Property Type

Marcus & Millichap Arranges $12.6M Loan for Refinancing of Apartment Building in Oshkosh, Wisconsin

by Kristin Harlow October 6, 2022

OSHKOSH, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.6 million loan for the refinancing of The Brio Building in Oshkosh. The newly developed project features 60 apartment units and 10,000 square feet of retail space that is fully leased to a community-owned grocery store. Robert Bhat of MMCC arranged the Fannie Mae loan, which features a 75 percent loan-to-value ratio, a fixed interest rate of 4.8 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.

October 6, 2022

Development Loans Multifamily Oregon Western

PCCP Provides $67.5M Construction Loan for Sunshine Dairy Apartment Project in Portland

by Amy Works October 6, 2022

PORTLAND, ORE. — PCCP has provided a $67.5 million loan to finance the construction of Sunshine Dairy, a seven-story, podium-style multifamily property located at 801 NE 21st Ave. in Portland. NBP Capital plans to start construction of the 271-unit community in fourth-quarter 2022, with completion scheduled for fourth-quarter 2024. The development will feature one level of controlled-access subterranean parking. Unit interiors will include vinyl plank flooring, quartz countertops, two-tone modern cabinetry, kitchen peninsulas, pendant and recessed lighting, patios on ground-floor units and in-unit washers/dryers. The property will feature 6,000 square feet of community space and 400 square feet of ground-floor retail space. On-site amenities will include a courtyard garden plaza, fitness center, yoga studio, kitchen, fireside lounge, movie room and a work lounge with private working spaces and a coffee bar.

October 6, 2022

Acquisitions Arizona Single-Family Rental Western

Northmarq Negotiates $30.1M Sale of Single-Family Rental Community in Phoenix

by Amy Works October 6, 2022

PHOENIX — Northmarq has brokered the sale of Proximity of 16th Apartments, a single-family rental property in Phoenix. Scottsdale-based Avenue North LLC sold the asset to Sandy, Utah-based Bridge Founders Group for $30.1 million, or $354,118 per unit. Built in 2021, Proximity on 16th features 85 single-family rental residences in a mix of one-, two- and three-bedroom homes that range in size from 679 square feet to 1,339 square feet. The community includes 60 one-story and 25 two-story units with stainless steel appliances, quartz countertops, full-size washers/dryers, walk-in closets, wood-inspired flooring and patios with private backyards. The community features a pool, barbecue area, garages, covered parking and electric vehicle charging. At the time of sale, the property was 95 percent leased. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team represented the seller in the deal.

October 6, 2022

Palisade-Wild-Horse-Commerce-Center-McCarran-NV

Development Industrial Nevada Western

North Palisade Partners to Develop 141,882 SF Palisade Wild Horse Commerce Center Near Reno

by Amy Works October 6, 2022

MCCARRAN, NEV. — Los Angeles-based North Palisade Partners has purchased a 6.4-acre site in McCarran for the development of Palisade Wild Horse Commerce Center, a Class A industrial property. Located at 99 Wild Horse Canyon Drive within Tahoe Reno Industrial Center in McCarran, the 141,882-square-foot facility will feature 36-foot clear heights, more than 80 parking spaces, ESFR sprinklers, 18 dock-high loading positions, two grade-level doors, LED lighting and 2,000 amps of power with the ability to quickly expand power capabilities. The building will also be divisible to spaces of 90,000 square feet and 50,000 square feet. Completion is slated for mid-2024. Chris Fairchild of Colliers brokered the acquisition transaction.

October 6, 2022

Acquisitions Arizona Industrial Western

CBRE Brokers $17.2M Sale of Warehouse Facility in Phoenix

by Amy Works October 6, 2022

PHOENIX — CBRE has negotiated the sale of an industrial warehouse in Phoenix. James Greaves of G2 Capital sold the asset to a partnership of three private 1031 exchange buyers for $17.2 million. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, while Geoffrey Turbow and Gary Cornish of CBRE represented the buyer in the transaction. Built in 1983 and renovated in 2022, the 115,260-square-foot, rail-served warehouse features 28-foot clear heights, 14 dock doors, a grade-level ramp, two rail-served doors, 6,225 square feet of steel mezzanine and 2,035 square feet of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.

