This week in the North West region, we learned more about a San Francisco charity, and a garage/broker partnership, also in Northern California. Check out all the news you might have missed below.—Natalie Dolce

NEWS & NOTABLES

MONTEREY, CA—Garage Unlimited of Monterey has entered into an agreement with Cushman & Wakefield to act as broker for the private, gated specialty car storage garage-condo facility located in the Ryan Ranch area of Monterey. Sales and leasing efforts will be spearheaded locally by Dennis Chambers and Josh Jones of Cushman & Wakefield's Monterey office located at 1 Lower Ragsdale Dr., Bldg. 1, Suite 100, in Monterey. In addition to Cushman & Wakefield, Ernie Lostrom of Lostrom & Co. Inc. will continue his year-long relationship as broker as well. To-date nearly 75% of the 46 garage-condo units have been sold, with construction now finished and the facility having just opened this month.

SAN FRANCISCO—Chicago-based Clune Construction recently revealed its charitable contributions, continuing its commitment to improve communities nationwide. Corporate responsibility is a cornerstone of Clune Construction's core values and since its inception, Clune has been committed to philanthropic initiatives, donating a percentage of its annual profits to local and national charitable organizations of all sizes. Clune and its employees are deeply committed to volunteering their time and skills to improve the communities where they live and work. One of the projects impacting the community is here in San Francisco. It is the San Francisco Firefighters Toy Program—The San Francisco Firefighters Toy Program is a non-profit group which provides more than 20,000 toys to more than 40,000 underprivileged kids each year.

DEAL TRACKER

PORTLAND—Lighthouse Partners LLC has acquired a 150-unit community called the Fremont Apartments in the renowned Pearl District of Portland, OR for $22.75 million (or $151,667 per unit). The Fremont Apartments represent Lighthouse Partner's sixth acquisition and second in Oregon. Don Drake of Melvin Mark represented the seller in the transaction. Debt financing from Freddie Mac was arranged by Brian Eisendrath, Annie Rice and Cory Wizenberg of CBRE Capital Markets. John Fuller of TICOR Title provided the title and escrow services. Apartment Management Consultants has been retained to provide property management services. Fremont is located within walking distance of endless entertainment and dining options in the prominent Pearl District.

SEATTLE—PSRS' Michael Thorp and Ryan Frankman have procured a $57-million loan for 1000 Denny in Seattle, WA on behalf of their client. The deal, a well located 285,186-square-foot office property, originally built in 1929, and renovated in 1965, is located in South Lake Union, near downtown Seattle. It has a mix of tenants from a newspaper (as the anchor tenant), offices, and a data storage business, which made the transaction a bit more challenging. The 10-year, 60% LTV, interest only, cash out loan was funded through a leading CMBS lender. The borrower on the loan is a large data center and office investor whose track record and experience helped add comfort to the lender, according to a prepared statement. No other information would be provided at this time.

BUILDING BLOCKS

PORTLAND—Urban Renaissance Group has unveiled a new public art installation by local artist-designer Brad Johnson (www.bradjohnson.com) at the Moda Tower commercial office building located in Portland's central business district. Designed to captivate and enchant passersby of the northwest corner of Moda Tower, 'Ponderosa Pelts' is a mixed-media installation celebrating the beauty of the Columbia River Gorge region's prolific Ponderosa pine—while working to raise awareness of its vulnerability to invasive bark beetles. The display is part of a new public art installation endorsed by the Regional Arts and Culture Council's Public Art Committee in September 2016, and is being done in conjunction with a major renovation of Moda Tower's main lobby planned to begin later this year. Located on the corner of SW Alder Street and SW Third Avenue, the installation features high-resolution images of Ponderosa pine trees taken as part of a two-year study by Johnson in the Columbia River Gorge, a region where the majestic conifer has begun to exhibit vulnerability to the expanding habitat of the invasive California fivespined ips beetles. Making its debut on National Arbor Day, an annual observance celebrating the role of trees in our lives, the iconic trunks are easily identifiable—patterned with broad rust-colored plates and deep black crevices—yet the installation's trees testify to the diversity and variation that individual specimens express. Located at 601 SW Second Avenue in Portland's Central Business District, the 398,000-square-foot 24-story Moda Tower built in 1999 serves as the corporate headquarters for Moda Health (previously ODS Companies), as well as a number of other prestigious tenants.

