SEATTLE—Holliday Fenoglio Fowler LP has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington's Upper Queen Anne neighborhood.
HFF marketed the property exclusively on behalf of the seller. Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-rate loan through Freddie Mac's (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Milestone Retirement Communities, LLC will manage the property.
Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.
The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.
In other nearby news, today, CenterPoint Properties revealed the acquisition of a 152,155-square-foot facility on 15 acres at 3702 C Street NE in Auburn, WA. The building will be leased to FedEx Ground as one of its primary distribution and sorting facilities in Western Washington. Matt Wood, Andy Miller and Todd Battison of Kidder Matthews represented both the seller and CenterPoint in the transaction.
“It is very exciting to acquire a facility in such a strategic location with proximity to the Ports of Tacoma and Seattle, and major freeways,” said Chris Tecu, Vice President of Investments at CenterPoint. “We are thrilled to acquire a building with unparalleled logistics advantages in this location.”
The building is located near the Union Pacific and BNSF intermodals and major freeways SR-167, SR-18 and I-5, offering immediate access to the Puget Sound region.
FedEx Ground is a subsidiary of FedEx Corporation that specializes in residential and business-to-business delivery. The Auburn location puts the company just six miles from Amazon Fulfillment Center.
Facility features include 40 exterior docks, 17 drive-in doors and hundreds of trailer positions. The strategic location offers FedEx Ground the ability to reach 10.7 Million people in one day and 44 Million people in two day deliveries.
This is the ninth property CenterPoint has acquired in the Kent Valley since 2014.
And on the financing side, today it was revealed that Sonnenblick-Eichner Co. arranged $27 million of first mortgage financing for the 167-room Cedarbrook Lodge, SeaTac in Seattle, WA. The 10-year fixed rate, non-recourse financing was priced in the mid-4% range with interest-only payments for the entire term of the loan.
The hotel is located on seven acres of restored natural wetlands and is less than two miles from SeaTac International Airport. Amenities at the hotel include over 17,000 square feet of state-of-the-art meeting space and a 1,600-square-foot fitness center. Additionally, the hotel is home to “The Spa” and the award-winning Copperleaf Restaurant & Bar.
“Despite the volatility in the capital markets over the last couple of weeks, we were successful in getting the lender to hold their spread and close the loan in the mid 4 percent range with full term interest-only,” says Elliot Eichner, a principal of Sonnenblick-Eichner Co. “We are seeing no shortage of mortgage capital for all product types, including independent branded hotels such as the Cedarbrook Lodge,” adds Patrick Brown, also a principal of Sonnenblick-Eichner Co.
SEATTLE—Holliday Fenoglio Fowler LP has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington's Upper Queen Anne neighborhood.
HFF marketed the property exclusively on behalf of the seller. Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-rate loan through
Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.
The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.
In other nearby news, today, CenterPoint Properties revealed the acquisition of a 152,155-square-foot facility on 15 acres at 3702 C Street NE in Auburn, WA. The building will be leased to FedEx Ground as one of its primary distribution and sorting facilities in Western Washington. Matt Wood, Andy Miller and Todd Battison of Kidder Matthews represented both the seller and CenterPoint in the transaction.
“It is very exciting to acquire a facility in such a strategic location with proximity to the Ports of Tacoma and Seattle, and major freeways,” said Chris Tecu, Vice President of Investments at CenterPoint. “We are thrilled to acquire a building with unparalleled logistics advantages in this location.”
The building is located near the Union Pacific and BNSF intermodals and major freeways SR-167, SR-18 and I-5, offering immediate access to the Puget Sound region.
FedEx Ground is a subsidiary of
Facility features include 40 exterior docks, 17 drive-in doors and hundreds of trailer positions. The strategic location offers FedEx Ground the ability to reach 10.7 Million people in one day and 44 Million people in two day deliveries.
This is the ninth property CenterPoint has acquired in the Kent Valley since 2014.
And on the financing side, today it was revealed that Sonnenblick-Eichner Co. arranged $27 million of first mortgage financing for the 167-room Cedarbrook Lodge, SeaTac in Seattle, WA. The 10-year fixed rate, non-recourse financing was priced in the mid-4% range with interest-only payments for the entire term of the loan.
The hotel is located on seven acres of restored natural wetlands and is less than two miles from SeaTac International Airport. Amenities at the hotel include over 17,000 square feet of state-of-the-art meeting space and a 1,600-square-foot fitness center. Additionally, the hotel is home to “The Spa” and the award-winning Copperleaf Restaurant & Bar.
“Despite the volatility in the capital markets over the last couple of weeks, we were successful in getting the lender to hold their spread and close the loan in the mid 4 percent range with full term interest-only,” says Elliot Eichner, a principal of Sonnenblick-Eichner Co. “We are seeing no shortage of mortgage capital for all product types, including independent branded hotels such as the Cedarbrook Lodge,” adds Patrick Brown, also a principal of Sonnenblick-Eichner Co.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
