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Serena-Vista-Apts-Fountain-Valley-CA
CaliforniaLoansMultifamilyWestern

Northmarq Provides $60M in Freddie Mac Loans for Two Multifamily Properties in Orange County, California

by Amy Works

FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to Advanced Real Estate for the refinancing for two multifamily properties in Orange County. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach Debt + Equity team arranged the financing through Northmarq’s Freddie Mac Optigo seller-servicer platform. The permanent, fixed-rate loans were structured on 10-year terms with full-term interest-only payments. Northmarq funded $40 million in refinancing for Serena Vista Apartments (built in 1970) in Fountain Valley and $20 million in refinancing for Villa del Sur (built in 1969) in Santa Ana. Totaling 284 apartments, the communities offer one- and two-bedroom floor plans.

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6407-6431-Alondra-Blvd-Paramount-CA
AcquisitionsCaliforniaIndustrialWestern

CBRE Negotiates $7.6M Sale of Paramount Business Center in California

by Amy Works

PARAMOUNT, CALIF. — CBRE has arranged the sale of Paramount Business Center, a multi-tenant industrial park at 6407-6431 Alondra Blvd. in Paramount, just south of Los Angeles. A local private investor acquired the asset from a publicly traded REIT for $7.6 million. The 30,224-square-foot center features 11 units, ranging in size from 2,025 square feet to 3,794 square feet, with each unit offering 18-foot clear heights, one grade-level door and a high-image storefront. Situated off Interstate 710, the building is 15 miles from both the Ports of Los Angeles and Long Beach. Mark Shaffer, Gerard Poutier, Anthony DeLorenzo, Bryan Johnson and Dylan Rutigliano of CBRE Investment Properties, along with Barbara Perrier and Eric Cox of CBRE’s National Partners, represented the seller in the transaction.

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1-3-Wayne-Ct-Sacramento-CA
AcquisitionsCaliforniaIndustrialWestern

Madera Finra Properties Buys 52,800 SF Industrial Property in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Madera Finra Properties has acquired 1 & 3 Wayne Court, a two-building industrial asset in Sacramento. Terms of the transaction were not released. At the time of sale, the 52,800-square-foot warehouse facilities were 45.5 percent leased. Ryan Sitov, Melinda Marino and Mark Detmer of JLL Capital Markets represented the undisclosed seller in the transaction.

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71737-29-Palms-Hwy-Twentynine-Palms-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

Marcus & Millichap Brokers Sale of Dollar Tree-Occupied Property in Twentynine Palms, California

by Amy Works

TWENTYNINE PALMS, CALIF. — Marcus & Millichap has arranged the sale of Dollar Tree, a net-leased retail property in Twentynine Palms, just north of Joshua Tree National Park in Southern California. An individual/personal trust sold the asset to an undisclosed buyer for $2.1 million. The 15,506-square-foot Dollar Tree is located at 71737 29 Palms Highway. Dollar Tree has committed to four and a half years on the lease, having recently exercised its five-year option period. There are two additional five-year extension options. The asset occupies a 1.5-acre lot within a 90,000-square-foot retail plaza featuring Stater Bros., Burger King and Total Fitness Gym. Michael Grandstaff and Christopher Hurd of Marcus & Millichap represented the seller, while Karl Markarian of JohnHart Corp. represented the buyer in the deal.

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Kingsley-Apts-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Colliers Mortgage Arranges $24.4M Construction Financing for Kingsley Apartments Affordable Project in Los Angeles

by Amy Works

LOS ANGELES — The Los Angeles Colliers Mortgage Structured Finance Group has arranged $24.4 million in construction financing for Kingsley Apartments, an affordable housing development in Los Angeles’ Koreatown submarket. Jonathan Lee, Shahin Yazdi, William Hyatt and Tommy Adelson of Colliers arranged the financing, which features a term of 30 months plus optional extensions. Upon completion, the 72,800-square-foot Kingsley Apartments will offer 136 studio and one-bedroom units restricted to residents earning up to 80 percent of the area median income. The undisclosed borrower plans to break ground on the project in June 2024.

