MENLO PARK, CALIF. — Ensemble Investments has obtained $110 million in financing for the refinancing and fund closing costs for Hotel NIA, an operating, full-service hotel in Menlo Park. Madison Realty Capital, working with Newfound Holdings, originated the loan for the borrower. Offering 250 guest rooms, the hotel operates as part of Marriott’s Autograph Collection and is the only full-service hotel within the Menlo Gateway campus. Hotel NIA features 241 standard rooms, nine suites, three food-and-beverage outlets, a heated outdoor pool and jacuzzi, 24-hour fitness center and 301 valet parking spaces. Additionally, the hotel offers 15,345 square feet of indoor and outdoor meeting and event space, including the 4,968-square-foot Brilliance Ballroom. Ensemble plans to transition hotel operations in-house to Ensemble Hospitality, its affiliated management platform.
ARAPAHOE COUNTY, COLO. — Walker & Dunlop has secured a $68.2 million loan for the refinancing of Madison at Copperleaf, a 330-unit multifamily community in unincorporated Arapahoe County. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, Michael Ianno, Christopher de Raet and Jason Schwartzberg of Walker & Dunlop Capital Markets Institutional Advisory, along with Justin Nelson and P.J. Feichtmeier of Walker & Dunlop Capital Markets Real Estate Finance, arranged the three-year, floating-rate bridge loan for the borrowers, BMC Investments and Rockpoint. Prime Finance provided the loan. Located at 22500 E. Radcliff Circle, Madison at Copperleaf features one-, two- and three-bedroom layouts. Community amenities include a clubhouse with coworking spaces, a resort-style pool and spa, fitness and yoga studios, a sauna, children’s playroom, dog park and pet spa, EV charging and outdoor gathering areas.
LOS ANGELES — Pegasus has arranged the purchase of Laemmle NoHo 7, a marquee theater-anchored retail and office property in the North Hollywood neighborhood of Los Angeles. A locally based investor group led by the Laemmle family, founders and operators of Laemmle Theatres, acquired the asset for $6.5 million. Located at 5240 Lankershim Blvd. in the NoHo Arts District, the 32,809-square-foot property was originally constructed in 2011. The acquisition was completed as part of a 1031 exchange following the disposition of a former theater asset previously owned and operated by the Laemmle family. This purchase marks the Laemmle family’s reacquisition of the property, which it sold in 2021 to a developer with plans to redevelop the asset into a multifamily and retail property. The redevelopment strategy ultimately fell through, allowing the Laemmle family the opportunity to repurchase the asset. Upon stabilization, NoHo 7 will be anchored by Laemmle Theatres. The existing ground-floor tenant, Chipotle Mexican Grill, will remain and the upper-level office space, which was vacated in anticipation of redevelopment, will be repositioned and leased. David Chasin, along with the Pegasus team, advised the buyer in the acquisition.
SAN DIEGO — Rexford Industrial is developing a Class A, single-tenant industrial building located at 9323 Balboa Ave. in San Diego’s Kearny Mesa submarket. Slated for completion in the second quarter of 2027, the freestanding property will feature 166,734 square feet of warehouse space, 10,817 square feet of office space, 36-foot clear heights, 24 dock-high loading doors, two grade-level doors and 208 parking stalls. Additional features will include solar production energy, EV charging stations, LED lighting and TPO roofing with high solar reflectivity value. The site provides immediate access to I-15 and State Route 163, allowing for convenient connections to State Route 52 and interstates 8 and 805. Bill Dogan, Ryan Sparks and Chris Pascale of CBRE are handling leasing for the property.
ALGONQUIN, ILL. — Peak Construction Corp. will serve as the general contractor for Building 4 at 90 & Randall Logistics Park in Algonquin. NorthPoint Development is the developer. The 428,900-square-foot speculative warehouse will feature a clear height of 40 feet, 44 dock doors, four drive-in doors, 104 trailer stalls and 277 car spaces. The project is slated for completion in the fourth quarter. The project team includes architect studioNorth and civil engineer Atwell. The industrial park is located at the intersection of I-90 and Randall Road.
CHICAGO — Moyer Properties has begun pre-leasing efforts for The Maven, an 84-unit luxury apartment community at 537 W. Drummond Place in the heart of Chicago’s Lincoln Park neighborhood. Cross Street, the leasing and marketing firm for the property, is conducting guided hard-hat tours. Move-ins will begin June 15. The seven-story building offers a variety of residences ranging from 415 to 1,047 square feet, with monthly rents starting at $2,395. Amenities include a fitness center, coworking lounge, rooftop terrace, pet spa, package room and bicycle storage. ParkFowler Plus designed The Maven, and Summit Design + Build served as the general contractor.
FORT WAYNE, IND. — Marcus & Millichap has negotiated the sale of The Storage Place, a 45,950-square-foot self-storage facility in Fort Wayne. The property comprises 15 drive-up buildings with 423 non-climate-controlled units and 36 outdoor parking spaces. It is located adjacent to Fort Wayne International Airport. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller and procured the buyer, both of which were Indiana-based limited liability companies.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the $5.1 million sale of Auburn Manor Apartments, a 108-unit workforce housing property in Rockford. The HAP Section 8 community totals 104,956 square feet. Reid Bennett, Cody Doran and Dan Short of SVN represented the seller. The transaction marks the final disposition within the seller’s portfolio, as the firm shifts its focus toward third-party management assignments.
NEW YORK CITY — Soloviev Group has received a $1.8 billion CMBS loan to refinance 9 West 57th Street, a 1.7 million-square-foot office tower located in Manhattan’s Plaza District. Bank of America, along with Wells Fargo and Citi Real Estate Funding, provided the loan, which carries a 4.9 percent interest rate. Proceeds of the five-year loan will retire a previous 10-year, $1.2 billion loan issued by JPMorgan Chase in 2016, with more than $500 million returning to Soloviev. “This refinancing is a clear validation of the strength of 9 West 57th Street and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank,” says Stefan Soloviev, chairman of Soloviev Group. Soloviev Group’s 50-story flagship trophy tower, known as the Solow Building, is expected to achieve a market valuation of $3.9 billion upon stabilization, according to Soloviev Group. Designed by Skidmore, Owings & Merrill and delivered in 1974, the building recently underwent capital improvements to the lobby, elevators and building system technology. Ownership has also introduced a new 20,000-square foot amenity floor, that includes Central Park views, conference rooms, multi-functional meeting space, a grab-and-go coffee bar, executive dining and a hospitality area. The property’s long-term tenants …
— By Tanner Olson of Legend Commercial — Downtown Salt Lake City has undergone a meaningful transformation over the past decade. The growth of ground-floor mixed-use retail, a rapidly expanding bar and restaurant scene, and the arrival of nationally recognized brands such as STK Steakhouse, the Capital Grille, Uchi and concepts affiliated with Fox Restaurant Concepts reflect a maturing urban core. At the same time, local operators such as Aker, Matteo, Urban Hill and many others have elevated the city’s culinary identity, with homegrown concepts adding depth and authenticity to the market. It was only 15 years ago that Salt Lake largely functioned as a commuter-based retail environment. Consumers prioritized surface parking and drive-thru convenience. Downtown activity outside of peak weekend hours was limited, while urban living lacked the density and vibrancy needed to support consistent retail demand. That dynamic has shifted. Today, tens of thousands of multifamily units have been delivered in and around the CBD, accompanied by hundreds of thousands of square feet of ground-floor retail. Just two to three years ago, downtown contained roughly 200,000 square feet of available mixed-use retail space, fragmented across 60 to 70 small-format spaces. Filling that space required not just tenants, but …