Feb 16, 2023

U District focus for NAIOP

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Wednesday, March 15 will be the next monthly breakfast gathering for NAIOP, with the agenda being “Transforming the U District.” A panel will discuss the proliferation of new high-rise apartments, most of them being marketed for students, including The M (pictured). On hand will be Matt Simo with Urban Renaissance Group, Aaron Hoard from the U.W., Thatcher Imboden from Sound Transit and Justin Merriman of Kamiak Real Estate. In addition, students from the U.W. and beyond competed in NAIOP's annual Real Estate Challenge, preparing three different feasibility proposals for an unspecified 18,000-square-foot site in the U District. (We're guessing it's the Sound Transit-owned corner of Roosevelt and 45th, where event co-sponsor Low Income Housing Institute is presently operating a tiny house complex known as Rosie's Village.) The winning team will be announced as well. The event begins at 8 a.m. at the Hyatt at Olive 8. Details and registration: naiopwa.org.

CBRE

Rosauer

Loveall

CBRE announced the recent hiring of veteran industrial brokers Patricia Loveall and Jason Rosauer. They made the jump from Kidder Mathews. CBRE's John R. Miller said in a statement, “The addition of Jason and Patricia complements our existing industrial team, and expands our reach across eastern Washington and Montana, two regions seeing increased investor activity.” The pair also brokers office and land development sites.

Coldwell Banker Bain

Nordby

Coldwell Banker Bain announced its new regional VP for the Puget Sound area: Julia Nordby, who makes the move from John L. Scott. She's an industry veteran with some three decades in the residential brokerage arena. CBB president Robert Burns said in a statement, “Coldwell Banker Bain welcomes Julia Nordby's diverse leadership style and her track record of integrating operational disciplines to achieve extraordinary results.”

Avatar touts $70M in lending

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For the second half of last year, local lender Avatar Financial Group recently announced, the firm closed $70 million in deals to fund 16 projects across the U.S. Those reached from Colorado to Florida. One notable two-year loan was small, at $5.6 million, but helped to cover renovation efforts at the historic Sonora Inn, east of San Francisco, which dates to 1896. Avatar CEO Jerry Zevenbergen said of all 16 loans, “These most recent transactions showcase the plentiful opportunities to place capital despite market constraints. Avatar is still lending and can help qualified investors access capital to keep their projects moving forward.”

Feb 09, 2023

CBRE offers mall for repositioning

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Not quite a dead mall, Northway Mall could be ready for redevelopment. That's according to local brokers Dino Christophilis, Daniel Tibeau and Chris Burdett of CBRE. There's a catch, however, for the 30-acre property: It's up in Anchorage. Christophilis said in a statement, “While the highest and best use is undefined, the former mall is ideal for conversion or redevelopment to an alternative use.” Self-storage, industrial, a hotel or offices are among the possibilities mentioned. For now, remaining tenants includes Planet Fitness, Shockwave Trampoline and Xpress Lube. The big box has about 354,382 square feet. There's no asking price or announced deadline for offers.

PPM

Wanic

After joining the national project management firm PPM two years ago, Mark Wanic has been appointed as its first chief operating officer. CEO Clark Lindsay said in a statement, “In this new role, he will continue to lead the evolution of our service lines in key markets across North America, providing me the opportunity to focus on strategic acquisitions, innovations, and new technologies that will deepen our ability to serve the ever-evolving needs of our diverse client base.” PPM is based in Seattle, and has other offices across the U.S.

Gantry helps refinance Fremont ground lease

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Fremont Dock Co. owns much of its namesake neighborhood, including the land beneath the PCC and Epicenter Apartments complex at 620 N. 34th St. The six-story project, with 130 units, was developed circa 2002 by Security Properties. Now Gantry has announced a new $12.3 million loan to refinance the old ground lease. The firm's Mike Wood led the effort, and said in a statement, “The continued performance of The Epicenter informed our underwriting for the ground-lease financing. Our life company correspondent lenders compete for refinancing on these seasoned ground-lease loans, and can offer extremely attractive financing where extensive performance history exists.” Public records show the new money came from State Farm Life Insurance. The loan carries a 10-year fixed rate and retired the old loan, also secured by Gantry, from G.E. Group Life Assurance. Gantry's Alex Saunders also worked on the deal.