The following are recent news releases from HomeStreet Bank Commercial Real Estate.
HomeStreet Bank Closes Largest Commercial Real Estate Loan in Its History for $66.13 million
SEATTLE, Wash. – June 21, 2016 – HomeStreet Bank Commercial Real Estate has provided a $66.13 million commercial real estate loan—the largest in its history—for Spruce Apartments in West Seattle. The developer is Madison Development Group. Financing was arranged by HomeStreet Bank Vice President Katie Plett.
“Being a West Seattle resident, I have followed this property to its now impressive finished product,” Plett said. “It’s a valuable addition to an already growing and changing neighborhood.”
HomeStreet Bank arranged a 10-year, fixed-rate Fannie Mae DUS® permanent loan to refinance the Spruce Apartments and LA Fitness in West Seattle. The 216-unit multifamily project with 42,211 sq. ft. of retail was constructed in 2015.
Located one block east of HomeStreet Bank’s West Seattle Retail Bank Branch in the heart of the Alaska Junction, Spruce Apartments offers units that average 696 sq. ft. and includes high-end finishes and access to numerous property amenities, including: fitness room, guest suite, fenced roof-top dog run, dog wash stations, clubroom with large TV and kitchen, courtyard with BBQs, fire pit and fireplace, theater room, bike storage and Wi-Fi in all common areas. In addition, the project provides 457 underground parking stalls, and LA Fitness offers a premier gym experience.
HomeStreet Bank Commercial Real Estate Closes $500 Million in 2014
SEATTLE – January 22, 2015 – HomeStreet Bank Commercial Real Estate announced today that in 2014 it closed $500 million in commercial real estate loans in the Pacific Northwest, California and Hawaii. Over one half of the total closed was for construction and bridge financing, a third for multifamily permanent loans through the Fannie Mae DUS® program, and the remainder of the volume for commercial permanent loans.
“The past year was characterized by increased activity from our developer, investor, and mortgage broker clients,” said HomeStreet Bank Commercial Lending Director Randy Daniels. “HomeStreet is uniquely positioned with its broad range of loan products and loan sizes to serve the many financing needs of our robust commercial real estate community. We continue to be bullish on new apartment construction and renovation, new supply notwithstanding, and see new demand for other property types as job growth continues, especially in our core markets of Seattle and Portland. Looking ahead, we are optimistic about financing acquisitions and refinances with historically low interest rates.”
Notable projects in 2014 included:
- South Parc Apartments and West Parc Apartments in Bethany Village (Portland, Ore.) – $19.51 million permanent Fannie Mae DUS loan to refinance South Parc Apartments and $25.4 million construction for West Parc Apartments.
- Forest Creek Apartments (Kent, Wash.) – $9.68 million bridge loan to acquire and rehabilitate a 92-unit garden-style middle market apartment complex built in 1988.
- Fifth Street Market (Eugene, Ore.) – $13.4 million to refinance a retail project that serves as the cornerstone of the 5th Avenue Historic Market District. The structure dates from 1929 and was converted to an upscale retail center in 2004.
- Argens Apartments (Seattle) – $9.7 million for construction of a 45-unit multifamily project, with three live-work units on the lower levels and 42 units ranging in size from 411 to 987 square feet on the 6,100 square foot site of the former Argens Safe and Lock Co. in the historic Pioneer Square neighborhood. The neighborhood is currently undergoing extensive revitalization.
- Cannery Row (Sherwood, Ore.) – $12.662 million permanent Fannie Mae DUS loan to refinance the construction loan of a new apartment complex.
- 47+7 (Seattle) – $3.856 million for construction of 24 garden-style units in the densely populated University District. The developer is utilizing an innovative and cost-effective modular approach with off-site construction of walls, floors and ceilings that are subsequently installed on-site within a steel exoskeleton.
- 2200 Western (Seattle) – $15.675 million for construction and improvements to an historic four-story building constructed in 1909 as “Union Stables,” originally a commercial horse stable facility. The building is on the city’s historic registry. Upon completion, the project will be a five-story mixed-use office and retail building, including a new penthouse, and will retain its historic façade.
