Apr 03, 2025

PGIM arranges $71M loan for First Hill units

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Developed by Carmel Partners on First Hill, the 227-unit Victor apartments opened its doors to renters last summer. Now there's a new refinancing package in place. The nearly $71.2 million Fannie Mae loan came via PGIM Real Estate. Its Elizabeth Velazquez originated the funding, and she said in a statement, “We are excited to provide financing for The Victor, a high-quality multifamily development in one of Seattle's most sought-after neighborhoods. As the community approaches stabilization, we anticipate strong demand.” The new money retires the old construction loans from Citizens Bank and First Hawaiian Bank. Carmel's next big project will be the 569-unit Overlake Square, near Overlake Village Station.

Lynnwood, explained

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The once sleepy commuter suburb of Lynnwood, not to be confused with Alderwood, which is its shopping mall, is exploding with apartment growth. Most of that, by design, has been clustered around the new Lynnwood City Center Station. One example, from One Trent, is the eight-story, 361-unit Ember (pictured), which apparently opened to renters last year. And that's where a ULI Northwest tour will begin on April 16. The focus is all TOD. Bring your walking shoes. Other nearby TOD exemplars include the new 199-unit Koz on Alderwood and, from American Capital Group, the recent 239-unit Kinect. ACG is also now under construction on its companion, the 316-unit Enso. The tour, open to ULI members and non-members alike, begins at 3 p.m. You can even take the train to get there! Details and registration: northwest.uli.org

JLL finds $58M for Lynnwood seniors

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Lynnwood's 253-unit Quail Park senior community sold last year for $78 million. JLL recently disclosed that its Dean Ferris then brokered the deal, with IRA Capital Partners of California being the new owner. JLL also recently secured a $58 million refinancing package. Leading the effort were Alanna Ellis, John Chun and Zach Brantley. The bank loan is a three-year, floating-rate instrument. Ellis said in a statement, “Quail Park at Lynnwood stands apart from the market as a truly best-in-class community; the strong performance of the asset and relative value was extremely well received, garnering multiple financing offers from lenders.” The 15-acre campus offers independent living, assisted living and memory care units, with a long list of amenities.

Tarragon underway on Embark at Uplands

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Uplands, in the South Hill area south of Puyallup, represents an ongoing single-family housing development from Tarragon. That firm announced a new rental component, Embark at Uplands, with 86 townhouses. That began last fall, and leasing begins this month. Occupancy is expected this summer. Tarragon president Dennis Rattie said in the announcement, “Embark at Uplands represents an exciting next step in delivering high-quality housing within the Uplands master-planned community. These rental townhomes will provide a unique opportunity for residents to experience the vibrancy of South Hill.”

Avatar makes Manhattan Beach loan

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Local shop Avatar Financial Group continues to make loans up and down the West Coast. It recently shared a $9.5 million example down in the beachside community of Manhattan Beach, California. The bridge loan carries a nine-month term, a nearly 11% initial interest rate and a 62% loan-to-value. It'll allow the luxury homebuilder more time to complete and sell a six-bedroom luxury home, encompassing 6,874 square feet, with a 10-car garage. Avatar's T.R. Hazelrigg IV explained, “With its premier location and high-quality construction, this property is well-positioned for a successful sale, and our loan structure gives the borrower the flexibility needed to maximize their outcome.”

Foster Garvey adds to property group

Foster Garvey's Real Estate, Land Use & Environmental practice has three new members, the law firm recently announced. The trio departed Karr Tuttle Campbell. They are Jacque St. Romain, Lindsey Folcik and Heather Hattrup. St. Romain joins as a principal. The firm said in a statement that she “brings extensive experience representing clients in real estate transactions and land use development. She works with a diverse range of clients, from small businesses to large international corporations, as well as single-family and multi-family property owners, landlords and managers of commercial properties.”

Mar 27, 2025

Toll Bros. names Bellevue development

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In the Crossroads area of Bellevue, Enclave at Kelsey Creek is the moniker of a new luxury home subdivision from Toll Brothers. The company announced a hard-hat tour on April 6 for prospective buyers, to begin at 1 p.m. at 12 148th Ave. N.E. The 11 three-story homes start at 2,864 square feet and about $2.4 million. Toll's Kelley Moldstad said in a press release, “Our new home designs provide a unique opportunity for home shoppers to create their own one-of-a-kind residence while enjoying the best of everything this beautiful area has to offer.” Construction should wrap this fall.

