Jul 18, 2024

Clarion joins ACG effort in Lynnwood

[enlarge]

Earlier this month, the DJC reported the land sale and imminent start on Enso, a seven-story, 316-unit apartment project near Lynnwood City Center Station. American Capital Group is both the architect and contractor for the project, which should take about two years to complete. Now Clarion Partners has joined the effort, as the two announced this week. B.J. Kuula leads ACG, and said in a statement, “Enso could not come at a more critical time, as home ownership has become too costly for many and capital market dynamics have slowed new multifamily housing starts.” Rick Schaupp of Clarion added, “Clarion is excited to develop our first multifamily project in Lynnwood, particularly in such a prime location.” At the same time, they named Pacific Life Insurance as the provider of a recent $67.6 million construction loan.

JLL arranges $17M loan in Wenatchee

[enlarge]

Over in Wenatchee, the Landing at Saddlerock is an 84-unit garden apartment complex that was completed in December. Graystoke Capital Partners recently acquired the property from the original developer, Eider Construction, for an undisclosed price. (Mason Fiascone at Paragon Group was the seller's broker; Chelan County recorded the late May sale at just under $26 million.) Graystoke is based in Boise, and worked with the JLL office in Denver to secure a Fannie Mae loan worth nearly $16.9 million. Leading the acquisition financing effort were JLL's Brock Knapp and Tony Nargi. The latter said in a statement, “Graystoke uncovered a terrific buy of a brand-new property at well below current replacement cost. The strong sponsorship, market fundamentals and acquisition financing allowed for Fannie Mae to utilize their near stabilization program and close the loan at 82% occupancy.” Graystoke invests in the Mountain West region, with about 2,000 units in a portfolio it values at $400 million. The firm's Graye Parnell said in a statement, “We are excited about Wenatchee and the recent economic developments within the market.”

Walsh tops out on Tacoma apartments

[enlarge]

The Low Income Housing Institute announced this week that Walsh Construction has topped out on its six-story, 77-unit Patsy Surh Place in Tacoma. Work began in December on the affordable housing project, which is intended for seniors. Weber Thompson is the architect. Completion is expected around April of next year in the Lincoln District of the city, south of Interstate 5. LIHI is partnering on the project with the Asia Pacific Cultural Center, which was founded by Surh. Financial backers include various public sources and Banner Bank.

Jul 11, 2024

Night of the Stars reminder

Photo by Cleary O’Farrell [enlarge]

Washington Park

NAIOP would like to remind you that July 19 is the nomination deadline for its annual Night of the Stars awards gala. That means submitting your best work (or workers), entirely or substantially completed during this calendar year. Categories include industrial brokers, high-rise residential towers, office interiors, developer of the year, apartment buildings of all sizes and historic renovation. For the latter, one likely contestant should be Washington Park (pictured), the waterfront office renovation/addition project from Unico Properties, Pinnacle Partners, Lake Union Partners, architect BuildingWork and W.G. Clark Construction. The event itself will take place on Friday, Nov. 1, at the Hyatt Regency Bellevue. For submission guidelines and other info: naiop-wa.

CBRE

Louie

Just before the recent holiday weekend, CBRE announced its hiring of veteran multifamily broker Jordan Louie, who joins the firm as senior VP. He makes the move from JLL. CBRE's John R. Miller said in a statement, “Jordan's expertise and relationships in the mid-market sector will complement our team of multifamily experts in the Pacific Northwest, and enable clients to leverage CBRE's unparalleled global platform.”

CBRE

Huynh

CBRE announced this week that Vicki Huynh has joined its debt and structured finance group. She has two decades worth of experience in commercial mortgage banking, most recently with EverBank. She said in a statement, “CBRE is highly regarded in the commercial real estate industry, and I'm excited to join such a respected firm that offers unparalleled expertise. The incredible resources at CBRE will equip me to give my clients an edge in the market, provide deeper market insights and collaborate with a global network of amazing people.”

Colliers

Ober

Chaney

Two brokers recently moved from Kidder Matthews to Colliers, the latter firm announced this week. With a deep history in the office, Jeff Chaney and Seamus Ober will join the Bellevue office, as executive VP and senior associate, respectively. Chaney said in a statement, “We're very excited and grateful for the opportunity to join the Colliers team. We look forward to leveraging their global platform to grow our business, and to continue providing best-in-class service offerings to property occupiers, owners and investors.” Colliers' Scott Blankenship said of the new duo, “We are thrilled to welcome Jeff and Seamus to our growing team.”

Avatar announces two SoCal hires

Avatar Financial Group is based here in Seattle, and has offices in cities including Los Angeles. There, Alex Cruz and George War will join the firm, as it recently announced. Both the two industry veterans will continue their work in loan origination. Avatar president T.R. Hazelrigg IV said in a statement, “Both have leveraged their business development skills to become top producers in the commercial mortgage lending industry. With reputations for being deal closers, I'm looking forward to seeing Alex and George put their skills and resources to work.” Avatar specializes in private bridge loans, generally in the $1 million to $35 million range. Over the past two decades, it has provided or sourced over $1 billion in bridge loan funding.