First NorthWest Development

LUNA SOL - Mixed Use (52 apartments + 10,000 sq ft office) in Kirkland, WA

Built in 2008/2009; placed in service in January 2010
Approximate Project cost- $15 million Current status: recapitalized in 2011 with existing investors; balance of commercial space sold in 2012 with refinance of underlying permanent financing. Rentals continue to perform well with rents increasing and high demand
Reasons for Project involvement: land owned by partners with a recent upzone to increase height limit; good location just east of Interstate 405; related party to rent half of the commercial office space; growing demand for rental properties as new development had slowed
Duties included: General contractor, equity and debt financing to construct project, sale of 50% of commercial space, oversight of smooth lease up, and continuing property management

MONTERRA APARTMENTS - 139 garden style apartments in Mill Creek, WA

Built in 2002/2003; placed in service in January 2004
Approximate Project cost- $15 million
Sold in January 2005 for $16 million to Equity Residential (REIT)
Reasons for Project involvement: good relationship with builder; history of success; located just north of Mill Creek Town Center, minutes east of Interstate-5
Duties included: funding of land purchase, start of equity raise, oversight of property management

ADAGIO APARTMENTS - 200 garden style units on 8+ acres in Covington, WA

Built in 2002/2003; placed in service in May 2003
Approximate Project cost: $20 million (land and construction)
Sold in December 2010 for $24 million
Reason for Project involvement: good relationship with builder; history of success; multi-family piece as part of a larger commercial development; good price on the ground and in the path of growth just off of Highway 18
Duties included: funding of land acquisition; equity raise; oversight of property management

SIENNA APARTMENTS - 123 garden style units in Everett, WA

Built in 2000/2001; placed in service in January 2002
Approximate Project cost: $10.5 million
Sold in June 2007 to Equity Residential (REIT) for $14.45 million for condo conversion
Reason for Project involvement: good relationship with builder; history of success; well located just west of I-5 and Hwy 99, near Boeing Field
Duties included: providing funds to purchase land, initial equity raise, recapitalization structure; oversight of property management

WOODCREEK APARTMENTS - 164 garden style units on 7.5 acres in Lynnwood, WA

Built in 1999/2000 with Rudeen Construction; placed in service in November 2000
Land- $2.6 million; Construction cost- $10.2 million
Sold in May 2006 for $16.5 million
Reason for Project involvement: partnership with Rudeen Development to build, own and manage; good location near the intersection of Highways 99 and 525
Duties included: providing funds to purchase the land, assisting in placing debt financing and development of the project, co-managing member, and oversight of property management

HIGHLAND GREEN APARTMENTS - 96 units in Kent, WA

Acquired in 1999 for $7.2 million
Sold in November 2003 for $9.6 million
Reasons for Acquisition: adjacent to previously acquired Viewmont Apartments- 24 units; purchased in 1997 for $1.2 million; sold in 2002 for $1.695 million; growing area and good price
Duties included: due diligence, raising equity and placing debt, and management of the property

LAND - Smokey Point, WA

400+ Acres acquired for a large multi-family development
Acquired in early 1999
Sold in October 1999 to the US Navy for a profit of $1.8 million
Reason for Acquisition: participating lender on acquisition of the property; first project with Rudeen Development and Steve Malsalm; good price and location for the ground
Duties included: providing loan to acquire the property; assisted in entitlement and sale negotiations