Sep 21, 2023

JLL secures $61M for industrial quartet

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EverWest Real Estate Investors paid over $15 million last year for an industrial property on the Duwamish Waterway, aka the Lonestar Building. (Pictured, it's the blue building just left of the junction of First Avenue South and East Marginal Way South.) It's part of a four-building portfolio that recently benefited from an over $61.3 million refinancing package arranged by JLL. Its team, based in Denver, included Eric Tupler, Kristian Lichtenfels, Brian Dawson, Kaden Eichmeier and Jillian Mariutti. The lender, per county records, was GIM Commercial Mortgage Loan Fund LP, an entity of J.P. Morgan Asset Management. JLL says the portfolio is over 98% leased. The other three buildings are in Denver, Long Island (New York) and Nashville. EverWest, also based in Denver, is a regular in our market, and its Tom Karbowski said in a statement, “Big thanks to the teams at J.P. Morgan Asset Management and JLL for all of their help in getting this financing completed in a challenging financing environment.”

Kidder Mathews

Alexander

Clemson

Kidder Mathews recently announced two key moves at its valuation advisory group. First, industry veteran Randall Clemson has been promoted to oversee the group at a national level, with the new title of executive VP. He'll continue to work in the Phoenix office. Second, here in Seattle, Justin Alexander has joined the valuation group as a senior VP; he makes the move from Partner Valuation Advisors. Clemson said in a statement, “We are very excited to have Justin join the Kidder Mathews Seattle team. He grew up in the Pacific Northwest, and has many deep relationships in the commercial real estate industry. Kidder Mathews VAS is rapidly expanding due to its market-leading platform and the highest splits in the industry.”

Meet Alison Beddard!

Beddard

NAIOP has a periodic series of events, dubbed Dealmakers, open to its student members and developing leaders program members. The next such gathering will be on Sept. 26 to hear from Cushman & Wakefield's Alison Beddard, a widely respected industry figure. She relocated here from C&W's Salt Lake City office two years ago. The event will be held at DLR Group's downtown offices, near the waterfront, beginning at 4 p.m. Details and registration: naiopwa.org.

Another housing effort from Amazon

By now you're familiar with Amazon's $2 billion national Housing Equity Fund, which launched two years ago. It's helped support or preserve hundreds and hundreds of affordable units in our region, and some 5,300 units nationwide. Those have been rentals. Now there's a new pilot program, in partnership with the nonprofit National Housing Trust, to invest $40 million toward increasing homeownership. The fund's Senthil Sankaran said in a statement, “This new initiative will allow us to explore ways to help more moderate-income households realize their dreams of homeownership and, in turn, help build wealth that can pass on to the next generation.” In our region, the pilot program will work with African Community Housing & Development and Homestead Community Land Trust and Habitat for Humanity Seattle-King Counties & Kittitas. The latter will use an unspecified amount of fund money to help 50 families make down payments this year. And Habitat is also planning 240 new homes for the sales market, also supported by the pilot program. Other details should emerge from the other two local partners on a project by project basis.

Lee adds to south Puget Sound team

Lee & Associates announced the recent hiring of two new brokers, to be based in its Tacoma office. Those are Zachary Ota and Michael Ota, who will be vice presidents. They make the move from CBRE. Lee's Jim Bowles said in a statement, “Zachary and Michael are valuable additions to our Tacoma team, which includes 13 seasoned and market leading commercial brokers. The Otas expertise will bolster our service offering in the South Sound commercial market.”