Feb 02, 2023

StoryBuilt plans Beacon Hill project

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Following a $4.6 million land deal this week at 2123 18th Ave. S. on Beacon Hill, StoryBuilt is planning a 44-unit townhouse project it calls Sumie. It'll replace one house on a full block on the north end of the hill. The developer and builder hopes to break ground this summer, with completion in 2025. The firm's Patrick Cobb said in a statement, “We believe this is a great site because of the big east-facing views, the walkability to light rail, shops and restaurants, and the shared community spaces. Beacon Hill is a vibrant urban neighborhood with excellent parks and access to downtown Seattle.” Units will range from one- to three-bedroom townhouses, with prices likely to start in the low $500,000s, then range up to $1 million or so. The developer is meanwhile nearing a master use permit on its 197-unit Josephine in Columbia City.

NAIOP

Eversole

Our state chapter of NAIOP has a new executive director: Mary Eversole. She makes the move from Pierce County Medical Society. She said in a statement, “I am thrilled about this opportunity to help grow and develop our state. I look forward to working closely with

the board of directors and strengthening our relationship with the community.”

JLL

Thakur

JLL announced its recent hiring of Rajeev Thakur, who joins the location strategy group as senior managing director. He makes the move from BeyondHQ, and had a prior stint at Newmark. Joe Smurdon runs the location group, and said in a statement, “We are excited to add Rajeev to our vibrant team. His industry knowledge and unique background provide an unparalleled.” Said Thakur, “I look forward to working with the professionals at JLL and continuing to deliver outstanding outcomes.”

M&M loans over $4M for Yakima units

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Marcus & Millichap Capital said it recently arranged a $4.1 million bridge loan for the unnamed buyer of the Powerhouse Villas duplex portfolio in Yakima. The five-year-old complex has 24 units. M&M's Tammy Linden secured the funding, and its Zachary Howe brokered the deal from three separate sellers. (The aggregate purchase price wasn't disclosed.) Linden said in a statement, “The bridge financing we arranged provides them time to reposition the asset.” The note comes with a 10% interest rate, with a 12-month period of interest-only payments.

Senior living featured at NAIOP gathering

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This month's NAIOP breakfast meeting, come Feb. 15, will focus on senior living. On hand to discuss that market will be a panel including Steve Knipp, Noelle Cooper of Lane Powell, Walter Zisette of Providence and Brian Palmore of Aegis Living. (The latter's Aegis Laurelhurst, pictured, has topped out near that neighborhood.) The event begins at 8 a.m. at the Grand Hyatt Seattle. Details and registration: naiopwa.org.

Berkadia and Knight Frank to partner

In a global alliance, Berkadia and Knight Frank recently announced a new relationship. The former is mainly a broker, and the latter mainly a consultant. Berkadia CEO Justin Wheeler said in a statement, “Berkadia's depth of industry knowledge and experience will flow seamlessly with Knight Frank's vast global network and valuation expertise to shift our transaction life cycle into high gear.” Knight Frank's William Beardmore-Gray added, “Together, we have created an alliance focused on our clients' needs, providing strategic advice and delivering a range of best-in-class capital markets solutions.” The deal, not a merger, will span 558 offices worldwide, with over 22,750 professionals in their ranks.

Jan 26, 2023

Northmarq arranges $50M for Auburn units

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The seven-story, 226-unit Verge, at Auburn Town Center, opened about two years ago at 109 S. Division St. Pillar Properties, Teutsch Partners, Urbal Architecture and Compass General Construction were behind that effort, which earned an award at the 2021 NAIOP Night of the Starts gala. Now Northmarq has announced a new $50 million financing package, which retires the old loan. That company's Stuart Oswald worked with Russ Cree of Glacier Real Estate Finance on the new loan, which carries a 10-year fixed rate term with 30-year amortization. The lender wasn't named, but public records indicate BECU. The project is a short walk to Auburn Station and its Sounder rail service.

