Case Studies
Nothing underscores capabilities like specific examples of how we’ve listened to our clients' needs and provided the right solutions. Take an Inside look where we’ve delivered exceptional value and produced outstanding results for our clients.
Innovation Realty Partners, LLC has secured $40 million in financing from The Benaroya Company to facilitate its continued assemblage of land located within the Sammamish Town Center district in Sammamish, Washington. Innovation Realty Partners currently owns or controls approximately 77 acres within the Town Center.
"We are thrilled to play a role in the exciting new Sammamish Town Center project", said Larry Benaroya of The Benaroya Company. "It will be one of the premier planned communities in the Pacific Northwest located in one of the best markets in the United States."
The office portion of the beautifully renovated historic 619 Western Building, for which we provided financing is full. Chef Software leased three floors and technology product design firm, Artefact leased the top two floors. This jewel along Seattle`s changing waterfront will have unobstructed views of Elliott Bay. Seismic upgrades, options for natural ventilation, new electrical, mechanical and plumbing systems matched with operable windows and rooftop deck make this a very special environment.
“The Benaroya Cos., they’re sophisticated. They are not afraid of real estate,” said real estate broker Stan Piha. “They see things differently than a typical lender.”
We provided financing to M&M Rafizadeh Family LLC for the acquisition of the 37,500 SF Big Lots store in the heart of Issaquah's retail core. The Big Lots retail store is conveniently located in Issaquah's Pickering Place Center.
"This deal highlights The Benaroya Company’s remarkable speed with underwriting completed, documents prepared and funds delivered in under 24 hours from loan request in order to meet the borrower’s purchase deadline."
The new 53,000 SF clinic takes personalized, one-stop care to a new level. Everything in the medical center, from the location of the exam room doors to the way that patients access the lab, was analyzed in a year-long design process that involved architects, contractors, patients, staff and medical providers.
“This project has won multiple awards for innovation and quality. In addition to receiving the first LEED-HC Gold, it received the 2013 NAIOP Technology/ Life Science Development of the Year, 2013 AIA TAP BIM Awards Honorable Mention, 2012 CoreNet Global Industry Excellence Award and 2012 Pierce County Economic Development Board’s “Excellent Ten.”
We provided financing for construction of the Palladian Kimpton Hotel - a 97 room boutique hotel in Seattle's Belltown neighborhood.
"The Pacific Northwest has been an integral part of Kimpton's growth story for more than two decades and we look forward to continuing our success in Seattle," said Kimpton CEO and President Mike Depatie.
The Benaroya Company was chosen by IPT as the fee developer of a new Class A distribution facility due to our relationship and past history of completing a successful 441,358 SF build-to-suit project together. The building was completed November 2018.
“One of the main reasons IPT selected The Benaroya Company to develop their IPT Sumner Distribution Center was the great experience we all had with Benaroya developing the 441,358 SF Sumner Distribution Center a few years ago.” said Arie Salomon, Principal, NAI Puget Sound Properties.
Build-to-suit construction of the new 70,000 square foot Snoqualmie Valley Critical Access Hospital where we were the developer - and also provided construction financing. Shortly after completion of construction, Snoqualmie Valley Hospital successfully issued bonds to purchase their beautiful new facility.
“The new hospital is an incredible undertaking and great success, and the end of a process, also the beginning of a new era… this is not your father’s hospital,” said Ben Lindekugel, executive director of the Washington Public Hospital Districts.
The Benaroya Company provided high loan-to-cost acquisition and construction financing that enabled the owner to develop the property without the need to find an equity partner. Three months after opening, the owner successfully sold the 154-unit, mixed-use Prescott Wallingford to TIAA-CREF.
“The Wallingford area has been a very attractive neighborhood for years,” said Jason Kelly of City of Seattle. “Stone Way—has redeveloped into neighborhood commercial buildings with walkable storefronts and apartments above- with Prescott Wallingford one of the first new buildings on the block.”
The 441,358 SF state-of-the art Sumner Distribution Center was the first of what would be an avalanche of new industrial construction. Benaroya sold the property to Industrial Income Trust of Denver upon completion. The General Services Administration leased the entire facility - it was the largest industrial lease in 2013.
“I have completed many transactions with The Benaroya Company and I have complete trust working with them on any size transaction on a hand shake agreement,” said Arie Salomon, Principal, NAI Puget Sound Properties.
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