MONTEREY, CA—Avison Young has brokered the $8.4-million sale of the Stargazer Inn & Suites, a 52-room boutique hotel in Monterey, CA. Avison Young Principal Eric Gunderson, who is based in the company's West Los Angeles office, represented local seller Monterey Signature Hotels. The buyer was a local private investor. Located at 1046 Munras Avenue, the Stargazer Inn & Suites features an indoor pool and spa, breakfast room and ample parking. Many guest rooms offer fireplaces and partial ocean views.

RENTON, WA—KeyBank's Community Development Lending & Investment team has provided a $15.5-million bridge to HUD loan for the Royal Hills Apartments, a 284-unit multifamily property located in Renton, WA. Of the 284 units, 281 are designated affordable housing for individuals and families making at or below 45% AMI; however, 57 of these units are specifically set aside for individuals and families with disabilities making at or below 50% AMI. Royal Hills Apartments features common area amenities such as central laundry, a playground and a community room. Residents can also take advantage of a business center and a service coordinator who can assist with computer classes, tutoring and resume building.

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

OAKLAND, CA—CBRE Group Inc. has opened its new office on the 18th floor of 1111 Broadway, located in the core of Downtown Oakland's CBD (Central Business District). The new office is part of CBRE's global “Workplace360” initiative, the company's leading-edge approach to workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled, 100 percent free-address and paperless offices. CBRE's Oakland office is the third of its seven Bay Area offices to convert to Workplace360, following Palo Alto in March 2016 and the San Jose office in July 2016. The new 9,800-sq.-ft. office features seamless wireless technology, offers employee choices in where and how they get their work done, and includes amenities such as sit/stand desks, healthy snacks and enhanced individual technology along with panoramic views of San Francisco, the Bay Bridge, the 80 Corridor and Downtown Oakland.

SAN JOSE—a3 Workplace Strategies, an independent workplace solutions consulting group based in San Jose, recently added two industry veterans—Michael Dern and Kelly Kane—to its growing team of advisors. Dern, affiliated with AIA, ULI, and SPUR, has over 20 years of industry experience. He specializes in architecture, construction, and project management for offices, restaurants, retail, and mix-use developments. A graduate of California Polytechnic State University in San Luis Obispo, Dern holds a Bachelor's degree in Architecture with a minor in Construction Management. Dern lives in Los Gatos. Kane, a resident of San Jose, has 20-plus years of marketing and client service experience. She specializes in business development, strategic marketing, and client relationship and market development. Kane, a graduate of Louisiana State University, holds a Bachelor's degree in Business with an emphasis in marketing.

DEALTRACKER

PORTLAND—Holliday Fenoglio Fowler LP has advised ScanlanKemperBard Cos. on the $53-million disposition and recapitalization of the American Bank Building, a historic office building in Portland's central business district. Additionally, HFF worked on behalf of the new partnership to secure $41.7 million in financing. Working on behalf of SKB, HFF recapitalized the property with Lionstone Investments and arranged a four-year, floating-rate loan through CIT Bank for the new partnership.

MONTEREY, CA—Avison Young has brokered the $8.4-million sale of the Stargazer Inn & Suites, a 52-room boutique hotel in Monterey, CA. Avison Young Principal Eric Gunderson, who is based in the company's West Los Angeles office, represented local seller Monterey Signature Hotels. The buyer was a local private investor. Located at 1046 Munras Avenue, the Stargazer Inn & Suites features an indoor pool and spa, breakfast room and ample parking. Many guest rooms offer fireplaces and partial ocean views.

RENTON, WA—KeyBank's Community Development Lending & Investment team has provided a $15.5-million bridge to HUD loan for the Royal Hills Apartments, a 284-unit multifamily property located in Renton, WA. Of the 284 units, 281 are designated affordable housing for individuals and families making at or below 45% AMI; however, 57 of these units are specifically set aside for individuals and families with disabilities making at or below 50% AMI. Royal Hills Apartments features common area amenities such as central laundry, a playground and a community room. Residents can also take advantage of a business center and a service coordinator who can assist with computer classes, tutoring and resume building.