Seller: J&W Holdings Complex LLC
Buyer: Peakview LLC
Sell Price: 13.7 million
It’s no secret that big banks can be apprehensive about funding “entertainment” properties, and in these cases lending prospects often make their way to a private money lender in search of another solution. One such partner we funded for construction last year (summer 2021), Sirius Sports Complex, has already come full circle and we’re thrilled to share its story.
Sirius Sports Complex is a youth/adult sports venue located in North Bend, Wash. Juniper provided construction financing which included fully lighted fields for soccer, football, baseball, and lacrosse and fill a significant need for field space on the Eastside. Juniper worked quickly to close the $6.8 million construction loan for the facility to be completed by Oct. 2021.
In that first phase, Juniper appreciated this facility was driven by community demand in an area experiencing significant growth and development. We also recognized the lack of non-municipal facilities in Washington State for kids, families, teams, and professional athletes to train or play. This private, state-of-the-art facility was planned so that anyone can reserve a field or court at any time and play at an exceptional venue; it just made sense.
Not even a year later, with its outdoor field construction complete and robust plans for 75,000 square feet of indoor recreation space for basketball, volleyball, and training in 2023, Sirius secured a new buyer for its expanding complex. Peakview LLC bought Sirius for $13.7 million.
Much in the way Sirius describes itself, we too are “versatile and always open to new ideas.” Juniper funded the opportunity because of its belief in making the community around them better and to keep this complex running as it realized its full vision.
Sirius being sold in less than a year underscores that the investment was a win for all parties: Juniper made a thoughtful investment that big banks weren’t willing to touch to get Sirius to its next critical milestone, Peakview LLC became the owner of Washington State’s premier private sports facility–in a region seeing unprecedented growth, and the community that advocated and seeded the project have now fruited a legacy that will benefit generations.
Sometimes it takes knocking on a few doors to find the right partner. We’re delighted Sirius found ours, and look forward to the games, clinics, and tournaments to come. What will you fund next?
Juniper Capital provides private real estate financing, including hard money loans for commercial, construction, multifamily residential opportunities, and more. If you would like more information, call us today.