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Berkadia Finances Three Seattle-Area Self-Storage Facilities

19 Jan 2015, 5:08 am

By Alex Girda, Associate Editor

Berkadia’s Seattle office recently completed $21 million in combined loan financings for three different self-storage facilities. The commercial real estate company arranged the financing for the properties located throughout the Puget Sound area. The borrower is Ray Moore Construction, with the company working with a Berkadia team led by Senior Vice President Louis Weisman. The loans were 10-year, interest only and fixed rate, secured through a major Wall Street lender.

The three self-storage assets are currently under the ownership of Stor More Self Storage, and are located in West Seattle, Burien and Auburn. According to the announcement, the full-term loans have a 4.45 percent interest rate and a loan-to-value ratio of 65 percent. At the time of the transaction, the three facilities had an average vacancy rate of around 5 percent. According to Louis Weisman, the company was able to complete the necessary underwriting and funding process in just 45 days. Berkadia highlighted that the swiftness of the process is mostly due to its expertise in the Seattle-area market.

The storage units available in the three-property portfolio owned by Stor More Self Storage range in size from smaller five-by-five-foot units to larger 10-by -30-foot units. The properties feature temperature control, gated security, heated units and drive-up units, as well as an amenity package including RV stalls, mailboxes and leased commercial space.

KBS Sells One Main Place in Portland CBD

12 Jan 2015, 6:41 pm

By Alex Girda, Associate Editor

KBS Real Estate Investment Trust II sold One Main Place in Portland’s Central Business District for $86.3 million. The waterfront property last traded for $54 million, according to asset manager and KBS Senior Vice President Mark Brecheen. The transaction was brokered by an Eastdil team consisting of Stephen Van Dusen, Jason Flynn and Darwin Rodriguez, on behalf of the seller.

Located at 101 S.W. Main St., the 20-story Class A office building occupies an entire city block and totals 315,133 square feet. It offers modern building systems and a large amenity package that includes a fitness center, showers, a conference center, subterranean parking, a full-service bank, a coffee shop and a café, and bears Energy Star certification. The tower was constructed in 1980; its modern look was designed by renowned architectural firm Skidmore, Owings & Merrill.

According to KBS Regional President Rodney Richerson, KBS Real Estate Investment Trust II put One Main Place through significant capital improvements in 2008. Richerson also noted that “we believe the One Main Place property appeals to a wide range of tenants in industries ranging from technology to finance to legal services and education.”

Image courtesy of cbre.com


Hunt Mortgage Group Arranges $14M Refinancing for Metropolitan Apartments Phase I in Tacoma

22 Dec 2014, 6:34 am

By Alex Girda, Associate Editor

A multifamily property in Tacoma was recently granted a $14.3 million Freddie Mac first mortgage refinancing. Commercial real estate lender Hunt Mortgage Group arranged the financing for Metropolitan Apartments Phase I in Tacoma. The borrower is a limited liability company backed by John Wise, key principal & owner of Metropolitan Apartments.

According to the announcement, the loan term is five years, with principal amortizing over a 30-year schedule. The proceeds are to be used to refinance existing debt. The Hunt Mortgage Group team handling the financing process consisted of Darryl Reimer, Stacy Benton and Josh Messier.

Metropolitan Apartments Phase I is a five-story apartment community totaling 88 residential units. The property is located at 233 St. Helena Ave., offering residents great views of Commencement Bay and easy access to important transportation centers. Renters at Phase I also benefit from the amenity package offered by the nearby Phase II.

Amenities include a 2,000-square-foot fitness center, indoor pool and spa, tanning rooms, lockers, clubroom with large screen TV and adjacent billiard room, kitchen and private 16-person dining room, indoor putting green, 39-seat movie theater, dance studio and outdoor pool.

“Metropolitan Apartment is in excellent condition and offers tenants superior amenities,” stressed Vice President of Mortgage Banking at Hunt Mortgage Josh Messier. The 2003-completed property features units that offer full-size washer/dryers, a street-level plaza with barbecue grills and tables, a conference room and a fitness room. According to Messier, the property has “high occupancy rates, strong management and operating fundamentals.”

