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LoansMultifamilyWashingtonWestern

Mesa West Capital Provides $52M Loan for Refinancing of Sumner Mill Apartments Near Seattle

by Amy Works

SUMNER, WASH. — Mesa West Capital has provided Timberlane Partners with a $52 million short-term, first-mortgage loan to refinance Sumner Mill Apartments in Sumner, approximately 30 miles south of Seattle. Joshua Westerberg led the Mesa West Capital team that originated the loan. Jake Roberts of BWE’s Los Angeles office arranged the financing. Delivered in 2024 by the sponsor, Sumner Mill Apartments features 162 garden-style studio, one- and two-bedroom apartments spread across 3.8 acres at 5816 162nd Ave. E. Community amenities include an outdoor pool, fitness center, resident clubhouse with full kitchen, conference room, package room, dog park, picnic area, EV-enabled parking spaces and rooftop solar panels.

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6316-N-7th-St-Phoenix-AZ.jpg
AcquisitionsArizonaIndustrialSelf-StorageWestern

Marcus & Millichap Brokers Sale of 984-Unit Self-Storage Facility in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has brokered the sale of a 984-unit Extra Space Storage facility in Phoenix. Located at 6316 N. 7th St., the gated-access property features fully climate-controlled units, drive-in loading areas, multiple elevators, onsite management office, 24/7 video surveillance and an interior concrete drive aisle with roll-up doors. The property was built in 2021. Adam Schlosser, Jordan Farrer and Charles “Chico” LeClaire of the LeClaire-Schlosser Group of Marcus & Millichap, in association with Ryan Sarbinoff, Marcus & Millichap’s Arizona broker of record, represented the seller in the transaction.

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Alicante-Apts-LV-NV
AcquisitionsMultifamilyNevadaWestern

CONAM Acquires 232-Unit Alicante Apartment Homes in Las Vegas

by Amy Works

LAS VEGAS — Multifamily investment firm CONAM, through a discretionary fund, has acquired the 232-unit Alicante Apartments Homes in Las Vegas’ Spring Valley submarket. Terms of the transaction were not released. Built in 2001 on 11.2 acres, Alicante features one-, two- and three-bedroom apartments across two-story, garden-style buildings. All units feature luxury vinyl plank flooring, quartz countertops, stainless steel appliances and full-size in-unit washers and dryers. Community amenities include a pool, spa, fitness center with yoga and spin studios, clubhouse, billiards room, dog park, playground, package lockers and gated access.

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PSRS-San-Bernardino-CA
CaliforniaLoansOfficeWestern

PSRS Arranges $11.2M Loan for Refinancing of Office Building in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — Commercial mortgage banking firm PSRS has arranged a $11.2 million loan for the refinancing of a nine-story office building in San Bernardino. At the time of financing, the 126,000-square-foot property was 89 percent leased to tenants such as the Internal Revenue Service (IRS) and the City of San Bernardino. Jacob Lee and Nathan Toomey of PSRS arranged the loan, which was structured with a five-year term, a 25-year amortization schedule and a dedicated reserve for capital expenditures. The direct lender and borrower were not disclosed.

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DevelopmentIllinoisMidwestRetail

Shops at North Bridge Along Chicago’s Magnificent Mile to Undergo $40M Renovation

by Kristin Harlow

CHICAGO — The Shops at North Bridge will undergo a multi-million-dollar reinvestment that will reposition the Michigan Avenue property at the gateway to Chicago’s Magnificent Mile. The multi-phase restoration will introduce a new street presence, hospitality-inspired interiors and a reimagined mix of retail and dining. Construction is scheduled to begin this month, with retailers remaining open throughout the phased redevelopment process. The project cost is $40 million, according to Crain’s Chicago Business. At the center of the project is a transformation of the property’s Michigan Avenue entrance designed by ParkFowler Plus. A new glass façade will feature a large-format, backlit LED archway display with a digital art installation. Updated tenant signage and architectural enhancements will further elevate the property’s street presence, while Nordstrom’s flagship location will remain a central component of the design. The property’s secondary entrance at Grand Avenue and Rush Street will also undergo significant upgrades, including an additional digital display, enhanced lighting, modernized finishes, improved wayfinding and a more visible tenant directory. Inside, the central atrium will be transformed into a hospitality-driven gathering space anchored by a suspended sculptural installation and a future bar and lounge concept. As part of the broader repositioning efforts, a new merchandising …

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DevelopmentMidwestMultifamilyOhio

NRP Group Breaks Ground on 336-Unit Apartment Development in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The NRP Group has broken ground on OSU East, a 336-unit apartment development in Northwest Columbus. The project marks NRP Group’s first market-rate community in Columbus. The 27.5-acre development site on West Dublin Granville Road will also include 138 for-sale townhomes developed by M/I Homes of Central Ohio LLC. OSU East will consist of 11 three-story buildings with a mix of one-, two- and three-bedroom homes. An 11-foot-wide bike path will be installed along the project’s frontage in coordination with the city. Amenities will include a clubhouse, fitness center, business pod with coworking space, volleyball and bocce courts, an outdoor grill area, pool, courtyards and a package delivery room. PNC Bank provided financing for the project, and the City of Columbus served as a partner throughout the entitlement and development process.

