REBusinessOnline

JLL Arranges $110M Refinancing for 15-Building Bellefield Office Park in Metro Seattle

BELLEVUE, WASH. — JLL has secured $110 million loan for the refinancing of Bellefield Office Park, a 15-buliding campus in Bellevue, a city 10 miles east of Seattle across Lake Washington. The borrowers are Lionstone Investments and Talon Private Capital. Situated on 56 acres at 1150-1180 114th Ave SE, Bellefield Office Park’s 15 buildings offer a combined total of 513,385 square feet. The buildings were renovated between 2013 and 2017 and offer a variety of tenant amenities including a …

Urban Catalyst Plans 75-Unit Delmas Senior Living in Downtown San Jose

SAN JOSE, CALIF. — Urban Catalyst has unveiled plans for Delmas Senior Living @ Downtown West, a seniors housing community in downtown San Jose. The community will be the first new seniors housing community in the city’s downtown area in decades, according to the developer. The property will feature 52 assisted living units and 23 memory care units in a mix of studios, one-bedroom, and two-bedroom layouts. Construction is slated to start in first-quarter 2021 for completion in …

Wilshire Capital Partners Acquires 177,520 SF Office Building in Phoenix’s Camelback Corridor for $54.5M

PHOENIX — Ryan Cos., as developer, builder, owner and property manager, has completed the disposition of 3900 Camelback Center. The Class A office building is located at 3900 Camelback Road in Phoenix’s Camelback Corridor. Wilshire Capital Partners acquired the asset for $54.5 million, or $306.44 per square foot. Certified LEED Gold, the 177,520-square-foot building features xeriscape (dry) landscaping, storm water management, water-efficient fixtures and parking for fuel-efficient …

Vestar Sells Grocery-Anchored Shopping Center for $18.2M in Gilbert, Arizona

GILBERT, ARIZ. — Phoenix-based Vestar has completed the sale of Lakeview Village at Morrison Ranch, a shopping center located at the corner of Higley and Elliot roads in Gilbert. Colorado-based JFRCO acquired the asset for $18.2 million. Developed in 2014, the 93,741-square-foot retail center is anchored by a 52,443-square-foot Bashas. At the time of sale, the property was 98.6 percent leased to a variety of tenants, including Dance Republic, Panda Express, UPS Store and Edward …

Lancaster Pollard Closes $12.7M Bridge Loan for Seniors Housing Asset in Yuma, Arizona

YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of …

Rise Properties Trust, Aegon Real Assets Buy 186-Unit Linden Square Apartments in Seattle for $52.7M

SEATTLE — Canada-based Rise Properties Trust and Netherlands-based Aegon Real Assets US have acquired Linden Square Apartments in North Seattle for $52.7 million. Brokered by CBRE, this transaction represents the third joint venture between the companies this year. Built in 1993, the multifamily community features 186 residences in a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, pool, garage parking, storage and additional amenity space. …

JLL Brokers $23.2M Sale of Five-Building Scripps Ranch Business Park in San Diego

SAN DIEGO — JLL has arranged the sale of Scripps Ranch Business Park, a fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket. A partnership between San Diego-based Hill Properties and RGA ReCap Inc. (ReCap Real Estate Investments), on behalf of Reinsurance Group of America, sold the asset to Dollinger Properties for $23.2 million. Totaling 94,309 square feet, Scripps Ranch Business Park comprises five freestanding buildings that are fully leased to five tenants, …

Plumbing Manufacturer Opens 148,000 SF Distribution Center in North Las Vegas

NORTH LAS VEGAS — Oatey Co., a plumbing manufacturer since 1916, has opened a new distribution center in North Las Vegas. The 148,000-square-foot facility features high efficiency LED lighting and HVLS fans, and meets LEED Silver requirements. The distribution center will stock thousands of residential and commercial plumbing products across the company’s 23 categories and sold under the Oatey family of brands. The new facility will further enhance Oatey’s ability to service its …

Hamilton Urban Partners Sells Roxborough Apartments in Seattle for $17.4M

SEATTLE — Hamilton Urban Partners has completed the sale of Roxborough Apartments, a multifamily property located in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the asset for $17.4 million, or just under $681 per net rentable square foot. Located at 1720 E. Denny Way, Roxborough Apartments comprises 27 units built in 1920 and 26 modern units built in 2019. The building provides residents the amenities and luxuries of a new-construction building with the charm and …

Sims Mortgage Funding Arranges $14.1M Financing for Liliha Healthcare Center in Honolulu

HONOLULU — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged $14.1 million in financing for Liliha Healthcare Center, a 92-bed skilled nursing facility in Honolulu. Liliha, and its sister facility, Nuuanu Hale, were collateralized with a single, high-interest-rate bridge loan that featured a short maturity and expensive extension provisions. SMF arranged a HUD-insured loan with a fixed interest rate and long term to refinance the existing debt. To complete the …

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