October 6, 2022

Acquisitions California Loans Retail Western

Marcus & Millichap Arranges $13.1M in Acquisition Financing for The Shops at AMC Palm Promenade in San Diego

by Amy Works October 6, 2022

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.1 million loan for the acquisition of The Shops at AMC Palm Promenade, a retail power center located at 756-804 Dennery Road in San Diego. Chad O’Connor of MMCC San Diego secured the financing for the undisclosed borrower. The seven-year, fixed-rate loan has a 5.125 percent interest rate, 30-year amortization and a 60 percent loan-to-value ratio. The seller was not disclosed. Renovated in 2021, the 72,390-square-foot shopping center is located at the on/off ramp of Interstate 805 and Palm Avenue and includes numerous recognized retail tenants.

October 6, 2022

Development Healthcare Hospitality Mixed-Use Nevada Office Retail Top Stories Western

Pacific Group Breaks Ground on 135-Acre Helios Medical Campus in North Las Vegas

by Katie Sloan October 6, 2022

NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion. At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services. The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …

October 6, 2022

Acquisitions Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Small Balance Lending Presents New Financing Option for Turbulent Market

by Sarah Daniels October 6, 2022

Following a similar move in June and July, the Fed implemented its third consecutive interest rate hike of 75 basis points in mid-September. This is the biggest three-month interest rate swing since 1994. What does this all mean for investors in the small balance lending (SBL) segment of the multifamily sector? The combination of rising interest rates, inflation and market uncertainty tempts borrowers to sit on the sidelines until conditions improve. Turbulent markets also limit financing options, as many lenders and capital sources tend to become cautious and pull back. But the need for capital transcends market cycles and seasoned multifamily investors know that rate hikes are nothing new. We’ve been here before with interest rates of nearly 7 percent in the 2000s and a record high of nearly 20 percent in the 1980s. The business of real estate investing never stops. New acquisition opportunities arise as distressed owners are forced to sell, cap rates settle to more conservative levels and the market shifts in the buyer’s favor. All things considered, now is the time to seek new investment opportunities. In fact, Warren Buffett once offered the timeless advice that it is wise for investors to be “fearful when others …

October 6, 2022

Illinois Market Reports Midwest Midwest Market Reports Office

As Uncertainty Continues in Office Market, What Should Tenants Do?

by Kristin Harlow October 6, 2022

By Ryan Foran, Cresa As we approach the three-year anniversary of the start of the pandemic, it continues to affect the commercial real estate industry in many ways, with no asset class impacted as significantly as the office sector. While retail initially stumbled but rebounded, and industrial soared to unexpected heights amid distribution emergencies, millions of U.S. office employees continue a tenuous balance of working from home versus going into the office. The pandemic wasn’t all bad news for office tenants. Many businesses with simple infrastructure and experienced staff have been so effective with remote set-ups that they have shed office space permanently and eliminated rent from the books. Others have embraced emerging technologies like virtual meetings and chat solutions to reduce the need for face-to-face interaction. In one way or another, most businesses were able to leverage this unique situation to improve their business processes, technology and personnel, and have embraced remote work at some level. But many businesses with younger, less experienced staff have reported ongoing struggles with recruiting, mentorship, culture development and staff retention. Some of these may have been amplified by complex external factors such as an ongoing labor shortage, an unprecedented resignation of our older …

October 6, 2022

California Development Hospitality Loans Multifamily Western

Sandstone Properties Receives $28M Loan for Multifamily/Hotel Project in Woodland Hills, California

by Amy Works October 5, 2022

WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.

October 5, 2022

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