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AcquisitionsMidwestMissouriMultifamilySeniors Housing

American House, Winterpast Capital Acquire 192-Unit Seniors Housing Community in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — American House Senior Living Communities and Winterpast Capital Partners have acquired St. Anthony’s Senior Living, a 192-unit community in Kansas City. Helios Healthcare Advisors brokered the sale. Situated on a 4-acre campus in the Brookside neighborhood, the property consists of independent living units, assisted living units and memory care residences. Originally home to the Highland Tower medical office building, the property underwent a $40 million redevelopment beginning in 2019. The original structure was stripped to its steel and concrete frame and transformed into a nine-story independent living community, while a newly constructed assisted living and memory care building was completed adjacent to the tower in 2020. Following an initial opening during the pandemic and a challenging post-COVD lease-up, the seller retained a regional operator to manage the community in March 2024 with a mandate to improve operations, optimize expenses and accelerate occupancy growth.

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AcquisitionsIndianaMidwestMultifamily

Northmarq Arranges Sale of 190-Unit Multifamily Property in Jeffersonville, Indiana

by Kristin Harlow

JEFFERSONVILLE, IND. — Northmarq has arranged the sale of Jeff on 10th, a 190-unit multifamily property in Jeffersonville, a suburb of Louisville. Bobby Schiavone, Adam Klenk and Jordan Arand of Northmarq represented the seller, a regional multifamily developer. The buyer was S&S Properties Investment. Noah Juran and Brendan Barker of Northmarq arranged permanent fixed-rate financing on behalf of the buyer through the firm’s Fannie Mae DUS platform. The loan features a seven-year term. Built in 2022, Jeff on 10th offers a mix of studio, one- and two-bedroom units with amenities such as a pool, fitness center, outdoor grilling areas, fire pits, a conference center and pet spa.

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111-Congress
AcquisitionsOfficeTexasTop Stories

Canyon Creek Acquires One Eleven Congress Office Tower in Downtown Austin for $208M

by Abby Cox

AUSTIN, TEXAS — Canyon Creek Real Estate has acquired One Eleven Congress, a 533,711-square-foot office tower located in downtown Austin, for $208 million. Eastdil Secured Savills represented the seller, Atlanta-based Cousins Properties (NYSE: CUZ), in the transaction. “One Eleven Congress is a well-established and highly regarded property that provides Canyon Creek with an exceptional entry into the Austin market,” says Ron Welborn, partner at Canyon Creek. “We are excited to build upon the property’s strong reputation by enhancing the tenant experience and creating an environment that continues to meet the evolving needs of both existing and future tenants.” Built in 1987, One Eleven Congress is a 30-story building that’s situated at the gateway between Austin’s Central Business District and the Lady Bird Lake waterfront. According to the Austin Business Journal, the office tower was 84 percent leased as of June 2025, with tenants including RigUp, Disco, Husch Blackwell LLP and Wells Fargo. The building also features Fareground, a ground-floor food hall with restaurants such as Austin Rotisserie, Ciccio Bomba, Desnudo, Four Brothers and Taco Pegas, among others. ELM Restaurant Group managed Fareground upon its initial opening in January; Richard Sandoval Hospitality took over management after the September 2021 opening.  Additional amenities …

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Power-Hungry Users Drive Orange County Industrial Demand

by John Nelson

— By Wes Hunnicutt of Stream Realty Partners — The Orange County industrial market is showing signs of stabilization through the first half of 2026 after experiencing more challenging conditions throughout 2025. Vacancy has increased from the historic lows seen during the pandemic-driven expansion cycle and is currently hovering around 5.5 percent, while asking lease rates have begun to stabilize following a significant correction from the record highs achieved in 2023. Since the beginning of 2025, more than 3 million square feet of new Class A industrial inventory has been delivered throughout Orange County, representing more than 20 industrial distribution development projects. While these developments have elevated overall market availability, leasing activity within the newly delivered product has been slower than anticipated. Many of these buildings have remained vacant for 10 months or more after completion, reflecting a narrower pool of tenants able to justify the occupancy costs associated with large, modern industrial facilities.  Notable leasing transactions within recently delivered Class A developments include: — Anduril Industries’ 177,766-square-foot lease at 1100 Valencia Ave. in Tustin — Anduril Industries’ 162,656-square-foot lease at 3100 South Harbor Blvd. in Santa Ana  — Hyper Solutions’ 100,784-square-foot lease at 2100 East Howell Ave. in Anaheim …

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