Other projects of note:
- River Ridge Apartments (Tualatin, Ore.) – $22.851 million for construction of a new multifamily project.
- 1442 Kewalo Apartments (Honolulu) – $4.29 million bridge loan for rehabilitation of an apartment project.
- Bungalows at Mathilda Avenue (Sunnyvale, Calif.) – $12.0 million bridge loan for the acquisition and rehabilitation of an apartment project in Silicon Valley.
- Market Square (Seattle) – $7.65 million for the acquisition of an office property.
• Salmon Creek, Phases I and II (Sumner, Wash.) – $9.78 million for the construction of an industrial property.
- Town Center East III (Olympia, Wash.) – $26.7 million to refinance an office project.
- BlueKoi Apartments (Salt Lake City, Utah) – $3.825 million Fannie Mae DUS permanent loan.
- The Residences at Northwood (Anchorage, Alaska) – $3.862 million Fannie Mae DUS loan.
- Bend at Brentwood Apartments (Lubbock, Texas) – $4.5 million Fannie Mae DUS loan.
“The success of the past year was the result of a strong team of originators in the Pacific Northwest and California, a highly experienced group of underwriters and closers, and a diverse set of loan products that meet a wide range of project stages and needs,” said Daniels. “We are fortunate at HomeStreet to have lending capacity akin to the larger banks, coupled with a more flexible and hands-on community banking approach, which together help us serve our customers well.”
HomeStreet Bank is one of only 24 Fannie Mae DUS-approved lenders in the country and the only DUS lender based in the Pacific Northwest. For more information on HomeStreet Bank Commercial Real Estate, visit www.homestreet.com/cre
DUS® is a registered trademark of Fannie Mae.
HomeStreet Bank Provides $13.4M Permanent Loan to Refinance Prime Retail Property in Eugene
SEATTLE – October 16, 2014 – HomeStreet Bank Commercial Real Estate, one of the leading multifamily and commercial real estate lenders headquartered in the Pacific Northwest, announced today that it has provided a $13.4 million permanent loan to refinance Fifth Street Public Market, a premier shopping, dining and community gathering spot in the heart of Eugene, Ore. HomeStreet Bank Vice President Dan Ross arranged financing for the project.
The developer and former mayor of Eugene, Brian Obie, has owned the Fifth Street Public Market project for 30 years. In 2012, he opened the adjacent Inn at the 5th, the only boutique hotel in downtown Eugene and the first hotel constructed in the area in over 30 years.
Totaling over 68,500 square feet, Fifth Street Public Market is a premier Eugene property and home to restaurants and cafés, boutiques and local stores, spas and professional offices. It is located in close proximity to the convention center and the University of Oregon’s Autzen Stadium.
For more information on HomeStreet Bank’s commercial real estate programs, visit www.homestreet.com/cre.
HomeStreet Provides $26.7 Million in Permanent Financing for Office Property near State Capital
SEATTLE – October 15, 2014 – HomeStreet Bank Commercial Real Estate, one of the leading multifamily and commercial real estate lenders headquartered in the Pacific Northwest, has provided a $26.7 million permanent loan to refinance town Center East III, an office property located in Tumwater, five miles from the state capital of Olympia (Thurston County). Financing was arranged by HomeStreet Bank Vice President Katie Plett.
Built in 2006, Towne Center East III is primarily leased by two Washington state agencies: the Department of Labor & Industries and the Department of Health. Office space leases in the Thurston County market are dominated by state government.
The developer is Vine Street Group (VSG), which began developing and leasing to the state of Washington in 1974. VSG has been the largest lessor to the state for two decades.
For more information on HomeStreet Bank’s commercial real estate programs, visit www.homestreet.com/cre.
HomeStreet Bank Expands Commercial Real Estate Lending Eastward
SEATTLE – July 10, 2014 – HomeStreet Bank Commercial Real Estate, one of the leading multifamily and commercial real estate lenders headquartered in the Pacific Northwest, has hired Jon Red to lead its commercial real estate financing activities in the bank’s Eastern Region.
