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September 17, 2019
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PACIFIC NORTHWEST NEWS
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HUB Building Project in Downtown Spokane Lands $10 Mil in Financing

6/04/19

A joint venture between Avista and McKinstry has obtained $10.6 mil in fixed-rate financing for the construction of the 40k sf HUB building in Spokane, WA. The property is located across the tracks from the University District on the eastern border of the city’s downtown area, with access to I-90.

The four-story building will house the Eco-District energy plant and R&D office space for Avista. The building will share parking with the Catalyst Building to the north, also under construction.

Demetri Koston and Brian Bonipartwith Newmark Realty Capital arranged the financing. The 12-year loan was placed with one of Newmark’s correspondent lenders.

According to Brian Bonipart, “The borrower was looking for construction financing that converted to non-recourse term financing upon completion. The loan was challenging for many lenders due to the location and the high lease rates which the borrower had achieved. The location is a new office area close to Washington State University’s Spokane Campus and Gonzaga University in Spokane’s developing University District”.





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