RAINIER NEWS

December 2010
_______________________________________________________________

Rainier Medical Investments Break Ground on
River Walk Medical Park I

Flower Mound officials broke ground on one of what they hope to be many building blocks for The River Walk at Central Park.  Town and medical leaders moved dirt for the incoming River Walk Medical Park I building, an 84,000-square-foot structure that will be attached to the Texas Health Presbyterian Hospital of Flower Mound.  The three-story building will provide access to a variety of medical providers that will use the hospital for testing, treatment, diagnostic services, emergency services, procedures and elective and non-elective surgeries on patients and newborns. 

Rainier Medical Investments purchased 21 acres of the River Walk’s 158 acres in May after much of the development had gone into foreclosure. The exception to that was the hospital, as well as the acreage belonging to Price Development Group, the company constructing apartments on the east side of the project.  “We’re honored to welcome Rainier Medical Investments and the River Walk Medical Park to our community,” said Flower Mound Mayor Melissa Northern. “With a shared vision for building a high quality medical office facility and providing the region with state-of-the-art advanced medical services, RMI and The Town of Flower Mound were an ideal pairing.”  The building, scheduled to be completed by early fall of 2011, is one of the facilities expected to comprise Phase I of the River Walk Medical Campus.

A private Rainier investment fund closed on a $2.5mm investment into an LLC owing a 9-story, Class A Property located in Irvine, California.   The Property, valued at over $55 million, is subject to a favorable interest-only mortgage having six more years until maturity.  PIP IV has a first claim to 100% of the Property’s cash flow and is secured by a 49% interest in the LLC and a cross collateralization with another performing office tower in Houston.   

A private Rainier investment fund made a $2.575 million first-lien mortgage loan on a property located in Islamorado, FL on which a Winn-Dixie grocery store will be constructed.  The build-to-suit deal required a quick closing and allowed us to price the deal with a high rate and security including a mortgage, a personal and corporate guaranty and a pledge of common stock of a public company.   

A private Rainier investment fund made a $1.15 million preferred equity investment into River Ridge Apartments, a 123-unit apartment complex located in Davison Township, Michigan.  The $1.15 million in proceeds, along with additional equity from the apartment owner, was used to purchase the mortgage note on the property at a discount. 
 
November 2010
__________________________________________________________________________________________

A private Rainier investment fund provided a $2.3 million first mortgage loan to an affiliate of Eureka Management Group for the acquisition of the Oak Village Apartments in Del City, OK.
Rainier and Robert J. Jones of CB Richard Ellis co-brokered the $58,500,000 sale of 7 GSA buildings in OH, MA, TN, VT and NC.

A Rainier Medical Investments sponsored partnership made a $2 million investment into the River Walk Medical Park MOB I.  This is a to-be-built, 82,923 sf medical office building (MOB) that will be attached on all three levels to the new Texas Health Presbyterian Hospital Flower Mound that anchors the new River Walk Medical Park.  Construction of MOB I will begin in late fall 2010, with anticipated completion in late summer 2011. The River Walk Medical Park MOB I will be the most convenient and desirable location for medical offices in the area, with tenant specialties including cardiology, GI, OB/GYN, oncology, orthopedics, podiatry, ENT, general surgery, and urology. 

Rainier Medical Investments received unanimous site plan approval from the Town Council of Flower Mound, Texas to begin immediate development of the much-anticipated River Walk Medical Park I medical office building and campus. The development is located within The River Walk at Central Park and surrounding to the Texas Health Presbyterian Hospital Flower Mound.

Rainier Exchange Portfolio I, DST acquired a 11,945 square foot CVS Drug Store in Sullivan, IL.

October 2010
_______________________________________________________________

Rainier participated as a gold sponsor at the Real Estate Investment Securities Association (REISA) convention in Las Vegas, NV.

Rainier Medical Investments announced the hiring of the key staff of its new Development Team. Bill Resch, VP of Development and Michael Browning, VP of Project Management both bring substantial development expertise and experience to the RMI team. Also, Rich Marshall joined the RMI management team as General Counsel.

A private Rainier investment fund provided a $1.7 million partnership loan to a retail holding company owned by St. Ives Realty, a retail developer that specializes in peripheral retail development around Wal-Mart Supercenters. The loan is collateralized with a stabilized, four-property retail portfolio with locations in Texas and New Mexico.

September 2010
_______________________________________________________________

A private Rainier investment fund provided a $3.05 million second-lien mortgage to Bogle Family Realty, LLP , to facilitate the re-tenanting of its Vista Ridge II property Austin, TX.  Bogle Family Realty had secured an eight year lease for the entire 55,216 sf building with Apple, Inc.

August 2010
_______________________________________________________________

A Rainier Medical Investments sponsored partnership made a $6 million investment into approximately 18 acres immediately surrounding the new Texas Health Resources Presbyterian Hospital in Flower Mound, Texas - a 103-bed, acute-care hospital with more than 350 physicians on the medical staff.  The hospital opened in April 2010 and offers advanced medical care for, among other things, neurological and spine conditions, cardiovascular care, intensive care, diagnostic imaging, women’s services, sports medicine, and emergency care. 

