MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
SEATTLE — Urban Visions and Mitsui Fudosan America Inc. have unveiled plans for The Net, a 36-story, 812,000-square-foot office tower in Seattle’s central business district. The joint venture purchased the half-block site on Third Avenue for $127.7 million, according to the Puget Sound Business Journal. Gerry Rohm and Logan Greer of JLL Capital Markets arranged the joint venture partnership for the development. Designed by Urban Visions and architectural firm NBBJ, the Class A tower will comprise 800,000 square feet of office space and 12,000 square feet of street-level retail space. Six levels of subterranean parking will provide 390 spaces. With an emphasis on health, the project will feature abundant natural light and green space, including a sky park on the upper three levels. Tenants will enjoy views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The property will be surrounded by many transportation options, including bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge. Completion of the project is slated for 2024. “The future supply of this scope and type of development is limited,” says JLL’s Rohm. “The developers will define an entirely new generation of office buildings that are foremost focused on occupant …
Yonah Sturmwind of Alliant Credit Union gets right to the heart of what makes an industrial or flex property a good candidate for a loan. Watch this brief interview with REBusinessOnline and hear about demand and value in this increasingly popular asset class. Changing building needs, cold storage demand, underwriting metrics and forecasts related to market appetite for industrial and flex are all covered in this brief and informative discussion. See below for list of some of the topics covered: Pandemic impact on industrial space Asset value assessment Collections and occupancy aFuture of industrial and flex properties Leveraging coverage Loan candidate needs and requirements Q&A sponsor: Alliant Credit Union is one of the nation’s largest credit unions with more than $12 billion in assets. Working in concert with mortgage bankers, Alliant as a balance sheet lender provides tailor-made solutions for commercial real estate borrowers by offering step-down yield maintenance with open periods, interest only periods and limited to non-recourse on qualified loans, longer term competitive fixed-rate pricing, stabilized to value-add structures, future earn outs and other flexible features that resonate with experienced property owners all as a par lender. For stabilized to value-add debt structures, Alliant Credit …
HILLSBORO, ORE. — Skanska has signed a multi-phase contract with Flexential Corp. to develop H3 – Flexential Data Center in Hillsboro, a western suburb of Portland. The $64 million first phase includes a 349,827-square-foot Tier III data center with a structural steel core and concrete tilt panels as the primary façade. The first data hall will support an initial IT capacity of 4.5 megawatts. Construction is underway with completion slated for September 2021. Flexential is an IT solutions provider based in Charlotte, N.C. The company’s clients include healthcare systems, financial services corporations, digital media and communications companies and technology firms.
LAS VEGAS — Donohoe Hospitality Services, a division of Donohoe, has opened the dual-branded Hampton Inn & Suites and Home2 Suites by Hilton Las Vegas located at 755 Sierra Vista Drive in Las Vegas. Located adjacent to the Las Vegas Convention Center, Hampton Inn & Suites features 150 guest rooms while Home2 Suites offers 100 guest suites. The hotels share common amenities including a lobby, dining facilities, a cocktail lounge, 1,000 square feet of meeting and event space, swimming pool, exercise rooms, a business center and onsite parking.
LIVERMORE, CALIF. — Crow Holdings Industrial, the industrial development arm of Crow Holdings, has completed the sale of Bay Area Commerce Center I – Hawthorne, located at 7600 Hawthorne Ave. in Livermore. Black Creek Group, a Denver-based real estate investment management firm, acquired the asset for an undisclosed price. The newly constructed property features 241,591 square feet of warehouse space, 32-foot clear heights and parking for 190 cars and 18 trailers. At the time of sale, the facility was 70 percent leased to a mattress retailer. Situated within the Tri-Valley submarket, Bay Area Commerce Center I – Hawthorne provides easy access to Interstate 580 and the greater Bay Area, including the Port of Oakland and Oakland International Airport.
HUNTERSVILLE, N.C. — HHHunt Corp. has broken ground on Abberly Liberty Crossing, a 320-unit multifamily community in Huntersville. The developer expects development costs to total more than $55 million. The property will offer one- through three-bedroom floor plans ranging from 792 to 1,499 square feet. Unit interiors will include Shaker-style cabinets, granite countertops, stainless steel appliances and wood-style flooring. Communal amenities will include a fitness center, pool, sundeck, dog park, car charging stations and a car care center. The complex will be situated near the intersection of Independence Hill and Keith Hill roads, 12 miles north of downtown Charlotte. HHHunt expects to deliver the community by fall 2021. HHHunt also developed Abberly Woods in Charlotte and Abberly Green in nearby Mooresville.
SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization. As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.
JACKSONVILLE BEACH, FLA. — Whole Foods Market will open a 40,000-square-foot store in Jacksonville Beach on Oct. 7. The new grocery store will anchor Pablo Plaza, a 156,755-square-foot shopping center located at 1822 S. Third St., 22 miles east of downtown Jacksonville. Pablo Plaza’s other tenants include Marshalls, HomeGoods, PetSmart and Office Depot. Jax Daily Record reports that J. Raymond Construction Corp. is the general contractor, CPH Engineering is the civil engineer and ELM | Ervin Lovett Miller is the architect. Jacksonville-based Regency Centers leases the property on behalf of the landlord and affiliate, New York-based Equity One Corp.
HIALEAH, FLA. — CTO Realty Growth has acquired Westland Gateway, a 108,000-square-foot shopping center in Hialeah, for $21 million. Aldi, dd’s Discount, Ross Dress for Less and Bed Bath & Beyond occupy the property. Westland Gateway is located at 1460 W. 49th St., 15 miles northwest of downtown Miami. Daytona Beach, Fla.-based CTO Realty purchased the asset through a 1031 exchange. The seller was not disclosed.