Newsroom

05/04/2004
MILA, INC. CONTINUES TO CONTRIBUTE TO PUGET SOUND EMPLOYMENT WITH NEW OFFICE SPACE

MILA TO ADD 800 EMPLOYEES BY 2006

MOUNTLAKE TERRRACE, WA – MILA, Inc., the wholesale non-prime lender also doing business as Mortgage Investment Lending Associates, today announced the purchase of one of two empty office buildings at the Quadrant I-5 Center near downtown Lynnwood. Layne Sapp, MILA CEO purchased the building for multiple tenants including one of his companies, MILA.

MILA’s expansion is estimated to bring over 800 new jobs to the building and to Snohomish County respectively over the next 36 months. MILA’s employee count will exceed 1,000 employees locally, totaling approximately 1,200 nationally. MILA has two other branch offices in Arizona and Missouri.

“MILA’s success in the Puget Sound market for delivering high-quality wholesale mortgage products and services paves the way for our expansion,” said Layne Sapp, MILA CEO. “In an industry that demands instant access to critical documentation, MILA is responding with technology that improves the overall loan processing time. We look forward to growing and working with the community.”

After nearly $5 million in improvements to the new building including work to the ventilation systems, lobby and office areas, the 176,000 square foot building is scheduled to close in June. MILA employees and additional tenants are expected to move into the building in late fall. MILA will occupy up to 110,000 square feet in the Quadrant I-5 building. Prospective tenants are yet to be named. The building located at 20700 44th Ave. W. in Lynnwood is a few miles away from MILA’s corporate headquarters in Mountlake Terrace.

“MILA has been a long term employer in the area and the new building will be an asset to Lynnwood and provide more jobs close to home,” said Marilyn A. Ward, property manager, Egis Real Estate Services. “A Class A building converted to multiple tenants instead of one user [Boeing] will attract additional business to the community.”

The Quadrant I-5 building is one of two sizable buildings CRS Financial, Sapp’s real estate investment holding company, has purchased in the past 18 months. The first, 56,000 square foot building in Mountlake Terrace serves as corporate headquarters for MILA, the second, Next, a mortgage software firm.

About MILA, Inc.
MILA, Inc., one of fastest growing mortgage companies in the nation, offers a broad range of alternative mortgage-lending products in 26 states. The company’s commitment to borrowers has enabled MILA to rank among the top wholesale lenders in the country for more than 15 years. Stability, financial strength and the successful implementation of business strategies give MILA the ability to meet the challenges of the ever-changing mortgage lending markets and to anticipate market trends.

With substantial investments in evolving technology, MILA maintains solid, strategic relationships through services and support that our business partners can rely on. Using MILA’s AccessPoint, approved brokers and correspondents are able to quickly and easily track the movement of loans 24-hours a day.

Note to editors: If you are interested in publishing leasing information, please include contact information for Ric Brandt of CB Richard Ellis at 425.462.6901 or ric.brandt@cbre.com.

Contact: Michelle Homes
Michelle.Homes@mila.com
425.275.0800