SEATTLE—Investment banking firm George Smith Partners has secured a $73 million non-recourse bridge loan for the conversion, renovation and stabilization of the Seattle Design Center on behalf of Greenbridge Investment Partners, a full-service commercial real estate firm. The financing was arranged by George Smith Partners Principal Steve Bram. “Seattle's creative office market is flourishing, and shows no signs of slowing in the near future,” says Bram. “Vacancy rates have reached pre-recession lows, and tech giants such as Amazon and Facebook are expanding in the market. This activity fuels a deeper demand for creative office, and presents an opportunity for owners who are in a position to deliver creative space to the market.” The design center, comprised of two buildings situated in the Georgetown submarket of Seattle, historically served as a well-known destination for high-end home furnishings and design services. Since acquiring the property in 2014, Greenbridge Investment Partners rebranded the buildings into: Building 1: a 157,000 square-foot asset now called Seattle Design Center; Building 2: a 280,000-square-foot asset now called Georgetown Squared (G2).

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

SAN FRANCISCO—Joe Cook has returned to a senior leadership position as Cushman & Wakefield's Regional Managing Principal, Northwest U.S. Joe has most recently worked as an advisor to Mike Smith, President of Cushman Wakefield's West Region. Based in San Francisco, Cook will implement the West Region's strategic initiatives throughout Northern California and Oregon, as well as ensure these markets realize their full potential and continue to provide superior client service. “Joe is a true leader and is well-respected both inside the firm and within the commercial real estate industry as a whole,” said Mr. Smith. “Beyond his long tenure with the firm, Joe has proven his integrity, leadership and absolute commitment to our clients time and time again.”

DEALTRACKER

SEATTLE—Pacific Eagle, a real estate developer with over 20 years' experience investing in luxury hotels, versatile office buildings, and modern, amenity-rich condominiums, has acquired 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.

EUGENE, OR—Heron Meadows, a 300-unit multifamily property in Eugene, OR, has changed hands. Managing Director Phil Oester and Senior Director Joe Nydahl of the Portland office of Berkadia completed the $40 million sale at a price-per-unit of $133,333. Managing Director Jeff Stuart of Berkadia's Seattle office arranged financing for the buyer through an existing assumable Fannie Mae loan and additional supplemental loan. The property was sold by Seattle-based Heron Meadows Apartments NW, LLC, who had owned the property since it was built in 2006. The buyer was Evergreen Housing Development Group, LLC, also out of Seattle.

SEATTLE—Investment banking firm George Smith Partners has secured a $73 million non-recourse bridge loan for the conversion, renovation and stabilization of the Seattle Design Center on behalf of Greenbridge Investment Partners, a full-service commercial real estate firm. The financing was arranged by George Smith Partners Principal Steve Bram. “Seattle's creative office market is flourishing, and shows no signs of slowing in the near future,” says Bram. “Vacancy rates have reached pre-recession lows, and tech giants such as Amazon and Facebook are expanding in the market. This activity fuels a deeper demand for creative office, and presents an opportunity for owners who are in a position to deliver creative space to the market.” The design center, comprised of two buildings situated in the Georgetown submarket of Seattle, historically served as a well-known destination for high-end home furnishings and design services. Since acquiring the property in 2014, Greenbridge Investment Partners rebranded the buildings into: Building 1: a 157,000 square-foot asset now called Seattle Design Center; Building 2: a 280,000-square-foot asset now called Georgetown Squared (G2).