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The-One-San-Gabriel-CA
CaliforniaDevelopmentLoansMultifamilyWestern

Calmwater Capital Funds $32.2M Construction Loan for Multifamily Project in San Gabriel, California

by Amy Works

SAN GABRIEL, CALIF. — Calmwater Capital has provided Alhambra-based GE Development with a $32.2 million construction loan for the completion of The One, a multifamily community in San Gabriel, a suburb of Los Angeles. The transaction also included an additional $3.7 million in subordinate financing from a Los Angeles-based alternative lender in order to reduce the borrower’s equity commitment. The financing will be used to take out the original construction loan with a portion of the proceeds to be used to fund hard and soft costs needed to bring the project to 100 percent completion. The property was 86 percent completed at loan closing. Located at 101 E. Valley Blvd., The One will feature 81 market-rate studio, one- and two-bedroom apartments in a multi-level, four-story building. Additionally, the property will offer 13,000 square feet of street-level retail space, a three-level subterranean parking garage, interior retail plaza and pedestrian promenade, resident sundeck and a rooftop garden. Completion is slated for second-quarter 2024. Zalmi Klyne and Karl Weidell of Northmarq’s Los Angeles office arranged the financing. Larry Grantham, Zach Novatt and DaJuan Bennett of Calmwater originated the loan.

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Link-Central-Valley-Logistics-Portfolio-CA
AcquisitionsCaliforniaIndustrialWestern

DRA Advisors, Rising Realty Partners Buy Six-Building Industrial Portfolio in California’s Central Valley

by Amy Works

TRACY AND STOCKTON, CALIF. — DRA Advisors and Rising Realty Partners have acquired a six-building industrial portfolio in Tracy and Stockton. Terms of the transaction, including the name of the seller and acquisition price, were not released. Situated on 40.9 acres, the portfolio includes a mix of single and multi-tenant warehouse/distribution buildings, all on triple-net leases. The properties total 531,308 square feet. The buildings offer 14-foot to 26-foot clear heights, concrete tilt-up construction, ample auto parking and a combined 107 dock-high and 39 grade-level doors. The portfolio is 98 percent leased to 14 tenants, including Altium Packaging LP, Southwest Traders Inc. and Allen Distribution, which each lease one of the three single-tenant properties that contribute 85 percent of the portfolio’s rentable square footage. Ryan Sitov and Mark Detmer of JLL Capital Markets’ investment sales and advisory team represented the seller and procured the buyers. Tim Mustin, John Fondale and Courtney Cranston of JLL handle leasing for the portfolio.

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AcquisitionsCompany NewsMultifamilySeniors HousingWestern

Transforming Age, Elder Care Alliance Complete Affiliation Agreement

by Jeff Shaw

BELLEVUE, WASH. — Transforming Age, a Bellevue-based nonprofit operator, has completed its affiliation with Elder Care Alliance (ECA).  By combining their expertise, the two organizations aim to strengthen and grow their mission impact and better address the evolving needs of older adults across the economic spectrum, according to Transforming Age. Transforming Age is one of the nation’s largest nonprofit senior living providers, serving more than 125,000 older adults by integrating housing, community services, technology, philanthropy and partnerships.  Guided by a similar set of values and rich culture, San Francisco Bay Area-based Elder Care Alliance is a nonprofit system serving almost 10,000 older adults across five communities and a system of community programs throughout California. The organization came together more than 25 years ago and has founding roots dating back to the 1870s with the Sisters of Mercy.  Under this new partnership, both organizations will leverage their combined strengths to broaden their service offerings, providing older adults with an expanded array of programs, care options and sustainable housing solutions. The ECA affiliation also bolsters Transforming Age’s presence in California, the state with the highest population of residents over the age of 65. The Transforming Age network of affiliates, which recently announced …

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CaliforniaLoansMultifamilyWestern

Colliers Arranges $27.8M Refinancing for Edgeway Apartments in Bellflower, California

by Jeff Shaw

BELLFLOWER, CALIF. — The Colliers Structured Finance Group (SFG) has arranged a $27.8 million Fannie Mae loan for the refinancing of Edgeway, a 91-unit multifamily property in Bellflower, a suburb south of Los Angeles. The loan features a 5.5 percent interest rate for five years. Jonathan Lee, Bill Hyatt, and Shahin Yazdi of SFG arranged the loan for the borrower, Serrano Development Group. Colliers SFG closed the Fannie Mae loan prior to property stabilization. Built in 2023, the Edgeway luxury apartment community offers one-, two- and three-bedroom units with open floor plans. Unit features include quartz countertops, stainless steel appliances, in-unit washer and dryer, private balconies, modern technology features and ample storage. Community amenities include a resort style pool, spa and cabana lounge; business center and co-working lounge; dog run and pet wash; fitness center with spin studio; and multiple outdoor lounges with BBQs. Located near the intersection of highways 91 and 605, Edgeway is centrally located with ready access to Los Angeles, Long Beach and Orange County.

