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Recent Transactions
Here are
some examples of loans originated by Peter W. Wong Associates / INTERVEST. In addition to brief property information, we have included loan terms or conditions that may be similar to a situation you may have. Our lenders can address virtually any financing need or unusual conditions that require customized loan structuring, all with competitive interest rates and terms.
Should you have any questions, please CONTACT US.
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Westside Center - Federal Way, WA
$3,365,000
This refinance, placed with one of our life insurance companies, paid off an old generation CMBS loan that we originated 10 years ago. The lender was able to mitigate the risks of high market vacancy and declines in historical income with an experienced borrower and guarantor.
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Dakota Building -
Riverside, CA
$1,250,000
Refinance of an 18,880
square foot industrial building, with approximately 50% cash out. The lease for the main tenant, who occupies 53% of the space, expires within 3 years with no extension options available. The quality of the property, strength of the sponsor and the sponsor’s early efforts to
secure the tenant with a long-term lease offset these risks.
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Aurora Square -
Seattle, WA
$1,000,000
A most unusual situation: refinance
with cash-out on one of two contiguous buildings sharing a common wall and a single tenant. Hence
the loan was secured by only
half of a single tenant building. This
was mitigated by a good
history with the
original loan, full recourse, and assignment of the lease.
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Piers 55 & 56 - Seattle, WA
$6,600,000
We arranged long-term, non-recourse, fixed rate life company financing for this classic waterfront property. Challenges:
1) the unique property
type; 2) a small portion of the property was on a ground lease. We were able to overcome those with low leverage and a strong borrower. |
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West Valley Plaza - Auburn, WA
$2,300,000
Refinance of a 10-year-old, 46,300 square foot, small-bay, light industrial property. We placed with one of our life
company lenders who was
not averse to
‘incubator’ warehouse
and its continual lease
rollover risk. Local
ownership and a healthy
occupancy history served
to offset the risks. |
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Centralia Self Storage - Centralia, WA
$1,330,000
A 21-year, fully amortizing loan for an older self-storage facility located on the Interstate 5 corridor between Seattle and Portland,
this loan was funded at 65% of appraised value by
one of our life company
lenders.
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Safeway Retail - Snohomish, WA
$1,200,000
A 10 year fixed rate loan for a Safeway store located in a secondary market. Our life company lender provided a
10 year loan term which extended beyond the existing Safeway lease. The secondary market and loan term hangout were mitigated by strong sponsorship and a very low loan to value. |
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Patagonia Building - Seattle, WA
$2,300,000
Our life company provided a cash-out refinance to an existing borrower, with over 50% of the proceeds going back to the borrower. In addition to the cash-out, approximately 50% of the space rolls in the near-term. The primary mitigations to these risks were strong sponsorship that has been through a number of real estate cycles and a conservatively leveraged real estate portfolio. |
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Evergreen Business Center - Everett, WA
$4,300,000
We arranged long term, fixed rate life company financing to take out a conduit loan that we placed 10 years ago for this borrower. The
two-building complex is occupied by a number of federal and state government tenants. |
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Lakemont Village -
Bellevue, WA
$6,200,000
Refinance of a non-credit, grocery anchored shopping center. Our life company lender understood the property’s unique location as an offset to non-credit anchor and a recent large shop space vacancy. Underwriting relied upon strong occupancy history and experienced ownership.
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Scottsdale Surgery Center
- Scottsdale, AZ
$8,750,000
A five-year loan providing tenant improvement funds for the conversion of a Class A office building (with Seattle based ownership) to a specialized surgery center. This Scottsdale facility will serve as the tenant’s Southwest administrative headquarters and surgery center. |
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SeaTac Airport Parking
- Seattle, WA
$7,100,000
Two loans for long-term parking facilities adjacent to SeaTac International Airport. One loan was funded by a correspondent
life company lender providing $1.2MM in cash-out proceeds. Both properties have high land value components and are located in a market where surface parking is increasingly scarce and in demand.
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Third Street Commerce
Center
$3,600,000
A 25-year loan term with one of our life companies on a 76,000
square foot multi-tenant industrial/office property. We were able to get the lender comfortable with short term leases with heavy lease rollover. The loan-to-value ratio is 60%.
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Fostoria Industrial Park
- Seattle, WA
$1,650,000
A refinance at 6.875% for this light industrial park. Despite the low LTV, strong occupancy and ownership history, the existing lender declined to renew the loan. We arranged for new
life company financing including rate lock at application and exchanging partial
recourse for a lower rate.
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Red Door Building
- Seattle, WA
$2,350,000
A 25 year loan term with one of our life companies was fixed at 6.375%. We were able to get the lender comfortable with a unique mixed-use property type; short term leases and heavy lease rollover in this challenging market; as well as full cash out.
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Belltown Building
- Seattle, WA
$4,500,000
100% cash out on 50% LTV for a two property portfolio. Our
life insurance lender recognized the sponsor’s overall portfolio and investment strategy to justify the all cash-out refinance. Loan funded as applied for with no changes from loan application to loan commitment.