Red has 29 years of commercial real estate experience, both as an originator and a credit officer. Prior to moving to Spokane in 2002, he worked in commercial and investment banking in New York City. He will be based in Spokane and represent HomeStreet’s commercial real estate lending in Eastern Washington, Idaho, Montana, Denver and Salt Lake City, offering a variety of loan products including multifamily and commercial bridge and permanent lending, with an emphasis on Fannie Mae DUS® loans.
“We are fortunate to have added such a highly experienced and well-connected commercial real estate professional to lead our expansion eastward,” said Randy Daniels, EVP, commercial real estate lending director for HomeStreet Bank.
Red holds a B.A. in economics and an M.B.A. in finance.
HomeStreet Provides $23.45 Million in Financing for Multifamily Project along Willamette River
SEATTLE June 12, 2014 - HomeStreet Bank Commercial Real Estate, one of the leading multifamily and commercial real estate lenders headquartered in the Pacific Northwest, has provided a $23.45 million construction loan for The Boathouse, a new apartment project in Johns Landing along the Willamette River in Portland, Ore. The developer, Eugene-based Paradigm Properties, will break ground on the project this summer. The Boathouse is expected to receive LEED gold or platinum certification.
The 133-unit project is located in Southwest Portland on SW Boundary east of Macadam, in close proximity to the downtown core and to nearby recreational and cultural attractions. Amenities include a large common outdoor terrace with a view of the river, fitness center, community room with an exhibition kitchen, electric car charging stations, and a dog washing area. It is adjacent to a 65-slip marina, and most units will have views of the Willamette River and Mt. Hood. The project will also have a bicycle maintenance area, ample bicycle storage and direct access to the pedestrian and bicycle path that runs along the river, important for a city that has been designated as the top Bike-Friendly City in America (Bicycling).
The Boathouse is near Oregon Health Science University and Medical Center (OHSU), a major area employer. In 2014, the university is completing a new Life Sciences Collaboration building, expected to add approximately 3,000 new jobs.
“These will be the first new apartment units delivered to the John’s Landing neighborhood in quite some time,” said Dan Ross, commercial real estate relationship manager for HomeStreet Bank. “There is an increasing need for urban multifamily housing. The vacancy rate is anticipated to remain below 4.5% in the downtown Portland submarket, underscoring the need for attractive projects such as The Boathouse. We are excited to be working with Paradigm Properties on this venture.”
HomeStreet Provides $25 Million in Financing for
Apartment/Mixed-Use Project on Tacoma’s Thea Foss Waterway
April 8, 2014 – HomeStreet Bank Commercial Real Estate, a subsidiary of HomeStreet, Inc. (NASDAQ:HMST) and one of the Northwest’s leading multifamily and commercial real estate lenders, announced that it has provided a $25 million construction loan to Henry Foss Group, LLC for The Henry Apartments, a 161-unit, six-story mixed use building situated on the Thea Foss Waterway in Tacoma, Wash. The loan was arranged by Carmen Esteban, a commercial real estate relationship manager with HomeStreet Bank.
The Henry Apartments is one of the first new significant apartment projects to be developed in the downtown Tacoma market in several years. Tacoma is the second largest city in Washington after Seattle, and the vacancy rate in the project’s submarket is 3.3%.
The city of Tacoma established the Foss Development Authority 17 years ago to redevelop the Thea Foss Waterway for public, economic and recreational revitalization. The waterway is now home to the world-renowned Museum of Glass and Chihuly Bridge of Glass, parks, marinas, apartments and condominiums, a pedestrian and biking esplanade, and historic buildings from the area’s industrial zenith a century earlier.
“HomeStreet has a 20-year history with the developers, Carino and Associates, including the nearby apartments at Thea’s Landing, and we are excited to be working with them on their newest project,” said Randy Daniels, commercial real estate director for HomeStreet Bank. “The project is well-situated along the esplanade walking path on the shore of the waterway. It also is close to Tacoma’s downtown core and within walking distance to businesses, theaters, museums and parks. It’s a unique and beautiful setting for urban residents.”
