TACOMA, WA-The Danville, CA-based firm won the right to develop a mixed-use project on the Foss Waterway here by envisioning a 124-room hotel tower on one parcel and a 200-unit condominium tower on the other. In reality, it will have to be much smaller.
PORTLAND-Two years after acquiring the 128-room Imperial Hotel here for $10.4 million, spending $5 million on renovations and renaming it Hotel Lucia, the locally based Aspen Group secures $10.5 million in first mortgage financing at a spread of less than 200 points over the 10-year treasury.
STOCKTON, CA-Acacia Capital Corp. of San Mateo acquires the Venetian Bridges Apartments here from Zephyr Management LP for about $26.5 million. The apartment complex was 97% leased at the time of the sale.
SAN JUAN, PUERTO RICO-The Puerto Rico Convention Center District Authority taps Starwood Hotels & Resorts to operate the 500-room hotel portion of a $175-million development here that will rise adjacent to a new $415-million convention center.
AUBURN, WA-Sources close to the deal tell GlobeSt.com that Boeing Realty originally expected to sell the building vacant for maybe $40 per sf, but Zones Inc. ended up leasing 70% of the space and Boeing ultimately decided to lease back the remainder.
PORTLAND-Local developer Paul Brenneke and the main lender on his Avalon Hotel & Spa property are negotiating an extension of the first mortgage loan on the property, the main piece of a reorganization plan that Brenneke must file with the US Bankruptcy Court in early August en route to a hearing in late September.
NASHVILLE, TN-The developers of a 298-unit garden apartment project here receive construction-to-permanent financing through the FHA 221(d) 4 program that will cover almost 100% of the cost to acquire and construct the 15-building complex.
STOCKHOLM-The local arm of the global development services company is selling 460,500 sf of new lab and office space in Sundbyberg and Gothenburg to locally based AMF Pension for $137 million.
FEDERAL WAY, WA-With the $25.4-million purchase of SeaTac Village, the Portland-based real estate company now controls 500,000 sf of retail here on three of the four corners at South 320th Street and Pacific Highway South. The fourth corner is the 740,000-sf Sea Tac Mall, now called the Commons at Federal Way.
CONCORD, CA-One year after completion, the 231,000-sf first phase of the 462,000-sf Downtown office development here is 82% leased--well ahead of the project proforma estimate that only 30% of the 10-story building would be leased by now.
