Pacific Northwest property owners and real estate investors are completing financing deals for properties as the area continues to develop in an attempt to boost their chances at securing promising properties or improving assets in their existing portfolios. Berkadia Commercial Mortgage LLC and Holiday Fenoglio Fowler LLC both recently arranged financing deals for properties in the region, in Seattle and Portland, respectively.
Berkadia arranged $14.7 million in bridge financing for a mixed-use property at 954 East Union St. in Seattle. The six-story building will open this fall in the immediate proximity of the First Hill Street Car line. The mixed-use property offers 6,000 square feet of ground-level retail space, as well as 79 residential units comprising studios and one- and two-bedroom units.
Handled by Berkadia Commercial Mortgage Senior Vice President Louis Weisman and Hendricks-Berkadia Managing Broker Tim Ufkes, the loan features two six-month extension options and a 79 percent loan-to-cost ratio. The entity owning the asset will use the proceeds for coverage of construction costs and preparation for upcoming financing or a sale move.
The Portland property involved in a recent financing deal is the Woodlark Building in the city’s downtown area. The borrower in this case was a joint-venture between NFN Investments LLC and Arthur Mutual Investments. HFF arranged the $5 million acquisition financing deal used in the purchase of the historic property.
Located at 813-817 SW Adler, at the corner of SW Ninth Avenue, the Woodlark Building was originally completed in 1912, with a number of renovations and a host of improvements carried out at the facility over the past century in an attempt to maintain its relevance. The eight-story property, totaling 43,887 square feet of space, has a current occupancy rate of 91 percent, with a variety of office and retail tenants.
Featured image: author Another Believer via Wikimedia Commons