The finished building will consist of studio, one- and two-bedroom units and 10,500 square feet of retail/commercial space on the ground floor. The general contractor is Sierra Construction Company, the architect is BCRA, and the management company is Carino and Associates.
HomeStreet Funds $13.5 Million Loan for Office Phase of Capitol Hill Urban Redesign
February 5, 2014 - HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, announced today that it has financed a $13.5 million loan for Dunn & Hobbes, LLC (through property entity Pacific Chop LLC) to refinance and redevelop three historic buildings and an adjoining parking lot in Seattle. The redevelopment portion of the site, the Chophouse Row mixed-use office project, is the final phase of a multifaceted urban redesign led by Seattle developer Liz Dunn. Financing includes the retirement of a $2.8 million bridge loan previously provided by HomeStreet for two buildings, and construction financing for the redevelopment work on the third.
When completed in the fall of 2014, the project will increase the amount of retail, apartment and creative technology-oriented office space in the vibrant Capitol Hill neighborhood. “This is one of the first new mixed-use office projects developed on Capitol Hill in several years and will increase foot traffic and offer new space options for employers,” said Randy Daniels, HomeStreet Bank Commercial Real Estate lending director.
The Pacific Supply and Manhattan buildings, which date from the 1920s, were redeveloped in an earlier phase. The third, previously known as the Chophouse, is thought to date from 1919. The Chophouse name reflects the history of the building as a music practice space, with rooms rented to hundreds of aspiring bands over three decades. The Chophouse will retain its historic facade and 80% of its interior structure as it is redeveloped into a five-story mixed-use boutique office property.
Spanning the block between 11th and 12th avenues, the project includes underground parking and over 55,000 square feet of new and existing retail, office and apartment space. The office floors feature an open plan loft design with floor-to-ceiling windows and exposed steel structure. An open-air retail plaza and pedestrian alley will connect the buildings and inspired the new “Chophouse Row” moniker. Reclaimed materials including wood, concrete and steel will complement the interior and exterior of the 11th Avenue structure.
The anchor corner of Chophouse Row will be occupied by a new culinary venture from Ericka Burke of Volunteer Park Café. The ground floor of the project is currently 80% committed to a collection of local tenants that will focus on delivering morning-into-evening food, beverage and retail options to office workers, residents and visitors to the neighborhood. These tenants will occupy an open market configuration along the street, alley and courtyard.
Forty percent of the office space is committed to date to technology, media and co-working tenants, with approximately 13,000 RSF still available. Onsite amenities include a CrossFit gym, doggie daycare, event and co-working space, and indoor bike parking and shower facilities.
Demand for commercial space on Capitol Hill is strong given the growth in the residential component of the market, with almost 1,200 multifamily units to be delivered to the market in 2013-2014, according to Kidder Matthews.
There is a growing population of small businesses and entrepreneurs who demand well-designed and stimulating work environments near great retail, restaurants and public transit,” said Liz Dunn. “This project and its nearby amenities address those needs while expanding the type of space available to appeal to a wider range of Seattle tenants.”
Ms. Dunn is the president of Pacific Chop LLC and the principal of Dunn & Hobbes, LLC. She previously developed Melrose Market on Capitol Hill, the Agnes Lofts and the Piston & Ring Building, preserving historic building elements in each project. Heartland LLC through its affiliate, HIO 12th Avenue Investors LLC, is Dunn & Hobbes’ capital partner.
HomeStreet Bank Commercial Real Estate loan officer Katie Plett originated the loan to fund construction of the office, retail and residential mixed-use development. The architects are Sundberg Kennedy Ly-Au Young and Graham Baba, and the structural engineer is MA Wright. The general contractor is MRJ Constructors, which also worked on Melrose Market.
