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.
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.
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.
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.