Sterling Savings Bank Buys Gateway Office Building

Sterling Savings Bank recently announced that Sterling’s Home Loan Division will soon have a new home of its own. Sterling purchased the office building at 6021 244th St. SW in Mountlake Terrace, that will house the home lending administrative and production operations, escrow services and the Puget Sound real estate group, which specializes in residential new construction loans.

“This move enables us to serve our customers more conveniently and allows for future growth,” said Donn Costa, executive vice president.
The new location is just a few miles south of Sterling’s current Home Loan Division headquarters. It provides 60,000 square feet of space, an increase of nearly 50 percent. The move will take place during the summer 2011.

“This is consistent with our commitment to expand our services and increase market share in the Puget Sound,” said Ezra Eckhardt, president and chief operating officer of Sterling Savings Bank. “We look forward to expanding our signature brand of service to more business and personal banking relationships.”

In Washington last year, Sterling’s Home Loan Division closed more purchase transactions than any other lender—bank or mortgage company—headquartered in the state. Sterling closed $2.6 billion in residential loans in 2010, among the highest in the Northwest. Formerly known as Golf Savings Bank, Sterling’s Home Loan Division has been in its current location at 6505 218th St. SW since 1981.

Sterling’s new location is a four-story, Class A office building next to I-5 and is within walking distance to restaurants and retail stores. The building is located behind Cinebarre and the Studio 6 motel.

According to the Snohomish County Assessor, the property sold for $5.85 million.
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  1. At $5.85 million, Sterling Savings got a great deal. That property will rise in value tremendously as the Evergreen Elementary School property is developed and a connecting road between Gateway Place and the transit center on 236th Street is completed.

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