, replacing an old church on the corner site. Now, with the six-story building almost fully leased, Cushman & Wakefield has brokered an over $15.7 million refinancing deal. C&W's Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein represented Koz. Michael Zampetti at Greystone originated the Fannie Mae loan, which is a 10-year, fixed-rate instrument, with full-term interest only. Moyer said of Koz, “The sponsor did an amazing job delivering a product that's both high quality and affordable in a strong market. As a result, we were able leverage the unique nature of the opportunity to get really advantageous loan terms.”

Pacific Program Management

Kapur

Among December's corporate moves, Pacific Program Management announced that Puja Kapur has joined the firm as VP for the West Region. She makes the move from IWG. Founded in 2009, PPM is a commercial real estate program and project management firm. Its Mark Wanic said in a statement, “The complex demands on businesses to have a strategic, nimble approach to their real estate and workplace needs continue to grow,” and cited Kapur's deep experience in the field. She added, “I am thrilled to join such a dynamic and entrepreneurial team.”