MOUNTAIN VIEW, CALIF. — Cityview and Greystar have completed the disposition of Elan Mountain View, a mixed-use property at 1030 Castro St. in the Bay Area city of Mountain View. Terms of the transaction were not released. Developed in 2018, Elan Mountain View offers 164 apartments and 11,000 square feet of fully occupied ground-floor retail space. The community features studio, one-, two- and three-bedroom floor plans with smart thermostats, keyless entry, quartz countertops, modern cabinetry, full-tile kitchen backsplashes, wood vinyl plank flooring, stainless steel appliances and full-size washers and dryers. Select units feature street-level walk-up entrances, as well as private patios and balconies. Community amenities include a fully equipped fitness center; two-level club room with billiards table and chef’s kitchen; hammock lounge; edible garden pathway; private business center; and a courtyard with lounge seating, an outdoor kitchen, fireplaces and a fruit garden. Additionally, the property offers 164 storage units to residents and secured access parking. Current onsite retailers include Rose International Market, Mr. Sun, Le’s Alterations, Tanya’s Hair Design and Oh! Honey Macaron.
California
Gantry Arranges $4.3M Refinancing for Parkside La Palma Apartments in Anaheim, California
by Amy Works
ANAHEIM, CALIF. — Gantry has secured a $4.3 million permanent loan to refinance Parkside La Palma Apartments, a garden-style multifamily community in Anaheim. Located at 1000 E. La Palma Ave., Parkside La Palma features 79 studio, one- and two-bedroom floor plans. Originally built in 1973, the community offers modern unit interiors, a community pool, onsite laundry, children’s playground and landscaping. George Mitsanas, Stefan Malmlund and Keegan Bridges of Gantry’s Los Angeles and Irvine offices represented the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 20-year amortization and prepayment options. Gantry will service the loan.
SAN DIEGO — Simon has announced plans for the development of a new mixed-use project at its Fashion Valley shopping center in San Diego. Upon completion, the redevelopment project will add 100,000 square feet of new retail space to the center, as well as new restaurants and an 850-unit, AMLI-branded apartment community. Construction is scheduled to begin in late 2025, with completion anticipated in late 2026. Fashion Valley recently underwent a multimillion-dollar capital improvement program and added brands Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. New tenants Celine, Christian Louboutin and Fendi have also signed leases at the property.
SANTA CRUZ, CALIF. — A public-private partnership between The University of California (UC) Santa Cruz and Redtree Partners is set to break ground on a residence hall development. Santa Cruz is located in the Central Coast region. The community will be located on Delaware Avenue and will offer 400 beds for upper-division undergraduate students, along with units for 60 university employees. The student housing portion of the project will offer rents priced at 20 percent below market rate and the employee housing will be priced at approximately 5 percent below market rate. Seven employee units will meet the city’s affordable housing designation, and another 12 units will be available to moderate-income employees. The university will lease the units from owner and developer Redtree Partners upon completion. Construction is scheduled to begin this summer with completion planned for fall 2026.
Talonvest Capital Arranges $36.8M Bridge Loan for a Self-Storage Facility in Hawthorne, California
by Amy Works
HAWTHORNE, CALIF. — Talonvest Capital has closed a $36.8 million bridge loan for a self-storage facility in Hawthorne, in the South Bay region of metro Los Angeles. The borrower is 1784 Holdings. The nonrecourse bridge loan includes a three-year term with two extension options and full-term interest-only payments. The financing was funded by a unique lending program. Jim Davies, Britt Taylor Mason Brusseau, Tom Sherlock and Lauren Maehler of Talonvest represented the borrower.
Joint Venture Breaks Ground on 267,000 SF Milmont Industrial Development in Fremont, California
by Amy Works
FREMONT, CALIF. — A joint venture between Oaktree Capital Management and Hines Interests has broken ground on Milmont Industrial, an advanced manufacturing and distribution facility in the Bay Area city of Fremont. Located at 49000 Milmont Drive, Milmont Industrial will be redeveloped from three buildings into a 267,000-square-foot industrial building with high clear heights, heavy power, ample parking and loading docks. CBRE is marketing the facility for lease.
CPP Acquires 102-Unit Corinthian House Affordable Seniors Housing Community in San Jose
by Amy Works
SAN JOSE, CALIF. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations include vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting. Common-area renovations will include updates to the community room, laundry rooms, salon and leasing and management office. Additionally, the property will receive a new fitness center. Renovations are slated for completion by December. The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years. Partners on the project include California Tax Credit Allocation Committee, which issued 9 percent Low-Income Housing Tax Credits; Comerica Bank, which will provide the acquisition and rehabilitation loan; CitiBank, which will provide the permanent loan; …
STOCKTON, CALIF. — Marcus & Millichap has brokered the $1.1 million sale of a retail building in Stockton, located in California’s Central Valley. Located at 3750 West Lane, the property features 14,000 square feet of retail space. Dominic Mazzoni and Edward Nelson of Marcus & Millichap represented the Idaho-based individual/personal trust seller, while Chris Sill of Lee & Associates procured the buyer, a private investor, in the deal.
JLL Capital Markets Arranges $82.5M Refinancing for Sunroad Centrum Office Tower in San Diego
by Amy Works
SAN DIEGO — JLL Capital Markets has arranged $82.5 million in refinancing for Sunroad Centrum Office Tower, an 11-story office building in San Diego. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Markets secured the five-year, fixed-rate senior loan thorugh Goldman Sachs for the borrower, Sunroad Enterprises. Originally built in 2008, Sunroad Centrum Office Tower offers 274,758 square feet of Class A office space. Sunroad Enterprises invested $30 million in improvements to re-tenant the building, which was fully occupied at closing. Current tenants include A Berkshire Hathaway Company, Kyocera, Appfolio, Conam, Veterans Administration, California Government Departments and Sunroad Enterprises’ corporate headquarters. Situated on 1.5 acres at 8620 Spectrum Center, Sunroad Centrum Office Tower offers a full-service gym and lockers, restaurant, conference center, controlled access, renovated lobby and elevators, and abundant parking. Additionally, the asset is part of the Sunroad Centrum master plan that include 1,245 apartments, Park Social Restaurant, six gyms, five pools, multiple amenity areas, a barber shop, pickleball courts and a two-acre park, which includes separate dog play and child play areas.
SOUTH SAN FRANCISCO, CALIF. — Sares Regis Group of Northern California has completed the construction of Celeste, a ground-up residential development in downtown South San Francisco. Located at 401 Cypress Ave., the eight-story building offers 195 apartments, an onsite leasing center, a fitness loft and secure electric vehicle parking. Sares is pursuing LEED Silver certification for the development. BDE Architecture served as architect of record for Celeste.