Washington

A 3D render of Eastrail Flats, a modern rustic style multifamily building.

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton March 30, 2023

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

March 30, 2023

Investment Sales News Washington Western

Waterton Acquires Seattle-Area Property for $63.5 Million

by Channing Hamilton March 21, 2023

KIRKLAND, WASH. — Waterton has acquired 128 on State, a 123-unit property in Kirkland, about 11 miles northeast of Seattle. Prometheus Real Estate Group was the seller. According to King County public records, 128 on State traded for $63.5 million. Waterton plans to renovate the property. Unit upgrades will include new tile backsplashes and refinished cabinetry, new carpeting and tile, quartz countertops and updated lighting and plumbing fixtures. Common areas will be upgraded with new furniture, and a yoga studio will be added to the fitness center.

March 21, 2023

A 3D render of Kōz on Alderwood, a contemporary-style black and white multifamily building.

Development Finance News Washington Western

MSquared, Kōz Development Secure $54 Million for Seattle Project

by Channing Hamilton March 20, 2023

SEATTLE — MSquared and Kōz Development have closed on financing for Kōz on Alderwood, a 200-unit mixed-income development in Seattle. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors, for a total of $54 million. Kōz on Alderwood will offer studio, one- and two-bedroom apartments. Half of the units will be set aside for households earning up to 80 percent of the area median income. Construction on the project is …

March 20, 2023

Broadstone Sky, a blue and gray multifamily building with yellow accents built into a hill.

Investment Sales News Washington Western

Green Leaf Capital Partners Acquires Broadstone Sky in Seattle

by Channing Hamilton February 10, 2023

SEATTLE — Green Leaf Capital Partners has acquired Broadstone Sky in Seattle for an undisclosed amount. JLL Capital Markets arranged the sale and represented the undisclosed seller. The asset has 151 units in one- and two-bedroom floor plans and was built in 2016. Amenities include a 24-hour fitness center, a rooftop deck, a lounge, two outdoor barbecue areas and an on-site coffee and wine shop. JLL’s Investment Sales and Advisory Team included Senior Managing Directors David Young and Corey Marx, Senior Directors Chris Ross and Jordan Louie and Director Michael …

February 10, 2023

Company News News Washington Western

Capstone Cos. Opens Seattle Office

by Channing Hamilton February 6, 2023

SEATTLE — Capstone Cos. has opened a multifamily brokerage office in Seattle and hired Evan McLeod and Chris Hardman to lead the team. McLeod and Hardman, whose respective titles are managing director and director, join Capstone from Seattle-based investment sales firm CPX. Prior to CPX, both McLeod and Hardman worked for Marcus & Millichap. Capstone says it will announce additional new office openings in 2023. Last year, the firm opened offices in Salt Lake City, Indianapolis and Huntsville, Alabama.

February 6, 2023

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