Western Real Estate Business

SEP 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 32 • September 2018 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T ÁEGIS LIVING OPENS 82-UNIT, ITALIAN-INSPIRED SENIORS HOUSING COMMUNITY SEATTLE — Áegis Living has opened the doors on Áegis at Ravenna, an as- sisted living and memory care com- munity in Seattle's Maple Leaf neigh- borhood. The property will feature 82 total units. The Ravenna name is a reference to both a neighboring Seat- tle neighborhood and a 19th-century opera house in Ravenna, Italy, the in- spiration for the community's design. The community features views of lo- cal landscapes, including Maple Leaf Reservoir Park, Waldo Woods and Lake Washington. Based in nearby Bellevue, Áegis Living operates 30 se- niors housing communities in Wash- ington, California and Nevada. GREYSTAR ACQUIRES MIXED-USE PROPERTY IN PORTLAND'S WEST END PORTLAND, ORE. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Indigo at Twelve West, a mixed-use property lo- cated at 430 SW 13th Ave. in Portland. The price was not disclosed. Situated in the city's West End submarket, the property features 273 residential apartments, 86,000 square feet of cre- ative office space and a 10,000-square- foot retail component. The office and retail components are fully leased. Completed to LEED Platinum stan- dards in 2009, the property features all-glass façades with floor-to-ceiling windows, 10-foot to 12-foot ceilings, gas appliances and city views. WATERTON SELLS 202-UNIT APARTMENT COMMUNITY FOR $66 MILLION PORTLAND, ORE. — Waterton has completed the sale of Axcess 15, an apartment property located at 1500 NE 15th Ave. in the Lloyd District of Portland. MG Properties Group ac- quired the property for $66 million. Ira Virden and Carrie Kahn of HFF repre- sented the seller in the deal. Charles Halladay, Scott Gilson and Rick Sali- nas, also of HFF, arranged financing through Freddie Mac's CME Program for the buyer. The four- and five-story property features 202 units in a mix of one- and two-bedroom layouts, aver- aging 851 square feet, with open lay- outs, breakfast bars, in-unit washers and dryers, and balconies or patios. Additionally, the community features 18,000 square feet of ground-floor re- tail space. On-site amenities include a 24-hour fitness center, business center, resident lounge, landscaped court- yards and controlled access parking. KEYBANK SECURES $43.2 MILLION IN FINANCING FOR WORKFORCE HOUSING DEVELOPMENT AIRWAY HEIGHTS, WASH. — Key- Bank Real Estate Capital and KeyBank Community Development Lending and Investment has provided $43.2 million in financing for the develop- ment of Salish Flats Apartments, a workforce housing community locat- ed in Airway Heights. The borrower is TWG Development. Key's Communi- ty Development Lending and Invest- ment Group provided a $21.2 million KeyBank construction loan, and Key's Commercial Mortgage Group origi- nated a $22 million forward commit- ment through Freddie Mac's Targeted Affordable Group. The 216-unit Salish Flats Apartments is part of the master development plan of the Northern Quest Resort & Casino, owned and operated by the Kalispel Tribe of In- dians. Upon completion, the market- rate property will operate with a self- imposed income restriction, requiring 20 percent of the units be set aside for households earning less than 80 per- cent of the area median income. JCH NEGOTIATES SALE OF 152-UNIT SENIORS HOUSING PORTFOLIO WASHINGTON AND OREGON — JCH Senior Housing Investment Bro- kerage has arranged the sale of four assisted living and memory care com- munities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the proper- ties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and loca- tions of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction. LIVE OAK BANK PROVIDES $2.2 MILLION ACQUISITION FINANCING FOR BOUTIQUE ASSISTED LIVING COMMUNITY SEATTLE — Live Oak Bank has pro- vided a $2.2 million loan for the acqui- sition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The bou- tique community has monthly rents between $6,000 and $10,000. A hus- band-and-wife team, one of which is a longtime employee at the community, acquired the property from an undis- closed seller. The SBA loan features 90 percent loan-to-cost ratio. CBRE ARRANGES $23 MILLION SALE OF MEDICAL OFFICE BUILDING EDMONDS, WASH. — CBRE has brokered the sale of Edmonds Profes- sional Center, a medical office build- ing located at 7315 212th St. SW in Edmonds. Edmonds Professional Center LLC sold the property to an undisclosed buyer for $23 million. Built in 1991, the two-story property features 54,516 square feet of medi- cal office space. At the time of acqui- sition, the building was 100 percent leased to nine tenants, including Virginia Mason Health System and Swedish Health Services. Chris Bod- nar and Lee Asher of CBRE's Health- care Capital Markets group partnered with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare represented the seller in the deal. Image courtesy of Red Studio Inc. Axcess 15 in Portland features 202 apartments in a mix of one- and two-bedroom layouts, averaging 851 square feet. Virginia Mason Health System and Swedish Health Services are two of nine tenants at Edmonds Professional Center in Edmonds. Local team, nationwide access With Wells Fargo Commercial Real Estate, you get the local expertise of a leader along with a platform of products and services to help make sure you're on the road to success. Learn more about how we can work together to move your business forward at wellsfargo.com/realestate. COMMERCIAL REAL ESTATE CMBS LOANS BALANCE SHEET LENDING CAPITAL MARKETS DISTRIBUTION WAREHOUSE LENDING LOAN SERVICING AGENCY FINANCE AFFORDABLE HOUSING DEBT & EQUITY © 2018 Wells Fargo Bank, N.A. All rights reserved. Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affi liated banks and thrifts. IHA-6108501 $170,000,000 CMBS Refi nance 10-year term, 10-year IO Offi ce/Flex Irvine, CA $3,500,000 FHA Refi nance Bismarck, ND $15,782,000 Fannie Mae Acquisition Senior Housing Jacksonville, OR

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