Sep 19, 2024

JLL finds $43M for Redmond refi

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In downtown Redmond, Washington Holdings and MainStreet Property Group developed the 180-unit Carter on the Park in 2015, and have retained ownership. Now JLL has arranged a $43.5 million refinancing package, with the money coming from PGIM Real Estate. JLL's Bruce Ganong and Seth Heikkila led the effort. In announcing the deal, JLL noted that the midrise project gains value by virtue of its location: It's a few steps south of Downtown Redmond Station, which should open next year. GGLO designed the project, which was built by W.G. Clark. Units range from one- to two-bedrooms, and amenities are many. The Carter opened in January of 2017.

Newmark

Fox

Newmark announced this week its hiring of industry veteran Mark Fox, a tenant-side specialist, who makes the move from Flinn Ferguson Cresa. Newmark's Liz Hart said in statement, “Mark's expertise in focusing on client-centric solutions complements our strategic direction for occupier service offerings, and we are confident that his impact will be immediate.” Fox added, “I am excited to bring my expertise in tenant representation to a company renowned for its platform and excellence in this field.”

Plenge perambulates to Colliers

Colliers announced last week that Mark Plenge, a 30-year industry veteran, has joined the shop. He makes the move from Walker & Dunlop, and will continue his work in sourcing debt and equity for all sectors of commercial real estate. Colliers' John Randall said in a statement, “Mark's strong track record of success, leadership experience and deep client relationships will accelerate Colliers' growth trajectory on the West Coast. Colliers Mortgage is thrilled to welcome such a notable talent to its growing and diverse team.”

Pierce County industrial buildings get boost

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Down near Spanaway, Logistics Property Company's six-building Frederickson One is being constructed in phases and steadily adding tenants. The development is projected to reach 3 million square feet. There, LPC recently announced that Building 4 and Building 7 have benefited from a $250 million refinancing in May from PGIM Real Estate, which also covers industrial buildings in Wisconsin and Pennsylvania. LPC's Katherine Bernstein said in a statement, “We are very pleased with the structure and execution of this refinancing with PGIM Real Estate, and grateful for their continued support of our platform.” Both buildings are leased to Boeing; they total about 845,618 square feet.

Gantry pours $34M into Fremont Brewing, others

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Four separate properties, with four separate owners, recently benefited from a quartet of refinancing deals arranged by Gantry. Total value? About $34.3 million. The beneficiaries were the Fremont Brewing plant in Ballard; Holgate Center in SoDo; the Burke Building/3400 Phinney complex in Fremont (aka the landmarked Theo Chocolate building); and the 44-unit Stonehedge Apartments in Fremont. Gantry's Mike Wood, George Mitsanas, Alicia Sabanero represented three of the borrowers; the fourth was represented by Gantry's Los Angeles office. The money came from various life insurance companies. Wood said in a statement, “Each of these unique Seattle real estate holdings featured an experienced sponsor operating a performing property. For any client in this situation facing a maturity in the current cycle, we continue to see life company permanent loan programs as offering the best options.”

Valentine Roofing

Valentine Roofing has been named a finalist for the 2024 BBB Torch Award for Ethics, an honor presented by the Better Business Bureau. This award celebrates businesses that demonstrate the highest standards of ethics and integrity in their relationships with customers, employees, and the community. Valentine Roofing is a finalist in the Large Business category, recognized for its dedication to ethical business practices. “We are honored to be recognized as a finalist for the BBB Torch Award for Ethics,” said Steven Heller, CEO at Valentine Roofing. “This recognition highlights our commitment to ethical practices and the values that have guided us from the beginning. We take pride in delivering exceptional service while positively impacting the communities we serve.” The 2024 BBB Torch Award for Ethics winner will be announced on Oct. 24. Valentine Roofing serves the Puget Sound area, focusing on delivering high-quality roofing services, and has maintained an A+ rating with the Better Business Bureau since it was founded in 2008.

Parse Biosciences

Parse Biosciences, a global life sciences company, hired Kaitie Kramer as vice president of marketing. She will lead the marketing strategy for the company and its portfolio of single cell solutions. Kramer brings more than 20 years of commercial biotech experience to the role and joins Parse from Twist Bioscience, where she served as senior director of commercial marketing, overseeing key initiatives to help drive growth and brand awareness. She also brings extensive single cell and general cell biology experience to the role. While serving as Illumina's first single cell sequencing sales specialist, Kramer was part of the team who helped bring broad awareness to new applications and use cases of single cell sequencing. Previously, she held senior marketing and business development roles with Thermo Fisher Scientific, Illumina, and Irvine Scientific. She holds a bachelor's degree genetics from the University of Wisconsin-Madison. With technology developed at the University of Washington by co-founders Alex Rosenberg and Charles Roco, Parse has raised over $50 million in capital and is now used by 2,000 customers across the world. The company is based in Seattle's South Lake Union district, where it recently expanded into a new headquarters and state-of-the-art laboratory.

Veeam Software

Veeam Software appointed Niraj Tolia as chief technology officer. Tolia joins the company following Veeam's acquisition of Alcion, a security-first, AI-driven data management startup he co-founded with Vaibhav Kamra. In his new role, Tolia will spearhead the product strategy and engineering efforts for the Veeam Data Cloud, which expands Veeam's data resilience solutions into a flexible suite of services. He will work closely with Anton Gostev, Veeam's chief product officer. Tolia previously founded Kasten and served as the general manager of the Veeam Kasten for Kubernetes business unit. Before founding Kasten, Tolia led product development at Maginatics, a startup acquired by Dell EMC's Data Protection Group. Veeam is headquartered in Seattle with offices in more than 30 countries.