Judy Runstad adds to honors

Runstad

Philanthropist and real estate attorney Judy Runstad is extremely prominent in her field. She recently retired from Foster Garvey, and a private banquet will be held in her honor next month. She also remains vice-chair at Wright Runstad & Co. Adding to all those achievements, she was recently named Seattle King County First Citizen for 2025. The award comes from the Seattle King County Realtors organization. Its Garrett Nelson said in a statement, “Judy Runstad exemplifies the high qualities of leadership, selflessness and philanthropy.” Jon Scholes of the Downtown Seattle Association added, “Judy's impact has made an indelible impression on our city to the benefit of us all.” And from the Seattle Metropolitan Chamber of Commerce, its Rachel Smith calls her longtime friend “many things to many people in our community — business executive, city builder, civic leader, political force of nature and family matriarch.” The First Citizen awards began in 1939.

Mohr Partners

Marona

Based in Dallas, advisory firm Mohr Partners has a new Seattle office. The news came earlier this month. Mohr said in a press release that Spencer Marona will lead the office; he makes the move from Flinn Ferguson. He said in a statement, “I am thrilled to return to my roots in commercial real estate and tenant representation. I am confident Mohr Partners has the best advisory platform to serve my local and national occupier clients.” Mohr plans to add staff to its Seattle office, one of about two dozen nationwide. CEO Robert Shibuya said of the expansion, “A significant number of our existing national clients lease or own corporate real estate in the Seattle area, and Spencer's strong understanding of the local commercial real estate markets make him an ideal professional to execute their transactions.”

Gantry secures $16M refinancing in Pinewood

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Two years ago, Guntower Capital acquired an empty senior community, then called Cogir of Northgate, in the Pinehurst area. It reopened as the Highlander apartments earlier this year, with 121 units priced for workforce-level tenants. Now the ownership has benefited from a $16.2 million Fannie Mae loan arranged by Gantry, the latter firm announced last week. Its Mike Wood, Mike Taylor and Tim Brown led the refinancing effort. Wood said in a statement, “The transformation of the Highlander apartments from a dated assisted living facility to a contemporary apartment community is a testament to successful value-add investing. The redevelopment of this asset into workforce housing opened the door to agency programs that reward project sponsors with exceptionally attractive terms.” Because the Highlander is affordable to households earning up to 80% of area median income, it's eligible for Fannie Mae's Sponsor Dedicated Workforce Housing program.

Kidder Mathews

Paulsen

Kidder Mathews announced this week that its Eric Paulsen has risen to the post of chief operating officer. He's been with the firm for four years, and counts over three decades in the profession. CEO Bill Frame said in a statement, “His experience, positive energy, and drive to win make him the perfect fit to lead our growth and promote our outstanding company culture.” Said Paulsen, “I'm committed to collaboration that empowers our teams to succeed and provide unmatched service to our clients.” He'll oversee 19 offices in six West Coast states including our own.

Avatar loans $10M for California project

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Based here in Seattle, Avatar Financial Group provides or arranges financing all around the county. It recently announced the provision of a $10.1 million bridge loan in La Jolla, California. The borrower refinanced old debt for a luxury home now under construction. The new financing carries a two-year term at a 10.5% initial rate and a 44% loan-to-value. Avatar's T.R. Hazelrigg IV said in a statement, “This financing allows an experienced developer to complete a best-in-class home in a premier location, ensuring it reaches its full market potential.”

Dwight finds $22M for E. Washington units

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West of Spokane is the city of Airway Heights. There, Dwight Capital recently announced that it arranged a $22.5 million refinancing package for the 128-unit Skyview Heights. The money came in the form of a 223(f) loan from the U.S. Department of Housing and Urban Development. Dwight said it achieved a favorable rate via HUD's Green Mortgage Insurance Premium (MIP) program. McBride Capital represented the unnamed property owner.

eXp Realty lauds Bothell broker

Nominally based in Bellingham, founded in 2009, eXp Realty is an entirely virtual brokerage, with its agents working all around the county and in Canada. It recently named its top producers for 2024, and that list includes Chandra Vennapusa of Bothell. His desk also includes Texas. Last year, says eXp, he closed an “impressive $101,252,631 in sales on 98 sides, a testament to his expertise and commitment to excellence.” Company CEO Leo Pareja said of all its top performers, “Our agents continue to push boundaries, leveraging innovative strategies, unwavering dedication, and a commitment to top-tier service for their clients. Their achievements prove the power of eXp's model and our collaborative culture — this is what the future of real estate looks like.” The company says it now has 83,000 agents across 25 international locations.