 Image courtesy of themetropolitantacoma.com.

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Grosvenor Sells BluWater Luxury Community to Coast Equity Partners for $25M

15 Dec 2014, 9:46 pm

By Alex Girda, Associate Editor

As the greater Seattle residential market continues to stimulate investors, BluWater, a luxury residential community in Everett, Wash., recently traded hands in a deal worth $25.5 million. Grosvenor Americas sold the multifamily asset to Coast Equity Partners, with the seller advised by a team from Kidder Mathews.

According to Grosvenor Americas CIO Michael Beattie, the sale will provide the company with funds to be directed towards“further opportunistic investment.” In a press statement, he noted: “We intend to continue our value-add rental property acquisition program in the Puget Sound region, while expanding our multifamily portfolio in other major markets.”

The BluWater luxury community is a 152-unit lakeside apartment property consisting of seven two- and three-story buildings, located about 25 minutes north of Seattle in the Silver Lake neighborhood. The property stands between the cities of Bothell, Mill Creek and Everett, in the proximity of Seattle’s Eastside tech corridor. Also nearby are such other major employment centers as Boeing’s main production facility and the life science and tech scene in Bothell. The 1991-built asset offers an in-unit package that includes rustic cherry cabinets, stainless-steel appliances, wood-burning fireplaces, full-size washers and dryers, and private patios or balconies, with units located on the upper levels also featuring vaulted ceilings.

Grosvenor has owned BluWater since 2007, and has carried out a number of extensive upgrades and renovations. The community’s clubhouse received a new slate entry, new furnishings, custom cabinetry and a contemporary-style resident lounge. The clubhouse amenity package features a modernized fitness center overlooking Silver Lake, theater room, Wi-Fi lounge, business center and kitchenette. Outdoor amenities include a courtyard, a playground, walking trails and an all-season indoor-outdoor pool. Following the sale, Grosvenor Americas’ multifamily portfolio totals around 2,400 rental units in Canada and the U.S., most of them on the West Coast.

DiNapoli Capital Partners Acquires Pearl District Residential Community in $37M Deal

8 Dec 2014, 6:05 am

By Alex Girda, Associate Editor

Portland’s Pearl District is attracting a large amount of interest lately, with investors ready to move on any great opportunities. Honeymoon Hardware Lofts was recently sold by a joint venture between Seattle-based Security Properties Inc. and Lubert-Adler Partners of Philadelphia to buyer DiNapoli Capital Partners for $37.1 million. Portland HFF representative Ira Virden led the team that handled the transaction for both parties.

Honeyman Hardware Lofts is located at 555 N.W. Park Ave. and offers a total of 100 residential units, as well as around 10,800 square feet of street-level retail space. The community was originally developed as three separate buildings between 1903 and 1920, with the largest known as The Cotter Building, the original home of the Honeyman Hardware Co. and also listed on the National Register of Historic Places.

After an extensive renovation process carried out between 1989 and 1991, the three buildings were converted to residential and retail use. They cover an entire city block in the Pearl District and currently operate as a single entity, with 66 of the units located in The Cotter Building, 17 in the Bindery Building and the other 17 in the three-story Metro Building. Some of the units offer features such as two-level floor plans, exposed brick walls, vaulted ceilings, private balconies, Jacuzzi baths and built-in window seats.

The current seller, a JV between Security Properties and Lubert-Adler Partners, acquired the property back in 2012 and carried out $4.9 million in upgrades, including the conversion of a large amount of the retail space to 11 live-work lofts and a new resident lounge with free wi-fi and a gourmet coffee bar. Apartments were fitted with new cabinetry, quartz countertops, and new appliances, plumbing and lighting fixtures. The community is located in the vicinity of the MAX light-rail system, in an area of the city that features great entertainment and dining options.

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