Cascade Bancorp, the holding company for the Bend, OR-headquartered Bank of the Cascades, completed the acquisition of 15 former Bank of America branches in Southern and Coastal Oregon and Western Washington. The acquisitions make the financial institution Oregon’s largest community bank, with $3 billion in assets and 51 branches operating in Oregon, Washington and Southwest
Berkadia originated a $97.85 million Fannie Mae Credit Facility, which provided permanent fixed-rate financing for the acquisition of five multifamily assets on behalf of Seattle-based Investors Capital Group, LLC. The acquired properties are in four western states: Washington, Idaho, Utah and Arizona. The structured facility features five tranches of fixed-rate debt with 10- and 12-year
Agon Sports and Entertainment, which owns the minor-league Boise Hawks baseball team, is planning to build a 5,000-7,500-seat arena in downtown Boise, ID. The plan is to have both the Hawks, and a second-tier men’s professional soccer team play in the venue, which is currently home to the St. Luke Business Center. Jeff Eiseman with
Banner Bank promoted Jim McLean to EVP of its CRE lending division, and a member of the bank’s executive management committee. McLean is filling the position vacated by Doug Bennett, who retired after more than 30 years with the Washington-chartered commercial bank. McLean now leads a team of nearly 80 employees throughout the Banner Bank’s
City Office REIT, Inc. completed the sale of its Washington Group Plaza property in Boise, ID for a gross sale price of $86.5 million. Proceeds will be used to repay roughly $32.1 million of mortgage debt and for general working capital purposes. The buyer was reportedly St. Luke’s, Idaho’s only nonprofit healthcare system. Located in the heart of downtown, the four-building
Northwest-based Kirkwood & Kirkwood continued to execute its expansion strategy with the opening of its fourth Big Al’s location, a 45,850-square-foot sports bar and entertainment destination at Piemonte at Ontario Center in Ontario, CA. The site is smaller than its others, which range upwards of 70,000 square feet, but could be a viable option for
A multifamily property buyer from Washington State secured $9.2 million in financing to acquire the 80-unit Eagle River Apartments in Eagle, ID. Operating under the name Eagle Riverside LLC and $308 Pioneer Exchange Accommodation Titleholder LLC as tenants in common, the buyer obtained a seven-year Freddie Mac term loan, which was sourced by Terry Painter
Tamarack Resort Holdings (TRH) acquired of all of Tamarack Resort’s operations and key assets in Donnelly, ID, a resort and farming community 90 miles north of Boise. The TRH partnership includes investors and managers who bring experience in resort property development and operations. TRH’s Jon Reveal says, “Our team looks forward to proving our commitment
The Idaho House approved a resolution authorizing state officials to finance the purchase of office space on Hewlett-Packard’s former Boise, ID campus. The buildings will house Idaho’s State Tax Commission and possibly other state agencies. Governor C.L. Otter said the administration plans to acquire the 1.3-million-squre-foot campus for approximately $110 million, with the extra $16
Utah-based Pennbridge Lodging secured $30.5 million in financing for Residence Inn Boise Downtown/City Center. Pennbridge opened the 185-room, 10-story Marriott-flagged property in October of 2017. Berkadia’s Adrienne Kautzman arranged the deal. The non-recourse 10-year loan features a highly competitive fixed rate. “This is the second deal we’ve financed in downtown Boise this year, demonstrating the
