SAN JOSE, CA—Revere Capital Founder Clark Briner announced today the firm has provided $3.1 million in short-term funding for a multifamily development in the heart of San Jose's Japantown. The borrower is building over 90 apartment homes on a 1.25-acre site at 535 N. 7th Street in San Jose, according to Richard Caldwell, a Senior Vice President with Revere Capital based in the firm's San Francisco office. He facilitated the loan on behalf of Revere Capital at the apartment developer's request. Details on the bridge loan were not available, though Caldwell indicated the financing is for less than a year with extension options. The site formerly housed an auto repair shop and car storage lot. Much of that section of Japantown is being converted to housing.

PORTLAND—Granite Investment Group announced today that it recently acquired the Tabor Crest Memory Care Portfolio, consisting of two memory care facilities in Oregon. Both facilities are located in densely populated areas of Portland and will be managed by the seniors housing division of Avalon Health Care Group. The portfolio, consisting of a total of 60 beds, includes a new facility that was built in April 2016 and leased up within six months of its opening. The second facility was acquired by the sellers in 2004, wherein they made significant improvements and built a stellar reputation in the community for quality of care. Both facilities provide high acuity services, focusing primarily on memory care, along with room, board, social activities, three daily meals, scheduled transportation, 24-hour supervision, and assistance with activities of daily living.

SEATTLE—Holliday Fenoglio Fowler LP has arranged an $80 million refinancing for the Thompson Seattle Hotel and Sequel Apartments, a recently completed, two-building, 183,486-square-foot, mixed-use property comprising 158 hotel rooms and 93 residential units in downtown Seattle, WA. HFF worked on behalf of the borrower, a joint venture between Geolo Capital and their local development partners, Douglas Howe and Shawn Parry, to place the floating-rate bridge loan with PCCP, LLC. Loan proceeds are being used to refinance the existing construction loan.

BUILDING BLOCKS

REDMOND, WA—MainStreet Property Group LLC has started construction on The Bond, a new five-story multifamily residential building located adjacent to Marymoor Park near vibrant downtown Redmond. The Bond is MainStreet Property Group's first co-investment project with global property company Grosvenor, which is providing capital for The Bond. The project is slated for completion in late 2018. Situated directly across from Marymoor Park near the north end of Lake Sammamish, The Bond is located at 6160 East Lake Sammamish Parkway NE. Featuring 139 apartment homes in two Northwest-inspired buildings, the project will include numerous high-end amenities.

PORTLAND—Officials of PM Hotel Group, a leading, national hotel management company, and the Buccini/Pollin Group, a privately-held, full-service real estate acquisition, development and management company have completed the topping off of the 153-room Canopy by Hilton Portland Pearl District. To commemorate the occasion, the hotel hosted a unique mosaic tile signing ceremony. Nestled in the Pearl District on Portland's Gallery Row, the hotel is located at 425 NW 9th Avenue, a short distance from the Willamette River and Pioneer Courthouse Square.

This week in the North West region, we learned that much of Japantown in San Jose is being converted to housing. We also learned who will lead JLL's research for Northern California. Check out all the news you might have missed below.—Natalie Dolce

NEWS & NOTABLES

SAN FRANCISCO—JLL has named veteran industry analyst Susan Persin as Research Director for Northern California. She replaces Amber Schiada, who moved to a similar position in Southern California earlier this summer. Prior to joining JLL, Persin was senior director of Research at Trepp LLC, a leading provider of data, analytics and technology solutions to the global securities and investment management industries. Prior to that, she was a co-founder and partner of Foresight Analytics, an Oakland-based research firm acquired by Trepp in 2010. Previously, she was a principal with Berkeley-based Rosen Consulting Group.

DEAL TRACKER

SAN JOSE, CA—Revere Capital Founder Clark Briner announced today the firm has provided $3.1 million in short-term funding for a multifamily development in the heart of San Jose's Japantown. The borrower is building over 90 apartment homes on a 1.25-acre site at 535 N. 7th Street in San Jose, according to Richard Caldwell, a Senior Vice President with Revere Capital based in the firm's San Francisco office. He facilitated the loan on behalf of Revere Capital at the apartment developer's request. Details on the bridge loan were not available, though Caldwell indicated the financing is for less than a year with extension options. The site formerly housed an auto repair shop and car storage lot. Much of that section of Japantown is being converted to housing.

PORTLAND—Granite Investment Group announced today that it recently acquired the Tabor Crest Memory Care Portfolio, consisting of two memory care facilities in Oregon. Both facilities are located in densely populated areas of Portland and will be managed by the seniors housing division of Avalon Health Care Group. The portfolio, consisting of a total of 60 beds, includes a new facility that was built in April 2016 and leased up within six months of its opening. The second facility was acquired by the sellers in 2004, wherein they made significant improvements and built a stellar reputation in the community for quality of care. Both facilities provide high acuity services, focusing primarily on memory care, along with room, board, social activities, three daily meals, scheduled transportation, 24-hour supervision, and assistance with activities of daily living.

SEATTLE—Holliday Fenoglio Fowler LP has arranged an $80 million refinancing for the Thompson Seattle Hotel and Sequel Apartments, a recently completed, two-building, 183,486-square-foot, mixed-use property comprising 158 hotel rooms and 93 residential units in downtown Seattle, WA. HFF worked on behalf of the borrower, a joint venture between Geolo Capital and their local development partners, Douglas Howe and Shawn Parry, to place the floating-rate bridge loan with PCCP, LLC. Loan proceeds are being used to refinance the existing construction loan.

BUILDING BLOCKS

REDMOND, WA—MainStreet Property Group LLC has started construction on The Bond, a new five-story multifamily residential building located adjacent to Marymoor Park near vibrant downtown Redmond. The Bond is MainStreet Property Group's first co-investment project with global property company Grosvenor, which is providing capital for The Bond. The project is slated for completion in late 2018. Situated directly across from Marymoor Park near the north end of Lake Sammamish, The Bond is located at 6160 East Lake Sammamish Parkway NE. Featuring 139 apartment homes in two Northwest-inspired buildings, the project will include numerous high-end amenities.

PORTLAND—Officials of PM Hotel Group, a leading, national hotel management company, and the Buccini/Pollin Group, a privately-held, full-service real estate acquisition, development and management company have completed the topping off of the 153-room Canopy by Hilton Portland Pearl District. To commemorate the occasion, the hotel hosted a unique mosaic tile signing ceremony. Nestled in the Pearl District on Portland's Gallery Row, the hotel is located at 425 NW 9th Avenue, a short distance from the Willamette River and Pioneer Courthouse Square.