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Silver Cloud was founded in 1980 by Jim Weymouth, who signed the ground lease with PPC. It has 10 hotels, including a U Village location at 5036 25th. One hotel is in development at Port Ruston in Tacoma and another on the Jiffy Lube site at 2033 Fourth Ave. in Belltown.
Glenn Gioseffi of Kidder Mathews arranged the Freddie Mac Small Balance loan, which features a five-year term, 30-year amortization schedule and a hybrid-adjustable interest rate. A hybrid-adjustable rate mortgage (hybrid ARM) is where a loan's interest rate is fixed for an established amount of time and then transitions to an adjustable rate.
Roger Thorn and Brian Adams of Kidder Mathews are marketing the space. Both buildings are available. Rates were not disclosed.
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided two Freddie Mac Small Balance Loans in the amount of $7.5 million to refinance two multifamily properties located in the Seattle, Washington area.
The loans were sourced by Glenn Gioseffi at Kidder Mathews.
The vacancy rate for industrial projects across the Puget Sound region is down to 3 percent - lower than the apartment or office vacancy rates, according to Kidder Mathews. Rents continue to rise, as well.
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Stratford Arms, a 35-unit apartment community, located at 1397 East Washington Avenue in El Cajon, California has been purchased for $7,750,000 by F & F EL Cajon, LP. The seller was the Hillgren Family Trust, a private investor.
Premier Residential, a Tacoma based real estate property investment, acquisition, and management firm that focuses on revitalizing underperforming properties, has purchased the Merkle Hotel for $1,043,000.
The seller was Swift Real Estate Partners, an independent real estate investment firm, based in San Francisco. Kidder Mathews commercial real estate brokers, Joe Lynch and Andy Miller, facilitated the transaction between the two firms.
Robert Thornburgh, Tom Holland, and Jon Reno of Kidder Mathews have been recognized by the Society of Industrial and Office Realtors® for the 2017 Largest Dollar Volume Land Transaction in Los Angeles for the sale of the Downey Industrial Center.
Kidder Mathews commercial real estate broker David Crabb, along with Don Mitchell of Cresa, represented TrellisWare in the transaction.
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