Jan 14, 2021
Cushman & Wakefield recently announced that its Alison Beddard has been named managing principal for our state; she'll move from the firm's Salt Lake City office to Seattle. C&W's West Coast president Dan Broderick said in a statement, “Alison embodies our firm's values and the highest qualities we champion in our leadership.” Said Beddard, “I am excited to join my new team at Cushman & Wakefield and work in the dynamic Seattle and Bellevue commercial real estate markets, well recognized as home to some of the most influential and leading companies in the world.”
Kidder Mathews recently announced some changes to its West Coast property management team. Erin French will become executive VP for the firm's Northwest and Northern California regions. She previously managed properties in the south Puget Sound area. Succeeding her for that portfolio will be Jan Greene, a 25-year veteran in the field. And his prior responsibilities now shift to Shelley Ryan, also a practiced hand in property management. KM estimates that it now manages about 71 million square feet on the West Coast, spanning most if not all asset classes.
CenterCal Properties, which has a significant local footprint, has announced that Craig Ramey has joined the firm to oversee its Bay Area and Pacific Northwest operations, which now total about 3.5 million square feet. He makes the move from Regency Centers. CenterCal founder Fred Bruning said in a statement, “Craig is an incredible talent. He has a knack for community-building, and will help continue in our tradition of creating spaces that complement the communities we serve.” Ramey added, “I consider the Pacific Northwest my home and look forward to building upon the impressive Pacific Northwest portfolio with new acquisitions, developments and redevelopments.” Here, CenterCal and Pacific Coast Capital are nearly done with the mixed-use Village at Totem Lake makeover. Its other holdings include The Terminal, in Ballard. Ramey will be based in Tigard, Oregon.
Jan 07, 2021
Local firm Thayer Manca Residential announced the recent refinancing of its 200-unit Ottavo Apartments in Albuquerque. The $23.9 million Fannie Mae loan came via Orix. It carries a 2.81% rate. The loan follows $4 million in recent renovations and upgrades. Joe Manca said in a statement, “It is a big testament to our incredible team who challenged the norm and performed under pressure to allow this timely refinance to happen. Steady Greystar leadership, energetic and competent onsite staff and loyal vendors give us confidence that we can achieve big results in Albuquerque.” Ottavo was purchased under a different name in 2018; TMR also owns two other multifamily properties in that city, both also recently acquired, which have 544 units.
SouthEast Effective Development says that Michael Seiwerath will be its next executive director. He makes the move from Community Roots Housing (formerly Capitol Hill Housing). SEED board president Krista Holland said in a statement, “We are extremely excited to welcome Michael to SEED, and believe he will infuse new energy and leadership into the organization as we continue serving our Southeast Seattle community.” Seiwerath added, “SEED is an absolutely vital organization working at the intersection of affordable housing, arts, and economic development.” The nonprofit was founded in 1975; today it owns 1,135 units in several properties including the recently completed Spokane at Rainier Court, an affordable senior community in the Rainier Valley. It also manages Rainier Arts Center, Columbia City Gallery and other arts and cultural programs.
M&T Realty Capital Corporation announced that it last fall secured a refinancing loan for the St. Anne Nursing & Rehabilitation Center, in the Meadowbrook neighborhood in North Seattle. The approximately $3.1 million was secured via the national mortgage insurance program (Section 232) of the U.S. Department of Housing and Urban Development. The non-recourse loan carries a fixed rate of 2.68%, with a fully amortizing loan term. The funding was secured by Madeleine Roach and Jim Schneider; the latter said in a statement, “We are thrilled to see this product work so well locally. We will see many more HUD-insured seniors housing and market-rate multifamily debt being placed in Seattle. Said Roach, “We initiated this transaction shortly after COVID-19 broke out in Kirkland, and had concerns about the risks associated with the pandemic. Our team worked closely with HUD and with the borrower to design strong mitigants to the perceived risks.” The 47-bed facility dates to 1954; St. Anne acquired it 20 years ago.