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ColoradoDevelopmentLoansMultifamilySeniors HousingWestern

Bayview Provides $6M in C-PACE Financing for 124-Unit Mesa Verde in Durango, Colorado

by Jeff Shaw

DURANGO, COLO. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the area. Mesa Verde is a project of Mission Senior Living, a developer, operator and owner of senior living communities across Arizona, New Mexico, Nevada and Montana. The Durango market is underserved with currently only one existing assisted living facility and no memory care units within city limits, according to Mission Senior Living.

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AcquisitionsDevelopmentFloridaIndustrialSoutheast

Avison Young Negotiates Sale of 3,400-Acre Industrial Development Site in Central Florida

by John Nelson

SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.

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Stream-Industrial
AcquisitionsDevelopmentIndustrialTexas

Stream Realty Partners Acquires Two Industrial Development Sites Totaling 40.7 Acres in Houston

by Taylor Williams

HOUSTON — Stream Realty Partners has acquired two industrial development sites totaling 40.7 acres in Houston. The first parcel spans 24.4 acres and is located at the intersection of Kirby Drive and North Spectrum Boulevard on the city’s south side.  The second site totals 16.3 acres and is located near the intersection of I-45 and State Highway 99 on the city’s north side. Stream plans to develop speculative facilities on both sites, with construction kicking off later this year. Justin Robinson, Tyler Wellborn, Craig McKenna and Kyle Fletcher of Stream sourced and negotiated the acquisition of the first site. Grant Wisenbaker of Stream handled the purchase of the second site in conjunction with Robinson, Wellborn and McKenna.

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AcquisitionsGeorgiaRetailSoutheast

Nuveen Acquires 80,7480 SF Shopping Center in Metro Atlanta

by John Nelson

PEACHTREE CITY, GA. — Nuveen Real Estate has acquired Peachtree Crossing, an 80,748-square-foot shopping center located in Peachtree City, roughly 30 miles outside Atlanta. Harbour Real Estate Partners sold the property for an undisclosed price. Brad Buchanan, Jim Hamilton and Andrew Michols of JLL represented the seller in the transaction. Built in 1978 and renovated in 2011, the center was fully leased at the time of sale to tenants including The Fresh Market, Peachtree City Eye Center, Bintelli Golf Carts, Heirloom Market, Mina’s Hallmark, Hollywood Feed, Campanile’s Home Inside & Out, Georgia Shrimp Co. and W. Daly Salon. Situated at 100 N. Peachtree Parkway, the center is located approximately 15 miles south of Hartsfield-Jackson Atlanta International Airport.

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DevelopmentIndustrialLoansSouth CarolinaSoutheast

IPA Arranges $23M Construction Loan for Industrial Project Near Charleston

by John Nelson

SUMMERVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23 million construction loan for the development of a 39-acre industrial park in the Charleston suburb of Summerville. Todd McNeill and Sunny Sajnani of IPA’s Dallas office arranged the three-year construction loan through Southern States Bank on behalf of the borrower, Atlanta-based Capital Development Partners. The loan was underwritten at a 65 percent loan-to-cost ratio. Boasso Global, a provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry, will occupy the park, which is located near I-26 and I-526 and a short drive to Port of Charleston’s North Charleston Terminal. The construction timeline was not disclosed.

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Leasing ActivityMarylandOfficeSoutheast

Armada Hoffler Signs Law Firm to 10,000 SF Office Lease at Wills Wharf in Baltimore

by John Nelson

BALTIMORE — Armada Hoffler has signed global law firm Duane Morris LLP to a nearly 10,000-square-foot office lease at Wills Wharf, a 325,000-square-foot mixed-use building in Baltimore’s Inner Harbor District. The office building is a component of Harbor Point, Armada Hoffler’s waterfront mixed-use campus. Peter Jackson, Tony Gross and Rob Freedman of JLL represented Armada Hoffler in the lease transaction, which brings Harbor Point’s office occupancy to 97.1 percent. David Fields of CBRE represented Duane Morris, which employs more than 900 attorneys in the United States and globally. Other tenants at Wills Wharf include Franklin Templeton, Transamerica, EY, Jellyfish and Bright Horizons. The building also houses a Canopy by Hilton hotel.

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