HomeStreet Bank Commercial Real Estate Expands into California
January 23, 2014—(BUSINESS WIRE)—HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc. (NASDAQ:HMST), announced that it is expanding its commercial real estate lending into California. Veteran commercial real estate professional Tom Meunier returns to HomeStreet to lead the California operations out of the bank’s Newport Beach office. Meunier will initially focus on multifamily originations through the bank’s permanent and bridge portfolio product line as well as providing long-term fixed-rate financing through Fannie Mae.
Meunier was with HomeStreet Bank’s Seattle office as a commercial real estate relationship manager for 16 years before relocating to Southern California in 2009. Most recently, he was with Walker & Dunlop in Irvine, Calif. before rejoining HomeStreet.
HomeStreet Funds $23.6 Million Construction Loan for Lake Oswego Retail Center
January 10, 2014 – HomeStreet Bank Commercial Real Estate, a subsidiary of HomeStreet, Inc. (NASDAQ:HMST) and one of the Northwest’s leading multifamily and commercial real estate lenders, announced today that it has provided a $23.6 million construction loan to Gramor Development (Gramor), a Tualatin, Oregon-based company, to develop Kruse Village in Lake Oswego, Ore.
“This new development will transform Lake Oswego’s current urban landscape to help meet demand and create an activity center and core for Lake Oswego businesses and residents,” said HomeStreet Bank Vice President Bryce Payne, who originated the loan for Gramor.
The Kruse Village retail development, located at the corner of Kruse Way and Carman Drive, will span five acres and provide 62,000 square feet of retail space in six single-story buildings with 34 tenant spaces. Construction will begin in the spring of 2014 and is expected to be completed in the spring of 2015.
This week Gramor announced its ninth tenant for the property, Emergency Care Center and Comprehensive Pain Clinic of Portland. In addition to the clinic, Gramor has pre-leased space to eight other retail and restaurant tenants for Kruse Village:
- Ava Roasteria
- Tavern on Kruse
- Jimmy John’s Gourmet Sandwiches
- Strada Italian Cuisine
- Wow! Burger Express
- MOD Superfast Pizza
- Tan Republic
- Vida Nails
Kruse Village is the third center that Gramor Development has created in Lake Oswego. Gramor is also responsible for A Street Station and Lake View Village.
Lake Oswego Mayor Kent Studebaker said, “"The Kruse Way corridor is a very successful, growing business area, and this project will be a welcome addition.” He added, “I am pleased that Gramor's Kruse Village retail center will be getting under way. I am confident this will be another quality project."
The site, to be located at 4591 S.W. Carman Drive in Lake Oswego, is the last parcel of the homestead land owned by the Kruse family. The development, located in the heart of the largest concentration of Class A office space outside the city of Portland’s central business district, will be in proximity to a workforce of 37,000 and a residential population of approximately 41,000 people.
The project design team includes Mackenzie, AKS Engineering, Harper Houf Peterson Righellis, Inc., Michael Schultz Landscape Design, Christopher Freshley Landscape Architects, and MKE & Associates. Todd Construction, Inc. is the general contractor and Commercial Realty Advisors is leading the leasing effort.
HomeStreet Launches Senior Housing CRE Loan Program and Funds First Project
November 18, 2013 – HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, announced today that it has launched a new senior housing lending program and financed a $13.6 million loan for the construction of the Vineyard Park at Mountlake Terrace, a four-story, 110-bed assisted living and memory care facility in Mountlake Terrace, Wash., just north of Seattle.
“HomeStreet’s decision to enter the senior housing lending market is supported by our origination, underwriting and closing expertise with this property type, combined with HomeStreet’s footprint in some of the strongest senior housing markets in the country,” said executive vice president and commercial real estate lending director Randy Daniels.
The Vineyard Park at Mountlake Terrace construction loan was originated by relationship manager Diane Leonidas and is HomeStreet’s first project funded under the new program. The senior living facility will include units designed as residential apartments, common area dining facilities, social activities, and transportation services. The project developer is Round Lake, LLC. The property manager is Care Partners, which manages eight other affiliated assisted living and memory care facilities.
