Our Experience at Work
HCMP Represents Client WaFd Bank in Complex Finance Transactions involving Seattle Kraken Headquarters/Practice Facility and Seattle Monorail
HCMP represented WaFd Bank recently in two complex finance transactions. Totaling $56.6 million in loans, these transactions allow for the construction of the business offices and practice facilities (including three ice rinks) at Northgate for the new Seattle Kraken NHL team and the improvements to the Westlake Center Monorail Station.
The team, led by Gary Fallon, Katie Chapman, Matt Weger, Melody Alvarado Latino, and Jennifer Grant tackled complex real estate, finance, and structural issues, including multi-layered ownerships and leases, agreements of various kinds relating to the operations of the NHL franchise, and a concession agreement with the City of Seattle for the operation of the Monorail.
HCMP proposed innovative and creative structures that met the goals of WaFd Bank while also collaborating with various stakeholders, including the NHL, the owners of the Seattle Kraken NHL franchise, the ground lessors of the Property at Northgate, the operator of the Monorail, and the City of Seattle.
Crews broke ground on the NHL Seattle’s new training facility and headquarters at Northgate Mall in February 2020. In August 2020, WaFd Bank and the Seattle Kraken announced a partnership committed to the health and prosperity of their communities, championships, and hockey.