This week in the North West region, we learned more about a San Francisco charity, and a garage/broker partnership, also in Northern California. Check out all the news you might have missed below.—Natalie Dolce

NEWS & NOTABLES

MONTEREY, CA—Garage Unlimited of Monterey has entered into an agreement with Cushman & Wakefield to act as broker for the private, gated specialty car storage garage-condo facility located in the Ryan Ranch area of Monterey. Sales and leasing efforts will be spearheaded locally by Dennis Chambers and Josh Jones of Cushman & Wakefield's Monterey office located at 1 Lower Ragsdale Dr., Bldg. 1, Suite 100, in Monterey. In addition to Cushman & Wakefield, Ernie Lostrom of Lostrom & Co. Inc. will continue his year-long relationship as broker as well. To-date nearly 75% of the 46 garage-condo units have been sold, with construction now finished and the facility having just opened this month.

SAN FRANCISCO—Chicago-based Clune Construction recently revealed its charitable contributions, continuing its commitment to improve communities nationwide. Corporate responsibility is a cornerstone of Clune Construction's core values and since its inception, Clune has been committed to philanthropic initiatives, donating a percentage of its annual profits to local and national charitable organizations of all sizes. Clune and its employees are deeply committed to volunteering their time and skills to improve the communities where they live and work. One of the projects impacting the community is here in San Francisco. It is the San Francisco Firefighters Toy Program—The San Francisco Firefighters Toy Program is a non-profit group which provides more than 20,000 toys to more than 40,000 underprivileged kids each year.

DEAL TRACKER

PORTLAND—Lighthouse Partners LLC has acquired a 150-unit community called the Fremont Apartments in the renowned Pearl District of Portland, OR for $22.75 million (or $151,667 per unit). The Fremont Apartments represent Lighthouse Partner's sixth acquisition and second in Oregon. Don Drake of Melvin Mark represented the seller in the transaction. Debt financing from Freddie Mac was arranged by Brian Eisendrath, Annie Rice and Cory Wizenberg of CBRE Capital Markets. John Fuller of TICOR Title provided the title and escrow services. Apartment Management Consultants has been retained to provide property management services. Fremont is located within walking distance of endless entertainment and dining options in the prominent Pearl District.

SEATTLE—PSRS' Michael Thorp and Ryan Frankman have procured a $57-million loan for 1000 Denny in Seattle, WA on behalf of their client. The deal, a well located 285,186-square-foot office property, originally built in 1929, and renovated in 1965, is located in South Lake Union, near downtown Seattle. It has a mix of tenants from a newspaper (as the anchor tenant), offices, and a data storage business, which made the transaction a bit more challenging. The 10-year, 60% LTV, interest only, cash out loan was funded through a leading CMBS lender. The borrower on the loan is a large data center and office investor whose track record and experience helped add comfort to the lender, according to a prepared statement. No other information would be provided at this time.

BUILDING BLOCKS

PORTLAND—Urban Renaissance Group has unveiled a new public art installation by local artist-designer Brad Johnson (www.bradjohnson.com) at the Moda Tower commercial office building located in Portland's central business district. Designed to captivate and enchant passersby of the northwest corner of Moda Tower, 'Ponderosa Pelts' is a mixed-media installation celebrating the beauty of the Columbia River Gorge region's prolific Ponderosa pine—while working to raise awareness of its vulnerability to invasive bark beetles. The display is part of a new public art installation endorsed by the Regional Arts and Culture Council's Public Art Committee in September 2016, and is being done in conjunction with a major renovation of Moda Tower's main lobby planned to begin later this year. Located on the corner of SW Alder Street and SW Third Avenue, the installation features high-resolution images of Ponderosa pine trees taken as part of a two-year study by Johnson in the Columbia River Gorge, a region where the majestic conifer has begun to exhibit vulnerability to the expanding habitat of the invasive California fivespined ips beetles. Making its debut on National Arbor Day, an annual observance celebrating the role of trees in our lives, the iconic trunks are easily identifiable—patterned with broad rust-colored plates and deep black crevices—yet the installation's trees testify to the diversity and variation that individual specimens express. Located at 601 SW Second Avenue in Portland's Central Business District, the 398,000-square-foot 24-story Moda Tower built in 1999 serves as the corporate headquarters for Moda Health (previously ODS Companies), as well as a number of other prestigious tenants.