NEWS & NOTABLES

SEATTLE—Zillow Group and EXIT Realty Corp. International have expanded its partnership. Through the expanded agreement with Zillow Group, EXIT Realty's thousands of listings now come directly to Zillow and Trulia. EXIT Realty benefits from guaranteed exposure for their agents on listings, as well as enhanced brokerage branding, including prominent display of their logo and description of the EXIT brand on every EXIT listing, according to a prepared statement. The enhanced partnership also leverages Zillow Tech Connect: Reviews, which makes EXIT Realty's thousands of agent reviews that have been collected on Zillow and Trulia available for display directly on their listings and agent profile pages on exitrealty.com. With this integration, EXIT Realty increases visibility of agent reviews and encourages trust with potential customers across Zillow, Trulia and EXIT Realty's online audiences.

DEAL TRACKER

HAPPY VALLEY, OR—On behalf of a partnership between Intercontinental and MG Properties, CBRE Capital Markets' Debt & Structured Finance team secured $50.9 million of debt financing for a 390-unit multifamily community in the Portland suburb, Happy Valley, OR. CBRE vice chairman Brian Eisendrath, VP Brandon Smith, VP Nick Santangelo, and Senior Associate Cameron Chalfant at CBRE arranged the 10-year fixed rate full-term interest-only loan through Fannie Mae. This is their 14th multifamily financing in the Portland market since August 2015 – accounting for more than $300 million in debt placement on over 3,200 units. Riverwalk at Happy Valley Apartments was built in 1990 and comprehensively renovated in 2012. The community consists of 390 apartments situated on 11.8 acres. The property is comprised of 21 apartment buildings and 2 accessory common area buildings including a clubhouse and a fitness center. It is immediately adjacent to Clackamas Town Center, Oregon's second largest regional mall, and the eastside MAX light rail hub for the green line.

SEATTLE—A partnership between L5 Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired The Columbian Apartments for $5.82 million in Seattle, WA. The 40-unit property is located in Beacon Hill, an emerging neighborhood in the south central park area, less than three miles from downtown Seattle. The partnership is planning to add value to the property by modernizing both unit interiors and exterior areas in order to better meet the demand of local renters. Built in 1965 and located at 1410 to 1414 S. Columbian Way, The Columbian is a community consisting entirely of large two-bedroom apartments. The units feature walk-in closets, private patios and views of the Olympic Peninsula. The property is well located, with excellent access to mass transit (the metro bus stop is in front of the property, and light rail is just minutes away) and is a short walk to Jefferson Park and the Jefferson Park Golf Course.

REXBURG, ID—Premier Capital Associates LLC has arranged financing necessary to acquire the SpringHill Suites by Marriott in Rexburg, ID. The total loan amount was approximately $9.5 million. “The investors had a short window to arrange financing in order to acquire the property. We were able to structure a loan that met the investors return requirements and closed quickly. This quick execution enabled the investors to secure a great asset in a unique market,” says Greg Morris, Managing Director of Premier Capital Associates.

BUILDING BLOCKS

TACOMA, WA—Greystone has provided a $31-million Fannie Mae Delegated Underwriting and Servicing loan for the permanent takeout of a construction loan on The Henry in Tacoma, WA. The loan was originated by Tom Meunier of Greystone's Newport Beach, CA office. The Henry's refinancing, executed through a Fannie Mae DUS loan, is a 7/6 adjustable rate mortgage with a 30-year term. The Henry is a newly constructed Class-A mid-rise building comprising 161 residential units with six floors. Offering ground-level commercial space, the property is ideally situated along the Tacoma Foss Waterway with convenient access to the area's restaurants, museums and shopping. The Henry's amenities include a resident lounge, fitness center, picnic area/courtyard, and dog park. The borrowing entity felt the 7/6 product provided them the best execution and most flexible loan terms for their current financing situation. “The Henry is a pristine mixed-use building offering luxury waterfront living in the Tacoma market. The building will also receive its green certification in the coming year, signaling to tenants and the market that the building is financially and environmentally responsible,” says Meunier.

VANCOUVER, WA—In preparation for the new Grant Street Pier and the expansive Waterfront development, a new pump system and two new sewer main lines are being constructed and installed between Columbia Street and West 2^nd Street at the east end of The Waterfront development. Construction company Rotschy Inc. and civil engineers HDJ Design Group are engaged to complete the $1,379,728 project, which will be an entrée to completing the Grant Street Pier build out. The new system comprises a large submersible pump system and two force main sewer lines that will run along the northern border of The Waterfront development, under the north access road. Construction begins in mid-November on the new pump station and sewer lines, and is expected to culminate in early Summer, 2017.