SEATTLE—Security Properties purchased Bordeaux Apartments, a 124-unit multifamily property built in 1989 and located in Bothell, WA for $26 million. SP now owns a total of 17 assets in the Seattle marketplace. The property is located at the northern end of Bothell, WA near Martha Lake. Being minutes from the I-5/I-405 interchange, Bordeaux offers residents convenient access to all three of the region's largest employment centers with Seattle and Bellevue both 20 miles south while Everett is just 10 miles north.

TACOMA, WA—CenterPoint Properties has acquired 3102 South Pine St. in Tacoma, WA. The 194,857 SF transload facility is fully leased to Goodwill Industries on a long-term basis. Purchase of this asset aligns with CenterPoint's strategy of acquiring functional transportation-related real estate in close proximity to ports and intermodal centers, according to a prepared statement.

BOTHELL, WA—KeyBank Real Estate Capital has originated a $43.3-million floating rate, first mortgage loan for Monte Villa Farms, a 274,273-square foot mixed-use property, located in Bothell, WA. Constructed in 1994 and situated on 19.3 acres of land, the property is comprised of four, multi-tenant mixed-use office, industrial, retail and event space buildings. Major tenants at the property include Panasonic, EastLake Community Church and Bio Life Solutions Inc. Josh Berde of Key's Commercial Mortgage Group arranged the loan, which was used to refinance existing debt. The loan is structured with a three-year interest-only term, with the option to extend the term for two periods of 12 months.

SUNNYVALE, CA—Marcus & Millichap Capital Corp. has arranged $10 million in debt to refinance a 23,340-square-foot single-tenant office building in Sunnyvale, CA. Behzad Boroumand, a director in MMCC's Palo Alto office, arranged the debt placement. “The borrower had been in an adjustable-rate, shorter-term loan and wanted to fix in a rate for a long period ahead of any potential rate increase,” comments Boroumand. “They also wanted a shorter amortization in order to aggressively pay down the principal and minimize interest expense. MMCC sourced a lender that was comfortable with the asset type, tenant and lease terms. We negotiated a low rate and structured the loan to meet our client's specific tax and estate planning needs,” Boroumand concludes.

BUILDING BLOCKS

LYNNWOOD, WA—CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has acquired Quail Park of Lynnwood, a 15-acre senior housing community in Lynnwood, WA, a suburb of Seattle. CA Senior Living and Seattle-based Living Care Lifestyles entered into a joint venture with an affiliate of Goldman Sachs & Co. to purchase the 130-unit community from affiliates of Living Care Lifestyles. Future plans include a two-phase expansion that will add 109 units, nearly doubling the number of independent and assisted living residences.

This week in the North West region, the deal news seems to be all about Washington State. Check out all the news you might have missed in the region below.—Natalie Dolce

NEWS & NOTABLES

BELLEVUE, WA—Upstream recently revealed a “two-way” method of integration with the Multiple Listing Service community at the REALTORS Legislative Meetings & Trade Expo. In addition to Upstream's current method of integration, with brokers entering property information into the Upstream data base for distribution, Upstream, working with their MLS Advisory Group, has developed an expanded “broker input of choice” model. The teams determined integration and adoption would be facilitated if brokers had a choice on entry location and MLSs could send data to Upstream. The result is a “broker feed” method of integration where brokerages have a “single choice of input.” If a brokerage so chooses, they can input listings into their MLS(s) allowing Upstream to receive those listings from the MLS. Participants can continue to enhance their listings (add additional high-res photos, etc.) in Upstream and manage distribution deliberately.

DEAL TRACKER

SEATTLE—Security Properties purchased Bordeaux Apartments, a 124-unit multifamily property built in 1989 and located in Bothell, WA for $26 million. SP now owns a total of 17 assets in the Seattle marketplace. The property is located at the northern end of Bothell, WA near Martha Lake. Being minutes from the I-5/I-405 interchange, Bordeaux offers residents convenient access to all three of the region's largest employment centers with Seattle and Bellevue both 20 miles south while Everett is just 10 miles north.

TACOMA, WA—CenterPoint Properties has acquired 3102 South Pine St. in Tacoma, WA. The 194,857 SF transload facility is fully leased to Goodwill Industries on a long-term basis. Purchase of this asset aligns with CenterPoint's strategy of acquiring functional transportation-related real estate in close proximity to ports and intermodal centers, according to a prepared statement.

BOTHELL, WA—KeyBank Real Estate Capital has originated a $43.3-million floating rate, first mortgage loan for Monte Villa Farms, a 274,273-square foot mixed-use property, located in Bothell, WA. Constructed in 1994 and situated on 19.3 acres of land, the property is comprised of four, multi-tenant mixed-use office, industrial, retail and event space buildings. Major tenants at the property include Panasonic, EastLake Community Church and Bio Life Solutions Inc. Josh Berde of Key's Commercial Mortgage Group arranged the loan, which was used to refinance existing debt. The loan is structured with a three-year interest-only term, with the option to extend the term for two periods of 12 months.

SUNNYVALE, CA—Marcus & Millichap Capital Corp. has arranged $10 million in debt to refinance a 23,340-square-foot single-tenant office building in Sunnyvale, CA. Behzad Boroumand, a director in MMCC's Palo Alto office, arranged the debt placement. “The borrower had been in an adjustable-rate, shorter-term loan and wanted to fix in a rate for a long period ahead of any potential rate increase,” comments Boroumand. “They also wanted a shorter amortization in order to aggressively pay down the principal and minimize interest expense. MMCC sourced a lender that was comfortable with the asset type, tenant and lease terms. We negotiated a low rate and structured the loan to meet our client's specific tax and estate planning needs,” Boroumand concludes.

BUILDING BLOCKS

LYNNWOOD, WA—CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has acquired Quail Park of Lynnwood, a 15-acre senior housing community in Lynnwood, WA, a suburb of Seattle. CA Senior Living and Seattle-based Living Care Lifestyles entered into a joint venture with an affiliate of Goldman Sachs & Co. to purchase the 130-unit community from affiliates of Living Care Lifestyles. Future plans include a two-phase expansion that will add 109 units, nearly doubling the number of independent and assisted living residences.