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— CBRE Group Inc. has added five new professionals and two support team members to its expanding Bay Area Retail Services Group. Joining the group are Jessica Birmingham, First Vice President, Drew Greenspan, Vice President, Meaghan Haley, Associate Broker, Annie Prupas, First Vice President, and Katie Singer, First Vice President along with Gary Palubicki, Senior GIS Specialist and Andrea Chavez, Client Services Coordinator. The team expansion news follows the December arrival of Matt Kircher, a 27-year veteran of retail real estate, who rejoined CBRE as Managing Director and Executive Vice President to lead its Bay Area Retail Leasing business. He came to CBRE via Cushman & Wakefield (formerly Terranomics), where he led more than 30 retail professionals in six Northern California offices for the past 20 years.
DEALTRACKER

PORTLAND—Holliday Fenoglio Fowler LP has closed the $23.5-million sale of and arranged the financing for Gresham Station Medical Plaza, a 100,419-square-foot, four-building medical office complex in the suburban Portland community of Gresham, OR. HFF marketed the property on behalf of the seller, Westlake Realty Group Inc., and procured the buyer, Stockdale Capital Partners. Additionally, HFF worked on behalf of the new owner to secure the acquisition loan. HFF handled the sale of the adjacent Gresham Station Shopping Center on behalf of Westlake in 2016. Gresham Station Medical Plaza is located at 831 NW Council Drive, 862-894 NW Burnside Drive and 1851-1867 NW Civic Drive, near the Adventist Medical Center. The HFF investment sales team representing the seller was led by senior managing director Nick Kucha, managing director Evan Kovac, associate Andrew Milne and analyst Trent Jemmett.

SEATTLE—Antonio Hachem at PSRS provided 100% structured acquisition financing with a national life insurance company, non-recourse 5 year term. This 54.5-million loan has 3 years I/O and 25 year amortization thereafter. The 324,287-square-foot asset with campus setting provided the life company an opportunity for yield in the Seattle market, according to a release, where lender had little to no exposure. The buyer is an investment firm based in Beverly Hills that successfully completed similar projects in the Seattle market. The borrower had a high leverage loan at 100% of purchase price (90% LTC) with Life Co. pricing and certainty of execution.

LYNNWOOD, WA—Marcus & Millichap Capital Corp. has arranged a $19-million construction loan to build a six-story, 155-room Hilton Garden Inn in Lynnwood, WA. The property will feature an indoor pool, an outdoor pool deck, an outdoor terrace, a fitness center, meeting space, and a restaurant and lounge. Robert Bhat, a director in MMCC's Miami office, arranged the debt placement. “Construction loans for hospitality projects of this size are generally more challenging to obtain today than they were in the past, primarily due to high volatility commercial real estate (HVCRE) guidelines,” says Bhat. “However, in this case, there is an experienced hotel developer/operator with a strong track record who knows the market well. In addition, this asset will have an incredible location adjacent to the Lynnwood Convention Center. It will be the closest of any hotel and will feature a walkway to the convention center. Over the past 10 years, this center has hosted more than 4,000 events and 750,000 guests. We anticipate construction will take approximately 18 months,” Bhat concludes.