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Arizona

Greystone Arranges $25.8M Construction Financing for Seniors Housing Community in Arizona

GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living. A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units. The project is a joint venture between Aspens Senior Living, McFarlin..

December 15, 2017

MIG Buys 176-Unit Bayside Apartments in Phoenix

PHOENIX — MIG Real Estate has purchased the 176-unit Bayside Apartments in Phoenix for an undisclosed sum. The community is located at 20245 N. 32nd Drive. Bayside Apartments was built in 1999. The complex features nine-foot ceilings, walk-in closets, private balconies and patios, dishwashers, and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, spa and covered picnic areas with barbeque grills. Complimentary WiFi is provided in the..

December 13, 2017

Blueprint Negotiates $3.1M Sale of 151-Unit Assisted Living Community in Yuma

YUMA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 151-unit assisted living community in Yuma for $3.1 million. The name of the community was not disclosed. The property was originally built as a limited-service hotel before the nonprofit owner began converting it to assisted living. The owner ran into financial trouble and was unable to complete the conversion. Blueprint was tasked with the sale by a court-appointed receiver and positioned the community..

December 13, 2017

Transwestern, JDM Complete 2 MSF Office Sale-Leaseback with State Farm in Tempe

TEMPE, ARIZ. — A joint venture between Transwestern Investment Group (TIG) and JDM Partners has acquired a 2  million-square-foot office property in Tempe in a sale-leaseback with State Farm Automobile Insurance. The Class A campus, called Marina Heights, is located at 300-600 Rio Salado Parkway. The price was not disclosed. The five-building campus includes ground-floor retail, restaurants and other amenities. It is situated between Arizona State University and Tempe Town Lake. Marina..

December 12, 2017

CBRE Negotiates $75.4M Supplemental Loan for Seven-Property CCRC Portfolio

TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing,..

December 12, 2017

Gelt Baseline Holdings Sells Mission Springs Apartments in Tempe for $33.8M

TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered..

December 8, 2017

Lee & Associates Negotiates $11M Sale of Retail Center in Phoenix

PHOENIX — Lee & Associates has arranged the $11 million sale of Pueblo Point Shopping Center, a 54,430-square-foot retail center in Phoenix. Jan Fincham, Patrick Dempsey and Andrew Lundahl of Lee & Associates arranged the transaction on behalf of the seller, Arneil Pueblo LLC, and the buyer, Paradise Valley Ventures LLC. Pueblo Point Shopping Center is home to Smart & Final Extra, Domino’s Pizza, The UPS Store and an Ace Hardware store, which was not included in the sale.

December 6, 2017

ICON Builders Merges with Multi-Family Renovation Group

SCOTTSDALE, ARIZ. — ICON Builders and Multi-Family Renovation Group (MFRG) have merged to form a new company called MFRG-ICON Construction. The new company will focus on affordable housing renovation. Justin Krueger is the owner and will act as president of the new company. Allen “Kelly” Sands will be his partner. The new firm will draw from nearly three decades of experience to push this now $100 million annual construction business to raise the standard in occupied affordable..

December 6, 2017

NorthMarq Secures $11M Financing for Student Housing Complex Near Grand Canyon University

PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.

December 5, 2017

Koelsch Communities Acquires Memory Care Community Near Phoenix

SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living...

December 4, 2017