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Leopold Retirement
Living
- Bellingham, WA
$3,325,000
A refinance of a 96-unit senior and assisted living facility which was originally built as a hotel in 1929. Loan proceeds included the recapture of $100,000 for capital improvements over the last 12 months.
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Wallingford
Apartments
- Seattle, WA
$5,700,000
A 10-year fixed
rate at 5.835% for a new
apartment building in
Seattle’s Wallingford
neighborhood. The
property had less than
six months of stabilized
operations at loan
funding, requiring
special exception to
underwriting by the
lender. |
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Prefontaine Building
- Seattle, WA
$2,825,000
This is a
refinance of a historic
office building in the
Pioneer Square District
of Seattle. The major
obstacle to overcome was
an unsubordinated ground
lease, which was
mitigated by a
conservative
loan-to-value and strong
sponsorship. |
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BigLots
- Bellingham, WA
$1,000,000
Single tenant
building with a new
five-year lease
extension, shadow
anchored by Albertsons.
The existing loan was
maturing with no
extension options. The
client sought a short
term loan which we
arranged with an
out-of-state credit
union for a five-year
term, fixed interest
rate at 6.50%, no
prepayment penalty. |
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Bellingham Hardware
- Bellingham, WA
$1,500,000
Our life company
lender offered a longer amortization on this historic building in downtown Bellingham, originally constructed in 1906 and now configured for apartment and office tenants. Despite a majority of the office leases being annually renewable, our
lender valued the property’s strong historical occupancy. The financing structure was a 20-year loan with the first five years fixed in the low 6% range. |
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Hearthstone Phase II
- Tumwater, WA
$10,000,000
We provided
construction financing
for both phases of this
classic, garden style
apartment community. We
temporarily placed the
Phase II take-out loan
with our parent company,
Sterling Savings Bank,
while we search for a
long term fixed rate
loan that suits the
borrower’s needs. |
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Salmon Bay - Seattle, WA
$8,635,000
Marina and
mixed-use waterfront
development. Arranged
permanent loan on
initial phase of
multi-phased development
with one of our life
insurance companies; 5
year loan with 6.25%
fixed interest rate.
With the permanent loan
in place, client was
comfortable moving
forward with
construction loan on
next phase - two
additional mixed use
buildings. |
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East Marginal Way
- Tukwila, WA
$2,500,000
A 28,000
square foot older
industrial complex with
fenced yard on 3.5 acres
located close to
Seattle. We placed a 25
year loan with an
initial 8.5 year fixed
rate. Our life company
lender was comfortable
with a longer
amortization given the
high land value and
strong sponsorship. |
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Cannon Street -
Spokane, WA
$935,000
A
well-maintained 30-unit
complex on Spokane’s
South Hill. Our Fannie
Mae lender accepted an
appraisal ordered by an
unrelated financial
institution. Loan terms
included a 9/1 interest
rate structure (fixed
for 9 years followed by
1 year floating rate),
30 year amortization and
10 year term. The
initial rate was locked
2 weeks prior to closing
at no extra cost. |
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Tacoma Hampton Inn –
Tacoma, WA
$7,500,000
We arranged life company
10-year perm financing
on this new Hampton Inn.
Our lender provided a
long term fixed rate to
this very experienced
borrower/operator. With
a very low LTV and high
DCR, we were able to
fund prior to
stabilization. |
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Yakima DOHS
– Yakima, WA
$1,200,000
A small market but with
a federal government
lease and a strong
repeat borrower. Our
life company lender was
willing to creatively
structure this 5+5 year
acquisition loan even
though the initial lease
term was less than 10
years with multiple
extension options. |
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Sunrise/Pyramid
Industrial
– Sumner, WA
$5,800,000
These two industrial and
flex buildings were
committed earlier this
year by one of our life
companies for a total of
$5,800,000. The 3+3+3
loan term was fixed for
3 years at an interest
rate below 5.75%. Our
life company lender
accepted a guaranty to
mitigate lease rollover
issues. |
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Hawks Prairie
– Lacey, WA
$2,600,000
This multi-tenant office
was financed with
another of our
correspondent life
lenders on a 5+5+5+5+5
perm loan. Because the
loan was quite
conservative and full
recourse was offered,
our lender was unfazed
by 30% vacancy and
knowing part of loan
proceeds would pay off
adjacent land that was
not part of the loan
security. |
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Lakewood Building –
Lakewood, WA
$7,145,000
INTERVEST provided
construction and standby
permanent financing for
this proposed office
building in Lakewood,
Washington. The property
was 50% pre-leased to
the State of Washington,
and we were able to
approve and fund the
loan with only 50%
pre-leasing because of
our prior experience
with the borrower. |
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Privacy Policy
Equal Housing Lender 
© 2010 Peter W. Wong Associates, an affiliate of
INTERVEST-Mortgage Investment Company
All rights reserved.
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