SEATTLE—Alliance Residential Co. is expanding its signature Broadstone development concept to Seattle's historic First Hill neighborhood with two new projects – Broadstone Saxton and Broadstone Lexington. The eight-story, 325-unit Broadstone Saxton and the seven-story, 75-unit Broadstone Lexington recently began construction, sitting directly across James Street from one another at the Terry Avenue intersection. The two luxury properties join Alliance's other Seattle Broadstone communities in the Capitol Hill, Queen Anne and West Seattle neighborhoods.

BELLEVUE, WA—Pacific Eagle, a real estate developer with over 20 years' experience investing in luxury hotels, versatile office buildings, and modern, amenity-rich condominiums, is pleased to announce the off-market acquisition of 1931 Second Ave., five contiguous parcels totaling 19,440 square feet on the southwest corner of Second Avenue and Virginia Street in Seattle's Belltown neighborhood. The site is entitled for a 17-story hotel and was purchased for $18 million.

Below is GlobeSt.com's bi-weekly update on the middle markets throughout the North West region. Here's a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.

NEWS & NOTABLES

SEATTLE—Lee & Associates has opened its first office in downtown Seattle. The company is headed by industry veteran Jim Bowles in partnership with long time brokerage leader Richard Peterson and Chris Peterson. All are very experienced commercial real estate experts with history of operating successful real estate brokerage operations in the Puget Sound region. In the last two years, Lee & Associates has opened offices in Walnut Creek, CA; Minneapolis, MN; Pasadena, CA; Vancouver, B.C.; Eastern Pennsylvania; Cleveland and Columbus, OH and Houston.

SAN FRANCISCO—Barry Slatt Mortgage has opened a new San Francisco office. Industry experts Kenneth M. Fox, CCIM and Paul Schroeder, formerly of Cohen Financial, have joined Barry Slatt Mortgage as Principals in a new San Francisco office. The two bring 70 years of commercial real estate finance experience and over $4 billion in successful loan originations. Kenneth and Paul will anchor the newly opened office at 50 California Street in Downtown San Francisco. This strategic expansion into San Francisco marks the sixth office for Barry Slatt Mortgage and increases its footprint in Northern California and the West Coast.

DEALTRACKER

AUBURN, WA—KeyBank Real Estate Capital has arranged an $18.4 million Freddie Mac first mortgage loan for Pasa Fino Apartments located 27 miles south of downtown Seattle in Auburn, WA. The 166-unit, garden-style apartment community was developed in two phases between 1998 and 2006. Jay Dogan of Key's Commercial Mortgage Group arranged the non-recourse loan with a 10-year term, five-year interest only period and 30-year amortization schedule. The financing will consolidate the phases into a single operating entity.

SEATTLE—Alliance Residential Co. is expanding its signature Broadstone development concept to Seattle's historic First Hill neighborhood with two new projects – Broadstone Saxton and Broadstone Lexington. The eight-story, 325-unit Broadstone Saxton and the seven-story, 75-unit Broadstone Lexington recently began construction, sitting directly across James Street from one another at the Terry Avenue intersection. The two luxury properties join Alliance's other Seattle Broadstone communities in the Capitol Hill, Queen Anne and West Seattle neighborhoods.

BELLEVUE, WA—Pacific Eagle, a real estate developer with over 20 years' experience investing in luxury hotels, versatile office buildings, and modern, amenity-rich condominiums, is pleased to announce the off-market acquisition of 1931 Second Ave., five contiguous parcels totaling 19,440 square feet on the southwest corner of Second Avenue and Virginia Street in Seattle's Belltown neighborhood. The site is entitled for a 17-story hotel and was purchased for $18 million.