Washington

JLL Capital Markets Brokers $43.5 Million Refinancing of The Carter on the Park Near Seattle

by Channing Hamilton September 18, 2024

REDMOND, WASH. — JLL Capital Markets has arranged a $43.5 million refinancing for The Carter on the Park, a 180-unit community in downtown Redmond, 15 miles east of Seattle. JLL worked on behalf of the borrower, Washington Holdings, to secure the loan through PGIM Real Estate. Bruce Ganong and Seth Heikkila led the JLL Capital Markets Debt Advisory team. The Carter on the Park was constructed in 2016 on a 216,220-square-foot site. The complex offers one- and two-bedroom floor plans. Amenities include a fitness center, rooftop deck, tech bar, two-story …

September 18, 2024

The Schoolhouse District in Woodinville, Washington

Investment Sales News Washington Western

JLL Capital Markets Arranges $77 Million Refinancing for The Schoolhouse District in Seattle Suburb

by Channing Hamilton September 6, 2024

WOODINVILLE, WASH. — JLL Capital Markets has arranged a $77 million refinancing for The Schoolhouse District, a 264-unit mixed-use complex in downtown Woodinville, a northern suburb of Seattle. JLL represented the borrowers, MainStreet Property Group and HAL Real Estate, in securing the fixed-rate loan through AXA IM Alts. Seth Heikkila and Steve Petrie led the JLL Capital Market Debt Advisory team. The Schoolhouse District was built in 2021 on a 3.1-acre site. The community offers units in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, work-from-home spaces, grocery delivery …

September 6, 2024

Finance News Washington Western

MainStreet Property Group Secures $32.6 Million Refinancing for Porch + Park in Redmond, Washington

by Channing Hamilton September 5, 2024

REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million loan for the refinancing of Porch + Park, a 106-unit property located at 16050 Cleveland St. in downtown Redmond, an eastern suburb of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Porch + Park was built in 2022. The community offers studio, one-, two- and three-bedroom floor plans. Amenities include a rooftop deck and a gym with row machines, yoga spaces and a boxing area. The property also includes 9,178 …

September 5, 2024

Investment Sales News Washington Western

Security Properties Acquires SKY Sammamish in Metro Seattle for $70.3 Million

by Channing Hamilton August 29, 2024

SAMMAMISH, WASH. — Security Properties has acquired SKY Sammamish, a 159-unit asset located in the Seattle suburb of Sammamish, for $70.3 million. According to the property website, SKY Sammamish offers one-, two- and three-bedroom apartment units. Amenities include a lounge, fitness center and sport court featuring basketball and pickleball courts, ping pong tables and a tabletop shuffleboard. The community was built in 2018 as a phase of the Sammamish Town Center, a mixed-use development that will serve as the new town center for the city. SKY Sammamish is currently the only …

August 29, 2024

Development News Washington Western

Vista Residential Partners Breaks Ground on 238-Unit One26 Vista in Vancouver, Washington

by Channing Hamilton July 30, 2024

VANCOUVER, WASH. — Vista Residential Partners, along with PCCP and Principal Asset Management, has broken ground on One26 Vista, a 238-unit project in Vancouver. LSW Architects designed the asset. Atlanta-based Krevolin & Horst represented Vista Residential Partners in the closing. Situated on nine acres on NE 72nd Avenue, the garden-style community offers one-, two- and three-bedroom floor plans. The average unit size is 920 square feet. Planned amenities include a clubhouse, fitness center, pool, hot tub, enclosed dog park and package concierge.

July 30, 2024

Development News Washington Western

American Capital Group, Clarion Partners to Develop 316-Unit Enso Near Seattle

by Channing Hamilton July 25, 2024

LYNNWOOD, WASH. — American Capital Group and Clarion Partners have formed a joint venture to develop Enso, a 316-unit community in the Seattle suburb of Lynwood. Pacific Life Insurance Co. served as the construction lender for the project. Located at 4001 198th St. SW, Enso will offer amenities such as a co-working space, fitness facility, game lounge, resident lounge, dog wash and bike storage. The property also features more than 4,200 square feet of retail space. Construction is slated to begin in August 2024. Completion is expected by Summer 2026.

July 25, 2024

Investment Sales News Washington Western

Marcus & Millichap Arranges $16 Million Sale of Orchard Park in Port Orchard, Washington

by Channing Hamilton July 17, 2024

PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale of Orchard Park, a 66-unit property in Port Orchard, about 17 miles west of Seattle. The asset traded hands for $16 million. Orchard Park was built in 1981. The community offers units in one-, two- and three-bedroom layouts. The property was 96 occupied at the time of sale. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office marketed the property on behalf of the seller. Moll and Morasch, along with Mitchell Loofburrow, also secured the buyer. Both the buyer and …

July 17, 2024

Finance Investment Sales News Washington Western

Washington Federal Bank Completes Sale of $2.8 Billion in Multifamily Loans

by Channing Hamilton June 26, 2024

SEATTLE — Washington Federal Bank, a wholly owned subsidiary of WaFd Inc., has sold approximately $2.8 billion of multifamily commercial real estate loans to Bank of America. Bank of America will sell the loans to funds managed by Pacific Investment Management Co. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger. The sale was executed at no loss to WaFd and provides immediate liquidity, according to the seller.

June 26, 2024

Affordable Housing Development Finance News Washington Western

MSquared, Kōz Development Secure $48 Million in Financing for Workforce Housing Project in Seattle

by Channing Hamilton May 28, 2024

SEATTLE — MSquared and Kōz Development have secured $48 million in financing for Kōz in Lower Queen Anne, a 169-unit workforce housing project in downtown Seattle. The community will offer 69 units to households earning up to 80 percent of the area median income (AMI). An additional 17 apartments will be restricted through the Mandatory Housing Affordability Program for 75 years and will be available to households earning between 40 and 60 percent AMI. The remaining units will be rented as attainable workforce housing. The financing includes a $9.7 million …

May 28, 2024

Villas at 28th Street in Vancouver, Washington

Investment Sales News Washington Western

Kennedy Wilson, Haseko Acquire Two Properties in Vancouver, Washington, for $90 Million

by Channing Hamilton May 2, 2024

VANCOUVER, WASH. — A real estate fund managed by Kennedy Wilson has partnered with Haseko Corp. to purchase two communities in Vancouver for $90 million. The two properties — The Farmstead and Villas at 28th Street — total 350 units altogether. Both communities feature amenities such as gated access, fitness centers, dog parks, a pickleball court, pet wash stations, green spaces and walking trails. According to Apartments.com, The Farmstead offers one-, two- and three-bedroom layouts. Villas at 28th Street offers studio, one- and two-bedroom floor plans.

May 2, 2024

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