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Commercial Real Estate Recent Projects

The case histories below exemplify our recent community projects conducted in partnership with our clients:

Park Side Cafe Building

Commercial Project: Alicia Elliot came to Ken Pekola with her plan to revitalize her West Olympia neighborhood and transform the corner of Harrison and Division with a new Victorian-era building, which is now home to the Park Side Café. Ken’s commercial lending experience made it happen, along with OlyFed’s community-first commitment.

The Laurana

Mixed-Use Project: The Laurana is a three-story mixed-use development adjacent to Percival Landing. It features retail space, a restaurant and 44 apartments with a terrace extending to the boardwalk. It’s another visionary project by Walker John revitalizing downtown Olympia, and it’s backed by OlyFed and the support of commercial real estate expert Ken Pekola.

Merritt Manor

Apartment Housing Project: A $13.5 million project, Merritt Manor is a new four-story, 80 unit affordable housing complex on the site of the former Bailey Motor Inn in Olympia. Glenn Wells along with Scott Wammack turned to Ken to help with this innovative project to turn a blighted property into a beautiful community asset. This is a unique partnership in that affordable housing projects almost always involve government organizations; in this particular case, the project is 100% privately supported.

Kluh Jewelers

Commercial/Retail Project: Ken’s partner Carrie Whisler knows family businesses – like the three-generation Kluh Jewelers in Lacey. When grandson Matt Kluh wanted to buy and renovate a new location, Carrie assembled a loan package that enabled their lobby to display a replica of founder Ted Kluh’s VW featuring a giant diamond on the side.

Homes First

Nonprofit Housing Project: OlyFed and the Washington State Housing Finance Commission recently partnered with Homes First to help the local nonprofit save almost $30,000 a year on its mortgage payments. Homes First, an organization dedicated to providing affordable rental housing to low-income individuals and families, owned nearly two dozen rental units that it had purchased over the years at various interest rates. The organization discovered an opportunity through the state’s Housing Finance Commission to refinance those loans through a special bond; but a banking partner was needed.

Enter Ken Pekola and OlyFed which provided the lower-interest financing for a larger consolidated mortgage loan; in return, the Housing Commission was able to provide a bond with significant tax credits as collateral. Homes First will now save close to $1 million in interest payments over the life of the loans.

Olympic Rentals

Todd Monohon and his team at Olympic Rental and Landlord Services were looking for a new place for their business to call home. They soon discovered the old Olympia Press Building in downtown Olympia. The new facility provides the added space they needed with plenty of room to grow. OlyFed and Ken Pekola were able to help with the right loan to purchase the building and make the needed improvements to attract some new tenants to join them as neighbors in their new facility.

Contact Ken Pekola

Get your next commercial project started today and contact Ken Pekola, VP Commercial Banking.

Contact Ken