Peter W. Wong Associates - Recent Transactions

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.


		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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%.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.

		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.