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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.

LMN Architects Reportedly Chosen as Lead for Washington State Convention Center Expansion

24 Nov 2014, 3:16 pm

By Alex Girda, Associate Editor

The city of Seattle has for some time noted the need to expand its ability to host major events. Now, the Washington State Convention Center has announced that a team consisting of GGN, LMN Architects and SHoP is on track to win a competition intended to expand the center. According to recent reports, negotiations and a legal agreement are the only things keeping officials from an announcement.

LMN Architects would lead the team as the prime architect, responsible for local entity Gustafson Guthrie Nichol, who would act as the urban designer and landscape architect, and New York City-based SHoP, which would act as a resource for co-development planning. According to The Puget Sound Business Journal, the other finalists have not been revealed. With construction set to start on the expansion in 2017 and completion by 2020, the development process is estimated to cost investors around $1 billion. According to the current development guidelines, the expansion should add around 300,000 square feet of exhibit space, 135,000 square feet of meeting space, as well as a ballroom.

LMN Architects’ current portfolio includes projects such as the Vancouver Convention Centre West, University of Washington Foster School of Business, University Place Pedestrian Bridge, Benaroya Hall, the Tobin Center for the Performing Arts and the Conrad Prebys Music Center. The company has wide experience in completing projects like this, making it a good choice for the convention center expansion.

Image: WSCC South Lobby Exterior

courtesy of wscc.com

PM Hospitality Set to Operate New Portland Hotel, Part of Hilton’s Most Recent Brand

20 Nov 2014, 5:00 am

By Alex Girda, Associate Editor

The growing appeal of the Pacific Northwest means that more companies are looking to establish a presence in the region. Hospitality has been a huge component in the conversation regarding major cities in the area, such as Seattle and Portland. The two largest cities in the Pacific Northwest are currently both looking for options to increase the amount of convention space and the number of rooms that could accommodate the growing amount of tourists and business travelers. The latest hospitality company announcing an expansion in the area is PM Hospitality Strategies Inc., with the company being selected to operate a new Canopy by Hilton facility in Portland’s Pearl District.

The new hotel facility is set to be developed by The Buccini/Pollin Group, a full-service real estate acquisition, development and management company. It will be part of Hilton’s new lifestyle brand that currently totals 11 new properties, a press release announcing the new Portland hotel shows. Set to be located in The Pearl District, the new hotel was announced along with a new facility that is set to be built in Rockville, Md., on the outskirts of Washington, D.C. The locations were part of the brand’s idea of offering comfort and design, more included value, great neighborhoods and a “positively yours” culture.

According to Joseph Bojanowski, president of PM Hospitality Strategies, the company’s experience in working with Hilton means that PMHS is “uniquely qualified to be among the first operators of this newly minted brand.” The official also noted that “the Canopy brand, with its local orientation and included value pricing, will be a direct hit for those experience-oriented travelers.”

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