$77M refinancing secured for premier multi-housing community and retail complex in Seattle area Woodinville
JLL Capital Markets assists MainStreet Property Group and HAL Real Estate in securing refinancing for The Schoolhouse District in Woodinville, Washington
SEATTLE, Aug. 29, 2024 – JLL Capital Markets announced today that it has arranged a $77 million refinancing of The Schoolhouse District, a 264-unit mid-rise multi-housing community with approximately 44,800 square feet of retail in downtown Woodinville, Washington.
JLL represented the borrowers, MainStreet Property Group and HAL Real Estate in securing the fixed-rate loan through AXA IM Alts., acting on behalf of its client.
Located at 17409 133rd Ave. NE, The Schoolhouse District offers convenient access to I-405, SR-522 and the future SR-522/I-405 transit hub for easy commuting. Located in downtown Woodinville, the complex is within a 20-minute drive from major tech companies in Kirkland, Redmond and downtown Bellevue. Additionally, residents can delight in the walkable proximity of nearby boutique retailers, restaurants and entertainment venues, including a curated collection of wineries on site as well as Woodinville Wine County’s 130+ wineries.
Woodinville, located in Seattle MSA’s eastside, is the #1 most popular housing market in the U.S, with a steady population growth of 28.1% since 2010. The city is known for its wineries, breweries and ample retail options. Residents can also enjoy excellent schools, diverse recreational opportunities and high-paying jobs within a short commute. With an average household income of $172,000 and a projected household income growth of 15.1% by 2027, Woodinville was voted as the #9 best suburb for young professionals in Washington.
Completed in 2021, The Schoolhouse District boasts LEED Gold sustainability certification and comprises four separate buildings on a 3.08-acre site offering studio, one-, two- and three-bedroom layouts. Apartment amenities encompass keyless entry, balcony/patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. District Flats offers an array of community and apartment amenities, including a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, a cafeteria lounge, an enclosed dog park, controlled-access garage and EV charging stations. The retail section of the community offers a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms.
JLL Capital Market’s Debt Advisory team representing the borrower was spearheaded by Senior Director Seth Heikkila and Director Steve Petrie.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About MainStreet Property Group
MainStreet Property Group is committed to developing exceptional places that delight customers and enhance communities, driven by innovation, sustainability, and a unique perspective. Recognized as NAIOP Washington State's Developer of the Year in 2019, the company’s impact on the Eastside includes revitalizing areas like Bothell, Kenmore, Redmond, Sammamish, and Woodinville.
About HAL Real Estate
HAL Real Estate Inc. is a Seattle-based real estate investor focused on direct and joint-venture investment opportunities across the Greater Puget Sound Area. The company has particular experience in the acquisition, development and recapitalization of apartment, condominium, office, and mixed-use properties and also invests in raw land, industrial and retail properties. HAL has the financial resources of a large institutional investor but operates with the speed and flexibility of a local private investor using its own capital.
AXA IM Alts is a global leader in alternative investments with €184 billion of assets under management[1] comprising over €82 billion of primarily private real estate, €90 billion of private debt and alternative credit, as well as €12 billion in Infrastructure equity and private equity. AXA IM Alts takes a 360° approach to real estate & infrastructure investing with over €128 billion of assets under management in direct opportunities, held indirectly through debt and listed equities and via long term private equity investments into operating platforms. ESG is fully integrated into our investment decision making processes with our responsible investment approach anchored by the three key pillars of decarbonisation, resilience and building tomorrow.
1Source: AXA IM Alts data (unaudited) as of 31 March 2024.
2Highest-ranked European Real Estate Manager in IPE’s Global Top 150 Real Estate Investment Managers, based on total value of real estate assets under management, November/December 2023.