EverWest Closes on Preferred Equity for Multi-Family Project

Ascent Westminster Westminster, CO

EverWest Real Estate Partners is pleased to announce the closing of a Preferred Equity investment supporting the development financing of a 255-unit, 5-story apartment project located in Westminster, CO (part of the Denver MSA).  The project is part of a new Westminster downtown master plan and the site is adjacent to the Flatiron Flyer express bus stop, which is one-stop from downtown Denver's vibrant Union Station train terminal.  The site is also adjacent to Westminster's future light rail station, making this a Transit-Oriented Development. 
 
The Sponsor, Minneapolis-based Sherman Associates, is a very experienced multifamily developer, having completed close to 10,000 residential units, and has been working closely with the City of Westminster to ensure the project design and execution is in line with their long term vision of the broader Westminster Town Square. 
 
EverWest advised one of its investment clients on the investment.  The senior construction loan was provided by Natixis bank. Baxter Fain led JLL's Capital Markets team in Denver on the transaction.
 
Joe Chickey, Senior Director at EverWest said, "The location of the project, which is roughly equidistant between downtown Denver and Boulder, coupled with the increasing Denver population and employment drivers, will ensure a successful lease-up once completed.  Also, the quality of the Sherman development team as well as the support from the City of Westminster, will further enhance the success of this project."
 
Zi Chong, Associate at EverWest said "We are excited to be part of the creation and development of a new downtown for the City of Westminster and we are impressed by the commitment of Sherman Associates and the City of Westminster on this long term plan." 
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EverWest Closes on Mezzanine Loan for Mixed-Use Project

The Dime Brooklyn, New York

January 3, 2018

EverWest Real Estate Partners is pleased to announce the closing of a $70 million mezzanine loan supporting the development of a mixed-use project consisting of approximately 177 apartment units, 100k sf of office space, 50k sf of retail space and a 300-space below-grade parking garage located at the foot of the Williamsburg Bridge in Brooklyn, NY. The project is led by sponsors Tavros Holdings and Charney Construction - two New York City-based groups with significant development and construction experience in the New York market. 
 
EverWest advised two of its investment clients on the mezzanine loan.  The senior construction loan was provided by a fund managed by Square Mile.  Jonathan Schwartz and Mark Fisher led JLL's Capital Markets team in New York City on the transaction.
 
Thomas McCahill, EverWest Managing Principal stated, "Our capital partners and EverWest have been targeting New York opportunities for some time and felt that The Dime development met all of our prerequisites: top notch local sponsorship, dynamic market fundamentals, transit oriented development and an adaptive reuse of an iconic local asset.  We're pleased we were able to provide a creative cost effective capital execution for all our partners."
 
Joe Chickey, Senior Director at EverWest said, "We are excited to partner with the Tavros and Charney sponsorship group.  Their vision to transform the historic Dime bank building into a marquee real estate asset in the evolving and vibrant Brooklyn market is one we are excited to be able to support."
 
Nick Silver, Tavros Founding Partner said, "the Everwest team and their capital partners were responsive to our capital needs and worked well with all parties involved in the Dime capitalization. They were quick to understand our business plan and market positioning and able to meet our closing timeline."
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EverWest Acquires Core Interest in Class A Office Project

The Offices at Public Market Emeryville, California

November 9, 2016

EverWest Real Estate Partners, in partnership with Miami-based Black Salmon, has entered the Northern California Bay Area office investment market with the purchase of The Offices at Public Market, a Class A office tower located along Interstate 80 in the heart of Emeryville, California.
 
The Offices at Public Market total 109,242 square feet in eight stories.  The building is part of a larger mixed-use development that includes retail, residential and hotel.  A large portion of the project's retail space is currently under redevelopment, slated for completion within the next 24 months.
 
"The mix of location, Class A office space and on-site retail amenities make The Offices at Public Market one of Emeryville's most well-positioned office buildings," said EverWest Managing Director Ryan Madson, who oversees the company's Northern California and Pacific Northwest acquisition activity.  "We anticipate that this building's popularity will only continue to improve in an area where demand for Class A space is exceptional, and there is very limited new construction on the horizon."
 
Situated at 6001 Shellmound Street, The Offices at Public Market offers direct visibility and access to I-80.  It is minutes from Interstate 580, Highway 24, the Amtrak Tran Station and two BART stations. It is also approximately eight miles east of downtown San Francisco and five miles north of downtown Oakland.
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EverWest Acquires Core-Plus Industrial Assets

West Valley Distribution Center Kent, WA

October 25, 2017

EverWest Real Estate Partners, in partnership with a western U.S. state pension fund, is pleased to announce the acquisition of West Valley Distribution Center, a portfolio of three industrial buildings totaling 138,296 square feet located in the heart of the desirable Kent Valley industrial submarket.
 
One building is located on West Valley Highway and two buildings are located on 72nd Avenue South in Kent, WA. While the portfolio is 100% leased at acquisition, there are a few lease expirations in the portfolio over the next few years which are expected to boost property income and returns.
 
Ryan Madson, Managing Director with EverWest, comments, "We are very excited to announce the acquisition of this industrial portfolio located in the in-fill market of Kent.  The portfolio is well positioned to be able to capitalize on the strong market conditions in the Kent Valley.  We can add value as spaces roll over in the next 30 months by bringing below market leases to market.  We would also like to recognize HFF investment sales team, lead by Michael Leggett, Scott Pertel and David Otis, who represented the Seller in this transaction.  EverWest is also excited to be working with the leasing team of Taylor Hoff, Arie Saloman and Jeff Forsberg with NAI Puget Sound Properties.  KG Investment Properties will provide property management services."    
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