June 2010
_______________________________________________________________

A private Rainier investment fund acquired a preferred equity interest in The Charlestonian and Wyndsor Court Apartments, two stabilized, Class A apartment communities managed and owned by Parkwood Management.  The Charlestonian, built in 1999, is a 224-unit story garden style apartment community located in Lake Charles, LA and Wyndsor Court, built in 1997, is a 280-unit 2/3 story apartment community located in Allen, TX. 

Rainier Medical Investments, LLC hired architect Perkins+Will for the development of a much-anticipated 21-acre medical campus, to be known as River Walk Medical Park, within The River Walk at Central Park adjacent to the Texas Health Presbyterian Hospital Flower Mound. 

May 2010
_______________________________________________________________

A private Rainier investment fund issued a $1.5 million secured loan to Stonegate Senior Care, a premier operator of skilled nursing facilities in several states.

A private Rainier investment fund issued $300,000 of preferred membership interests to an entity that purchased a closed Rite-Aid building in Woodstock, GA in order to redevelop the site and subsequentlyground lease it to Chase Bank

April 2010
_______________________________________________________________

A private Rainier investment fund acquired $2.95 million of preferred equity interest in the second phase of Lincoln Road Apartments, a brand new 432-unit Class A apartment completed this year located in Oklahoma City, OK.

March 2010
_______________________________________________________________

A private Rainier investment fund issued a $2.88 million first lien mortgage for the acquisition and redevelopment of a 176-unit apartment complex in Houston, TX known as Villa Ana.

A Rainier Medical Investments sponsored partnership made a $5.7 million investment into the partnership that owns the Baylor/USPI master leased ASC and Baylor Health Care System master leased Medical Office Building, both located on the 233-bed Baylor Regional Medical Center in Grapevine, Texas. 

February 2010
________________________________________________________________

A private Rainier investment fund issued a $4 million partnership loan and to acquire a discounted payoff on a first mortgage collateralized with a vacated Circuit City building in Lynnwood, WA for subsequent retenanting by Whole Foods Market.

January 2010
________________________________________________________________

A private Rainier investment fund issued a $1.765 million second lien mortgage to the owners of Baylor Medical Plaza, a 100% leased two-story medical office building with a surgery center located in Heath, TX.

 

RAINIER NEWS

December 2010
_______________________________________________________________

Rainier Medical Investments Break Ground on
River Walk Medical Park I

Flower Mound officials broke ground on one of what they hope to be many building blocks for The River Walk at Central Park.  Town and medical leaders moved dirt for the incoming River Walk Medical Park I building, an 84,000-square-foot structure that will be attached to the Texas Health Presbyterian Hospital of Flower Mound.  The three-story building will provide access to a variety of medical providers that will use the hospital for testing, treatment, diagnostic services, emergency services, procedures and elective and non-elective surgeries on patients and newborns. 

Rainier Medical Investments purchased 21 acres of the River Walk’s 158 acres in May after much of the development had gone into foreclosure. The exception to that was the hospital, as well as the acreage belonging to Price Development Group, the company constructing apartments on the east side of the project.  “We’re honored to welcome Rainier Medical Investments and the River Walk Medical Park to our community,” said Flower Mound Mayor Melissa Northern. “With a shared vision for building a high quality medical office facility and providing the region with state-of-the-art advanced medical services, RMI and The Town of Flower Mound were an ideal pairing.”  The building, scheduled to be completed by early fall of 2011, is one of the facilities expected to comprise Phase I of the River Walk Medical Campus.

A private Rainier investment fund closed on a $2.5mm investment into an LLC owing a 9-story, Class A Property located in Irvine, California.   The Property, valued at over $55 million, is subject to a favorable interest-only mortgage having six more years until maturity.  PIP IV has a first claim to 100% of the Property’s cash flow and is secured by a 49% interest in the LLC and a cross collateralization with another performing office tower in Houston.   

A private Rainier investment fund made a $2.575 million first-lien mortgage loan on a property located in Islamorado, FL on which a Winn-Dixie grocery store will be constructed.  The build-to-suit deal required a quick closing and allowed us to price the deal with a high rate and security including a mortgage, a personal and corporate guaranty and a pledge of common stock of a public company.   

A private Rainier investment fund made a $1.15 million preferred equity investment into River Ridge Apartments, a 123-unit apartment complex located in Davison Township, Michigan.  The $1.15 million in proceeds, along with additional equity from the apartment owner, was used to purchase the mortgage note on the property at a discount. 
 
November 2010
__________________________________________________________________________________________

A private Rainier investment fund provided a $2.3 million first mortgage loan to an affiliate of Eureka Management Group for the acquisition of the Oak Village Apartments in Del City, OK.
Rainier and Robert J. Jones of CB Richard Ellis co-brokered the $58,500,000 sale of 7 GSA buildings in OH, MA, TN, VT and NC.