HomeStreet provides construction loans, acquisitions and refinance for independent living, assisted living and Alzheimer’s/dementia care property types.
HomeStreet Bank Provides $12.9 Million Portfolio Loan for Saturn Building
May 22, 2013 - HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, has provided a $12.9 million portfolio loan for the Saturn Building in Seattle, a mixed use project focusing primarily on incubator office spaces for new and fledgling small businesses.
“This loan reflects a new Seattle trend that is putting HomeStreet Bank on the cutting edge of commercial office lending: smaller spaces for entrepreneurial business owners who want to grow their operation and manage start-up costs,” said HomeStreet Relationship Manager Carmen Esteban, who facilitated the loan at highly competitive rates and terms.
The Saturn Building loan is the third in a series of loans for similar projects that HomeStreet has funded for developers in the Seattle market, providing smaller, more affordable office space for entrepreneurs and business owners. “Seattle leads the way in many regards with start-up businesses and concepts that are moving away from a traditional mode of renting a large office or an executive suite for years at a time,” said Randy Daniels, HomeStreet Bank executive vice president and commercial real estate lending director. “Many of today’s businesses are started in people’s homes as they transition away from a traditional career path of working in the same place for thirty years. We know the recent economy was very difficult for small business owners. These units support them in breaking down barriers to entry by creating cost-effective, flexible and professional office space for a wide range of purposes such as client meetings and networking.”
The Saturn Building is located at 3417 Evanston Avenue North in the Fremont neighborhood of Seattle, Wash. The mixed-use building is currently 93% occupied, including three Seattle-based retail businesses: a HomeStreet Bank retail branch, which opened in February; Wine Tea Chocolate; and The Sixgill. The hallways of the Saturn building feature artwork by local artists participating in the Fremont Art Walk. The building was designed by architects Lance Mueller and Associates. Seattle native and developer Brian Regan plans to install a 24-foot diameter model of the planet Saturn 65 feet above the sidewalk and in proximity to the famous Fremont rocket.
HomeStreet Bank most recently provided portfolio lending for the Queen Anne Space building, which has 47 offices rented by a range of small business owner and entrepreneur tenants including professional services, consultants and health-related practices. HomeStreet Bank previously funded loans for the ActivSpace, another office building complex for artists and small business owners, in several Seattle locations including Wallingford, Ballard, Lake City, and West Seattle, as well as for an ActivSpace location in Portland, Ore.
“We hear the needs that our customers are expressing about expanded options for smaller businesses, and we are here to meet those needs with the best rates to support their real estate development goals,” said Esteban.
HomeStreet Provides $17 Million in Portfolio Financing for West Seattle Green Apartment Complex
February 6, 2013– HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, has provided $17 million in construction and permanent financing for the Blake Apartments in Seattle, Wash. Portfolio financing was arranged by Diane Leonidas to provide for the construction and lease up of a new 103-unit apartment project. The developer is F & M Development, LLC.
The Blake Apartments are located at 5020 California Avenue Southwest in the residential West Seattle neighborhood. The project includes proposed improvements totaling 63,441 square feet of net rentable area on a 21,950 square foot site which features sweeping views of the Puget Sound and Olympic Mountains. A spectrum of Built Green apartments will include studios as well as two-story townhomes that are pet-friendly and designed to accommodate a range of resident needs. Construction is set to begin this month, with plans to open in the summer of 2014.
The project is located in the “Alaska Junction” area of West Seattle, in close proximity to public transportation, including new Rapid Ride bus services, and within walking distance to shopping, restaurants and neighborhood services. On-street parking is available and the project will include a large bicycle storage area. The project is being designed to appeal to younger singles and couples. The Blake Apartments will be managed by Indigo Real Estate Services which manages 45 apartment complexes in Vancouver, British Columbia and throughout Western Washington, including the Mural and Link Apartments in West Seattle.
For information about HomeStreet Bank Commercial Real Estate’s sponsorship opportunities, contact Candy Goll at 206-264-4222 or email email@example.com.