The Anderson School will fill a neighborhood need for a community center where travelers, friends and families can socialize and local history comes to life.

Anderson School Properties LLC has secured financing for redeveloping the historic Anderson School in downtown Bothell, Wash. Construction has begun, with the goal of a Fall 2015 opening.

For questions about jobs or hotel reservations at the Anderson School, check back at in spring 2015 for more information. For media inquiries, contact

Anderson School Properties LLC (the Company) is seeking $8 million in capital from accredited investors who want to be part of Anderson School’s revitalization and McMenamins’ proven approach to the development of mixed-use community space. Located in the center of Bothell, Wa., the Anderson School is considered a key part of the City’s redevelopment efforts, which already include $150 million in public and approximately $207 million in private investment.

The six-acre property has been appraised with a market value of $26.2 million once renovated. The Company is utilizing a new type of securities private placement to complete the project. Effective in Sept. 2013, Rule 506(c) is an amendment to the Securities and Exchange Commission’s Regulation D, which allows a business to conduct a private securities offering and promote it via media and over the Internet, provided that all purchasers are accredited investors.
Maybe more important than financial returns, McMenamins developments have a positive social impact by filling community needs through free use of a dedicated community room and soaking/swimming pool, unique dining, live music, and art that spotlights local heritage. In the case of the Anderson School, the property will act as a community history hub and additional community green space will connect with Horse Creek. A long history of reimagining interesting spaces has taught the McMenamin brothers that the best results are achieved through the combined cultural experiences of travel, food, drink, music, original site-specific art and public spaces.

It’s great to see a forward thinking and acting city like Bothell. Leveraging $150 million in public investment, approximately $207 million in private monies are committed to commercial and residential development in the downtown core, turning this ideally located town on key transportation routes and the scenic Sammamish River into one of the Puget Sound’s most livable cities. Located in the center of Bothell, the Anderson School property is a key part of the city’s long-term redevelopment plan, which includes a new City Hall and city center, European-style “multi-way boulevards” and a vibrant waterfront park reconnecting downtown to the river where the City began its story in the late 1800s.

Bothell is located just 25 minutes northeast of downtown Seattle on SR 522 or via I-405, and it neighbors the popular Woodinville wine country, home to more than 90 wineries and tasting rooms. Visitors to the region enjoy sailing on Lake Washington, shopping for antiques and unique local gifts, hiking in the nearby Cascade Mountains, and cycling the Burke-Gilman and Sammamish River trails, 38 miles of paved multi-use path stretching from Seattle to Redmond. The city is ideally located to take advantage of the burgeoning tourist draw of the Sammamish River Valley and Seattle’s booming high-tech industry.

Potential investors who enjoy life, creating community and having fun are encouraged to contact us.
Below is a brief summary of the offering terms:

  • Only “accredited investors” − individuals with $1 million or more in net worth (excluding the value of the individual's primary residence) or more than $200,000 in annual income (more than $300,000 with their spouse) − can purchase the securities. Certain institutions may also qualify as accredited investors.
  • Investors will purchase Class A Preferred Units ("A Units") in the Company and become members of the Company. The offering price is $25,000 per A Unit. The minimum investment is $250,000.
  • The Company will not accept payment from investors until the Company receives $8 million in commitments.
  • New School Properties LLC, a Washington limited liability company ("NSP"), controlled by Mike McMenamin, will be the manager of the Company. NSP will also be a member of the Company. NSP will purchase A Units and will be issued Class B Nonvoting Units ("B Units") as the project developer and manager of the Company. NSP will be the sole B Unit holder.
  • Investment proceeds will be used to repay the purchase price of the Anderson School and to develop the property. The Company will also obtain a construction to permanent loan to cover development costs.
  • The developed property will be leased for 20 years (with two 10-year renewal options) by the Company to McMenamin’s Brew Pubs, Inc., (a Washington wholly owned subsidiary of McMenamins, Inc.), which will operate the Anderson School offering a 73-room hotel, restaurants, small bars, a brewery, event/meeting space, movies, live music, gardens and a day spa and soaking pool.
  • The Company will receive monthly cash flow from rent paid by McMenamin’s Brew Pubs, Inc. once the Anderson School opens for business. Cash remaining after debt service and administrative expenses will be available for distribution to members. Cash distributions will be made to members solely at the discretion of the Company's manager.
  • Investors will receive an 8% per annum, noncompounded, preferred return on invested capital before any distributions are made to B Units. Return over 8% will be allocated 33% to A Unit holders and 67% to the B Unit holder.
  • After eight years of operation (from the opening date), the Company has the option to purchase investors’ A Units at 105% of Unit value. Additionally, after eight years of operation, investors will have the option to require the Company to purchase their A Units at 95% of Unit value.
  • A Unit members will also receive the benefit of their share of approximately $600,000 in historic tax credits generated from eligible rehabilitation costs of the Anderson School building.
  • In addition to financial returns, members will receive special pricing on hotel stays, concert tickets, spa visits, as well as previews of other McMenamins properties, beer, wine, spirits, to-be-announced events and more. The number and frequency of these special perks is to be determined.
  • The Anderson School offering is not available to residents of New York.
  • The Prospectus includes important information about this offering, including risk factors, and should be reviewed carefully. Investors will be required to provide supporting documents proving that they are accredited investors.

    This is a private placement of securities. Securities sold through private placements are restricted and not publicly traded. Members of the Company may not be able to sell their membership interest even if a need for personal funds arises. Investors are purchasing a membership interest in Anderson School Properties LLC, not a direct interest in real property.

    For complete details, download the Anderson School Properties LLC Offering Circular.

    Are you an accredited investor interested in learning more? 
    Contact us to request additional details.
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