A Rainier Medical Investments sponsored partnership made a $2 million investment into the River Walk Medical Park MOB I.  This is a to-be-built, 82,923 sf medical office building (MOB) that will be attached on all three levels to the new Texas Health Presbyterian Hospital Flower Mound that anchors the new River Walk Medical Park.  Construction of MOB I will begin in late fall 2010, with anticipated completion in late summer 2011. The River Walk Medical Park MOB I will be the most convenient and desirable location for medical offices in the area, with tenant specialties including cardiology, GI, OB/GYN, oncology, orthopedics, podiatry, ENT, general surgery, and urology. 

Rainier Medical Investments received unanimous site plan approval from the Town Council of Flower Mound, Texas to begin immediate development of the much-anticipated River Walk Medical Park I medical office building and campus. The development is located within The River Walk at Central Park and surrounding to the Texas Health Presbyterian Hospital Flower Mound.

Rainier Exchange Portfolio I, DST acquired a 11,945 square foot CVS Drug Store in Sullivan, IL.

October 2010
_______________________________________________________________

Rainier participated as a gold sponsor at the Real Estate Investment Securities Association (REISA) convention in Las Vegas, NV.

Rainier Medical Investments announced the hiring of the key staff of its new Development Team. Bill Resch, VP of Development and Michael Browning, VP of Project Management both bring substantial development expertise and experience to the RMI team. Also, Rich Marshall joined the RMI management team as General Counsel.

A private Rainier investment fund provided a $1.7 million partnership loan to a retail holding company owned by St. Ives Realty, a retail developer that specializes in peripheral retail development around Wal-Mart Supercenters. The loan is collateralized with a stabilized, four-property retail portfolio with locations in Texas and New Mexico.

September 2010
_______________________________________________________________

A private Rainier investment fund provided a $3.05 million second-lien mortgage to Bogle Family Realty, LLP , to facilitate the re-tenanting of its Vista Ridge II property Austin, TX.  Bogle Family Realty had secured an eight year lease for the entire 55,216 sf building with Apple, Inc.

August 2010
_______________________________________________________________

A Rainier Medical Investments sponsored partnership made a $6 million investment into approximately 18 acres immediately surrounding the new Texas Health Resources Presbyterian Hospital in Flower Mound, Texas - a 103-bed, acute-care hospital with more than 350 physicians on the medical staff.  The hospital opened in April 2010 and offers advanced medical care for, among other things, neurological and spine conditions, cardiovascular care, intensive care, diagnostic imaging, women’s services, sports medicine, and emergency care. 

June 2010
_______________________________________________________________

A private Rainier investment fund acquired a preferred equity interest in The Charlestonian and Wyndsor Court Apartments, two stabilized, Class A apartment communities managed and owned by Parkwood Management.  The Charlestonian, built in 1999, is a 224-unit story garden style apartment community located in Lake Charles, LA and Wyndsor Court, built in 1997, is a 280-unit 2/3 story apartment community located in Allen, TX. 

Rainier Medical Investments, LLC hired architect Perkins+Will for the development of a much-anticipated 21-acre medical campus, to be known as River Walk Medical Park, within The River Walk at Central Park adjacent to the Texas Health Presbyterian Hospital Flower Mound. 

May 2010
_______________________________________________________________

A private Rainier investment fund issued a $1.5 million secured loan to Stonegate Senior Care, a premier operator of skilled nursing facilities in several states.

A private Rainier investment fund issued $300,000 of preferred membership interests to an entity that purchased a closed Rite-Aid building in Woodstock, GA in order to redevelop the site and subsequentlyground lease it to Chase Bank

April 2010
_______________________________________________________________

A private Rainier investment fund acquired $2.95 million of preferred equity interest in the second phase of Lincoln Road Apartments, a brand new 432-unit Class A apartment completed this year located in Oklahoma City, OK.

March 2010
_______________________________________________________________

A private Rainier investment fund issued a $2.88 million first lien mortgage for the acquisition and redevelopment of a 176-unit apartment complex in Houston, TX known as Villa Ana.

A Rainier Medical Investments sponsored partnership made a $5.7 million investment into the partnership that owns the Baylor/USPI master leased ASC and Baylor Health Care System master leased Medical Office Building, both located on the 233-bed Baylor Regional Medical Center in Grapevine, Texas. 

February 2010
________________________________________________________________

A private Rainier investment fund issued a $4 million partnership loan and to acquire a discounted payoff on a first mortgage collateralized with a vacated Circuit City building in Lynnwood, WA for subsequent retenanting by Whole Foods Market.

January 2010
________________________________________________________________

A private Rainier investment fund issued a $1.765 million second lien mortgage to the owners of Baylor Medical Plaza, a 100% leased two-story medical office building with a surgery center located in Heath, TX.