OTHER
Bainbridge Island Suites and Island Crossings
Key Bank Center
Eagle Country Plaza
Ellensberg Inn Renovation
Lake View Commons Ground
East Wenatchee Land Sale
CAPITOL VIEW BUILDING (aka KEYBANK FINANCIAL CENTER) - Downtown Boise, ID
- 12 Story Class-A office tower (101,201 sq. ft.) on 1/2 acre
- Acquired from Spieker Properties in October 2000 for $13.2 million
- Currently 90%+ occupied and cash flow positive. Currently listed/appraised at $18.5 million
- Reasons for acquisition: Location of the property, across from the Capitol building in downtown Boise; good relationship with the seller
- Partner located in the market
- Duties: raised equity and placed debt to purchase the property, co-manager, and oversight of property management
EAGLE COUNTRY PLAZA - Boise, ID
- Shopping Center in Boise, ID (border of Garden City, Meridian and Eagle) 100,000 sq. ft.
- Land acquired in 1998 for $1.23 million; development and construction in 1999 - 2000 with approximate cost of $5 million including tenant improvements
- Sold in mid-2006 for $12.4 million
- Reasons for Project involvement: Partner familiar with the market; in the path of growth
- Great location at the intersection of Chinden and Eagle, two major arterials
- Duties: raised equity, general oversight of development, managing member, and property management
BAINBRIDGE ISLAND SUITES AND ISLAND CROSSINGS - Bainbridge Island, WA
- 51 extended stay hotel units; 60 condos + 1,400 sq. ft. of retail space
- 3.2 acre site acquired in late 2002. Entitlement and construction took place between 2003 and 2006; hotel placed in service in March 2006. Approximately $20 million project
- Current status: Condos 100% sold out; Hotel continues to perform well and was recently refinanced with a $2.2 million non-recourse loan. Estimated value of the hotel is between $7 and $8 million
- Reasons for Project involvement: Property acquired from a partner who resided on Bainbridge Island; great location just off the ferry on High School Road; high demand for this type of product on the island
- Duties: acquired land and entitled project, raised equity financing and placed construction loan to build the project; sold the condos (including the retail) and oversight of management of the hotel
ELLENSBERG INN RENOVATION - Ellensburg, WA
- $2.35 million loan funded as participatory lender
- Renovation of existing Ellensburg Inn, 106 rooms (since sold to Comfort Inn)
- Development of Holiday Inn Express on additional ground
- Commercial development with Starbucks and Taco Del Mar as tenants
LAKE VIEW COMMONS GROUND
- Nearly 1 acre of prime commercial land in the Commercial Business District - Bellevue, WA
- Land acquired in July of 2000 for $6.1 million
- Sold in January 2005 for $10.24 million to the owner of the remainder of the block
- Reasons for Project involvement: Prime location in downtown Bellevue; good relationship with the Seller
- Duties: raised equity, oversight of entitlement and development of potential high-rise building for continuum of care retirement community, and negotiation of eventual sale to owner of the "Super Block."
EAST WENATCHEE LAND SALE
- 60+ acres of orchard property located just east of the Columbia River- Wenatchee, WA
- Land acquired in 2002 for $2.4 million
- Sold in 2006 for $3.2 million to the Wenatchee Hospital District as a potential site for a new medical facility
- Reasons for Project involvement: Prime location just off of freeway and adjacent to Columbia river; past experience with Seller