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.”

Sep 12, 2024

Women Who Build Seattle

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That's the theme for this month's NAIOP breakfast meeting, to be held next Wednesday at the Grand Hyatt Seattle. And the four featured speakers certainly know a great deal about building: Coriann Presser is president at Lease Crutcher Lewis; Maria Barrientos is the founder of Barrientos Ryan; Lori Hill recently moved to Clise Properties, where she's executive VP; and A-P Hurd is the founder of SkipStone, which aided in the development of the new Heartwood affordable housing project on Capitol Hill (pictured). The event begins at 8 a.m. Details and info: naiopwa.org

A $25M construction loan in Spokane

A few miles east of Spokane, the Boise-based Hawkins is now building Saltese Creek, a 192-unit garden apartment complex. And for that, Cushman & Wakefield recently announced, it secured an over $25.3 million construction loan from Bok Financial. Chris Moyer, Paul Roeter and Meredith Donovan led the effort. Moyer said in a statement, “We are thrilled to have arranged the successful financing for Saltese Creek, a prime residential project perfectly positioned to capitalize on the growing demand in Spokane Valley With its proximity to both urban attractions and natural outdoor recreation, Saltese Creek is poised to be a standout community in one of the fastest-growing submarkets in the U.S.” Hawkins isn't active in Puget Sound, but develops multifamily, retail, school, hospitality and self-storage projects in the Mountain West region and up to Alaska.