Western Real Estate Business

OCT 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 www.REBusinessOnline.com Western Real Estate Business • October 2018 • 21 PA C I F I C N O R T H W E S T JOINT VENTURE COMPLETES $190 MILLION CANCER RESEARCH BUILDING PORTLAND, ORE. — The construc- tion joint venture team of McCarthy Building Cos. and Andersen Con- struction, along with SRG Partner- ship and Oregon Health & Science University (OHSU), has completed the Knight Cancer Research Building on OHSU's campus. The $190 million research and development confer- ence center facility features 320,000 square feet of space, with science and data analysis offerings on each floor to maximize interaction and the po- tential of deeper innovation and idea sharing. The facility also features open-air balconies, communicating stairs, a rooftop terrace and a central collaboration kitchen. COMPASS COMMERCIAL NEGOTIATES $1.4 MILLION SALE OF APARTMENT BUILDING PRINEVILLE, ORE. — Compass Commercial Real Estate Services has brokered the sale of Rio Vista Apart- ments, a multifamily property located at 940 NW Second St. in Prineville. Steven and Maria Whitrock acquired the 19,296-square-foot property from an undisclosed seller for $1.4 million. Terry O'Neil and Gardner Williams of Compass Commercial Real Estate Ser- vices represented the buyers. SECURITY PROPERTIES, PACIFIC LIFE INSURANCE BUY MULTIFAMILY ASSET HILLSBORO, ORE. — Security Prop- erties and Pacific Life Insurance Co. have acquired Tessera at Orenco Sta- tion, a multifamily property located at 6523 NE Cherry Drive in Hillsboro, a suburb of Portland. An undisclosed seller sold the asset for $85 million. Built in 2014, the property features 304 apartment units and is within walking distance of The Orenco Station Town Center, a retail center. The buyers plan to upgrade all eight of the property's designated common area spaces and renovate the unit interiors with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a technology package. Security Properties Residential, an affiliate of Security Properties, will manage the property. KEYBANK PROVIDES $30.9 MILLION IN FINANCING TO BUILD TWO AFFORDABLE HOUSING PROJECTS SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Men- tal Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jack- son streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junc- tion, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council. KeyBank will also provide the borrower with a $5.6 million private placement permanent loan. Additionally, KeyBank provided a $11.7 million construction loan for the development of Patricia A. Apart- ments. The property will offer 52 units of permanent supportive housing for individuals with mental illnesses. The City of Seattle, King County and Washington State Housing Trust Fund provided additional funding. Victoria Quinn of KeyBank's CDLI group ar- ranged the financing for both proper- ties. ÁEGIS LIVING OPENS 83-UNIT SENIORS HOUSING COMMUNITY IN SEATTLE SEATTLE — Áegis Living has opened the doors on Áegis of West Seattle, an 83-unit assisted living and memory care community in Seattle. The project was designed to look like a Mediter- ranean resort. Áegis' most recent com- munities are designed on such themes. Its community under construction on nearby Mercer Island is lodge-themed, and the company recently opened an Italian-themed community in Seattle. Áegis Living is a Bellevue-based de- veloper and operator with 31 seniors housing communities in Washington, California and Nevada. NEWMARK ARRANGES $42 MILLION IN FINANCING FOR 107,000 SF MIXED-USE PROPERTY SAMMAMISH, WASH. — New- mark has secured $42 million in permanent financing for the Vil- lage at Sammamish Town Center, a 107,000-square-foot mixed-use prop- erty located in Sammamish. The prop- erty features 37,000 square feet of medical office space, a 35,000-square- foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Mi- chael Taylor, Skip Slavin and Patrick Taylor of Newmark's Seattle office ar- ranged the non-recourse financing on behalf of the property owner. The 14- year term, 30-year amortization loan was placed with one of Newmark's correspondent lenders, and Newmark will service the loan. NON-TRADED REIT ACQUIRES 286-UNIT SENIORS HOUSING COMMUNITY FOR $92 MILLION PORTLAND, ORE. — Strategic Stu- dent & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing com- munity in Portland, for $92 million. The property offers 286 units of in- dependent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Man- agement. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new own- ership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communi- ties acquired for an aggregate price of approximately $275 million. JCH NEGOTIATES $16.5 MILLION SALE OF 152-UNIT SENIORS HOUSING PORTFOLIO WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Or- egon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry vet- erans selling the communities. The portfolio totals 152 units. The specif- ic names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction. Located in Portland, Knight Cancer Research features 320,000 square feet of research and development conference center space. Located in Hillsboro, Tessera at Orenco Station features 304 apartment units. UPCOMING MARKET HIGHLIGHTS NOVEMBER DECEMBER Orange County Inland Empire Reno Las Vegas UPCOMING FEATURES Green/Sustainability Trends Technology in Real Estate CRE Outlook & Opportunities in 2019 EDITORIAL OPPORTUNITIES: Nellie Day nday@francemediainc.com ADVERTISING OPPORTUNITIES: Scott France scott@francemediainc.com

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