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.
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 …
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.
RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has divested of 2000 Lake Washington, a 186-unit community located at 1300 N. 20th Street in the southeast Seattle suburb of Renton. The asset traded hands for $53.2 million. 2000 Lake Washington was built in 1986 and renovated in 2016. The property offers one- and two-bedroom apartments that average 706 square feet. Units feature in-unit washers/dryers and a balcony or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Eli Hanacek, …
AIRWAY HEIGHTS, WASH. — Kidder Mathews has brokered the sale of The Autumn Leaf Furnished Apartments, a 24-unit community located at 12911 W. 13th Ave. in the Spokane suburb of Airway Heights. The property was originally built in 2017. Max Frame of the Simon and Anderson team at Kidder Mathews represented the undisclosed seller in the deal. The buyer was also not disclosed. The asset traded hands for $3.6 million.
UNIVERSITY PLACE, WASH. — Berkadia has negotiated $21.5 million in financing for the purchase of The Duo Apartments, a 104-unit complex in the Tacoma, Washington suburb of University Place. The Duo Apartments offers studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet in size. Amenities include a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad …
BREMERTON, WASH. — JLL Capital Markets has brokered $79 million to refinance Marina Square, a 270-unit community in Bremerton, 16 miles across the Puget Sound from Seattle. JLL worked on behalf of the borrower, Sound West Group, to secure the five-year, floating-rate loan through TPG Real Estate Credit. Seth Heikkila, Tom Wilson and Steve Petrie led the JLL Capital Markets Debt Advisory team. Marina Square offers studio, one- and two-bedroom units. Amenities include a roof deck with water views, a clubroom with indoor and outdoor space, public plaza, kayak launch …
KENT, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Atrium on James, a 300-unit community in the Seattle suburb of Kent. FPA Multifamily LLC purchased the asset from a Tenants in Common managed by Open House Westwood LLC for $60.5 million. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller and procured the buyer. Atrium on James was built in 1989 on 21.5 acres. Atrium on James offers one-, two- and three-bedroom units that average 835 square feet in size. Amenities …
BELLEVUE, WASH. — A buyer operating under the name 1830 108th VISEA LLC has purchased Bellefield Major, a 44-unit property located in Bellevue, for $16.1 million. Bellefield Manor is located at 1830 108th Ave. SE in the city’s downtown area. The community is situated within a half mile of the Sound Transit South Bellevue light rail station, which is slated to open in the spring of 2025. The buyer plans to make cosmetic upgrades to the value-add asset, which has already undergone interior and exterior renovations over the past decade. …
SEATTLE — JLL Capital Markets has brokered $11.9 million to refinance J.G. Whittier, a 54-unit community in Seattle’s Ballard neighborhood. JLL worked on behalf of the borrower, FFV Crown Hill LLC, to secure the five-year, fixed-rate loan through National Life Group. Seth Heikkila and Steve Petrie led the JLL Capital Markets Debt Advisory team. Recently built in 2023, J.G. Whittier offers studio, one- and two-bedroom units. Amenities include a rooftop pet play area, rooftop deck with green space, fireplace lobby and lounge, media room, EV charging stations and business center. The …