Unico Properties

Penney

A longtime fixture at Unico Properties, Robert Penney has been elevated to chief investment officer, the company just announced. CEO Quentin Kuhrau said in a statement, “He has a long tenure within the company, he has played a lead role in the formation of several funds and capital programs for Unico, and as a valued member of our investment committee, we have been eying him for a C-level position for some time.” Penney will succeed current CIO Ned Carner, who'll exit the firm at the end of March after 15 years at Unico. He will, however, remain involved as a partner in some ongoing Unico projects.

Wright Runstad & Co.

Bench

Wright Runstad & Co. announced the recent promotion of Andy Bench, who becomes an owner and managing director with the firm. Jon Runstad said in a statement, “Andy joined us in 2017, rising to vice president and development manager for the Rainier Square block. In his new role, he will be responsible for identifying future projects and leading development efforts for the company.” The developer says it currently has 850,000 square feet under construction, including the latter phases at the Spring District in Bellevue.

JLL arranged $24M for fall SEDU deal

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Back in October, as the DJC then reported, SRM Development and the Urban League of Metropolitan Seattle acquired a six-building, 354-unit affordable housing portfolio from Blueprint Capital, paying a little over $96 million. At the time, backing came from the city's Office of Housing, with $38 million, and Amazon's Housing Equity Fund, with $37.9 million. Now JLL has disclosed $24.3 million in acquisition financing from Fannie Mae. The broker's Anson Snyder, C.W. Early and Kaden Eichmeier secured that loan, and arranged the mezzanine financing from the Amazon fund. Snyder said in a statement, “Fannie Mae is an excellent partner in understanding the transaction's requirements and timing. JLL is fortunate to work with a committed team to deliver affordable housing in the Seattle market.” Rents are to be affordable to households earning in a range from 50% to 80% of area median income. Most of the apartments are SEDUs (small efficiency dwelling units).

Capstone

Hardman

McLeod

Two brokers have moved from CPX to Capstone Cos. (not to be confused with Capstone Partners). Those would be multifamily specialists Evan McLeod and Chris Hardman, who'll open the new Seattle office for Capstone, which has its headquarters in Charlotte, North Carolina. The firm's George Chmiel said in a statement, “The Seattle expansion is a landmark achievement cementing Capstone's status as a national, bi-coastal firm for the first time in our 15-year history. We could not be more excited about our future growth in the Pacific Northwest under Evan and Chris' leadership.” Capstone bills itself as the nation's largest privately owned multifamily brokerage. Including our new location and Charlotte, it now has 16 offices.

Kidder Mathews

Wolk

Also departing CPX is Maggie Wolk, who makes the move to Kidder Mathews, that firm recently announced. She's a retail specialist who'll join the firm as vice president. She said in a statement, “I've always had a high level of respect for Kidder Mathews and its brokers. When the opportunity aligned to join, it was an easy and exciting decision.”

New tenant at Gayteway

Broderick Group announced that it signed a new tenant at Gayteway Business Park, in Arlington, on behalf of owner/developer GS Venture Partners. Broderick's Al Hodge and Rawley Holmberg worked that side of the deal. For Quantum Windows and Doors, which is taking all 117,060 square feet at Building F (now under construction), its brokers were Brent Jackson, Sam Dommer and Chris Hughes at JLL. Terms were not announced. Quantum will relocate this summer from Everett to its new headquarters and manufacturing facility. Developer Chris Gayte said of Quantum, “We are excited to see them in their new showcase space. They will be a great addition to the park.” Two more speculative buildings are planned at Gayteway, which could end up with 1 million square feet in nine buildings. The industrial development is steadily filling the 54-acre former Weyerhaeuser mill property.

Pacific Partners RE/MAX Gateway

Michael Lindberg

Maria Lindberg

It's a mouthful, but Pacific Partners RE/MAX Gateway announced its formation earlier this month. The multidisciplinary brokerage will be owned and led by veterans Lori Reece on the residential side and Maria Lindberg on the commercial side. The company calls itself the first female-owned and managed major commercial real estate brokerage in Seattle. Also part of the executive team is Michael Lindberg, who specializes in life-science deals.