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AVA-North-Hollywood-Los-Angeles-CA
AcquisitionsCaliforniaMultifamilyWestern

AvalonBay Communities Divests of AVA North Hollywood Multifamily Property in Los Angeles for $62.1M

by Amy Works

LOS ANGELES — AvalonBay Communities has sold AVA North Hollywood, a multifamily community in the NoHo Arts District of Los Angeles. Prime Residential acquired the asset for $62.1 million, or $393,077 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2015, AVA North Hollywood features 156 apartments with full appliance packages, washers/dryers and private patio areas. Most apartments have nine-foot ceilings and loft-style units have 14-foot ceilings. Common-area amenities include a swimming pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also offers 11,000 square feet of ground-floor retail space, which is fully occupied by four eateries, a Pilates studio and a massage and spa center.

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The-Clarendon-Woodland-Hills-CA
CaliforniaLoansMultifamilyWestern

AMCAL Housing Receives $101M Refinancing for The Clarendon Apartments in Los Angeles

by Amy Works

LOS ANGELES — Santa Monica-based Gortikov Capital has arranged a $101 million loan on behalf of AMCAL Housing for the refinancing of The Clarendon, a Class A apartment property in the Woodland Hills neighborhood of Los Angeles. Developed in 2020, The Clarendon offers 335 apartments with in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry and walk-in closets. Community amenities include a resort-style pool and spa, basketball court, state-of-the-art fitness center with yoga and spin rooms, and a business center. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund.

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45-Enterprise-Aliso-Viejo-CA
AcquisitionsCaliforniaOfficeWestern

MicroVention Acquires 242,706 SF Office Building in Aliso Viejo, California for $42.2M

by Amy Works

ALISO VIEJO, CALIF. — MicroVention, a neuroendovascular medical device company, has purchased 45 Enterprise, a nine-story office building in the Orange County city of Aliso Viejo. An undisclosed seller sold the asset for $42.2 million, or $183 per square foot. Built in 2007 and renovated in 2022, the 242,706-square-foot building was vacant at the time of sale. The property features open floorplates, an onsite cafeteria, conference and meeting rooms, premier building signage and a parking ratio of 4.6 spaces to every 1,000 rentable square feet. Carol Trapani and Allison Kelly of CBRE represented the buyer in the deal.

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CaliforniaDevelopmentLoansRetailWestern

Keystone Mortgage Arranges $16.2M Bridge Loan for Retail Repositioning Project in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — Keystone Mortgage Corp. has arranged a $16.2 million bridge loan to fund the repositioning of retail center in the Coachella Valley city of Palm Desert. Situated on 8.2 acres, the 80,072-square-foot retail property is 97 percent occupied by 14 tenants, including Grocery Outlet and Ross Dress for Less. Tim Winton of Keystone secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, non-recourse loan. The loan will allow the borrower to complete the remainder of property upgrades while providing maximum leverage, interest-only payments, fixed rate and prepayment flexibility, according to Winton.

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4982-Hallmark-Pkwy-San-Bernardino-CA
AcquisitionsCaliforniaIndustrialLoansWestern

Affinius Capital Provides $58.2M Acquisition Loan for Hallmark Distribution Center in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — Affinius Capital has provided $58.2 million in financing to Dalfen Industrial for the acquisition of Hallmark Distribution Center, a Class A industrial building in the Inland Empire city of San Bernardino. Situated on 15 acres at 4982 Hallmark Parkway, the 340,000-square-foot facility features 32-foot clear heights, two drive-in doors, 47 dock-high doors, 135 truck courts and 62 dedicated trailer parking spaces, as well as additional trailer parking. The rear-loading industrial building was built in 2018. The seller and price were not disclosed.

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