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saratoga-ny
LoansMultifamilyNew YorkNortheastSeniors Housing

Live Oak Bank Provides $5.8M Refinancing for Seniors Housing Community in Upstate New York

by Alex Patton

SARATOGA SPRINGS, N.Y. — North Carolina-based Live Oak Bank has provided a $5.8 million loan for the refinancing of Home of the Good Shepherd Saratoga, a 100-unit seniors housing community located approximately 30 miles north of Albany. The five-year, floating-rate loan allowed the borrower to consolidate debt and position itself for future permanent financing options. The loan will refinance the community’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017. It has since reopened and been leased up and fully stabilized. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 128-Unit Self-Storage Facility in Plano

by Taylor Williams

PLANO, TEXAS — Marcus & Millichap has brokered the sale of Legacy Self Storage, a 128-unit facility in Plano. The 15,628-square-foot facility was built in 2002 and features 80 climate-controlled units and 48 non-climate-controlled units. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private family partnership, in the transaction. The duo also secured the buyer, a locally based investor.

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Leasing ActivityOfficeTexas

TCS Negotiates Three Office Leases Totaling 145,000 SF in Plano

by Taylor Williams

PLANO, TEXAS — Transwestern Commercial Services (TCS) has negotiated three leases totaling 145,000 square feet at an office building located at 3033 W. President George Bush Turnpike in Plano. Nathan Durham and Duane Henley of TCS represented the landlord, Champion Partners, in all three lease negotiations. Brad Struck and Roy Reis of ESRP represented Paragon Healthcare in its 70,000-square-foot lease; Clay Vaughn and Preston Lynn of CBRE represented Australian technology firm Appen Inc. in its 50,000-square-foot lease; and a team led by Scott Hobbs of Cushman & Wakefield represented a division of Samsung in its 25,000-square-foot lease.

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IndustrialLeasing ActivityTexas

Logistics Firm Signs 137,280 SF Industrial Lease at Bay Area Business Park in Metro Houston

by Taylor Williams

PASADENA, TEXAS — Dunavant Distribution Group LLC, a logistics and supply chain operator, has signed a 137,280-square-foot industrial lease at Bay Area Business Park in the eastern Houston suburb of Pasadena. John Nicholson of Colliers International represented Dunavant, which now occupies just under 1 million square feet in Bay Area Business Park, in the lease negotiations. Justin Robinson and Jeff Pate of Stream Realty Partners represented the landlord, PEPF Red Bluff.

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Park-Tower-Sacramento-CA
AcquisitionsCaliforniaOfficeWestern

Prime US REIT Acquires Park Tower Office Building in Sacramento for $165.5M

by Amy Works

SACRAMENTO, CALIF. — Prime US REIT has purchased Park Tower, an office asset in downtown Sacramento, for $165.5 million. KBS is the U.S.-based asset manager for the buyer that identified and sourced the Park Tower opportunity on behalf of Prime. Located at 980 Ninth St. and 1010 Eighth St., the 24-story property features 489,171 square feet of office, retail and parking garage space. Park Tower was built in 1992 and renovated in 2019, while its parking area was constructed in 1961 and renovated in 1988. The LEED Gold-certified building features a suite of on-site tenant amenities, including a recently renovated fitness center, locker rooms, conference center and tenant lounge. The property also offers a three-story atrium lobby, high-efficiency building systems, 15,000-square-foot to 28,000-square-foot flexible floor plates and above-market parking in two garages at a ratio of 2.4/1,000. Grant Lammersen, Steve Golubchik and Tyler Myerdirk of Newmark Knight Frank brokered the transaction. Bruce Fischer, Christine Fan and Howard Chu of Greenberg Traurig LLP’s Orange County, Calif., office served as Prime’s legal counsel in the acquisition.

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CaliforniaLoansMultifamilyWestern

Arbor Funds $19M Refinancing for Pico Eleven Luxury Residences in Santa Monica

by Amy Works

SANTA MONICA, CALIF. — Arbor Realty Trust has provided a $19 million Fannie Mae Streamlined Rate Lock loan for a multifamily property in Santa Monica. The refinancing features 10-year, full-term, interest-only payments. Built in 2019, Pico Eleven Luxury Residences features 34 units with open floor plans. Community amenities include large private decks, as week as three ocean-view community lounge areas with barbecues, firepits and Wi-Fi access. Garth Davis of Arbor’s San Francisco office originated the deal.

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Sprouts-Farmers-Fontana-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $10.4M Sale of Sprouts-Occupied Retail Asset in Inland Empire

by Amy Works

FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail building located within the recently completed Highland Village Shopping Center in Fontana. Woodlands Hills, Calif.-based Adler Realty Investments sold the asset to a private investor for $10.4 million. Sprouts Farmers Market occupies the 30,000-square-foot building, which anchors Highland Village Shopping Center. Additional tenants at the center, which were not included in the acquisition, are BurgerIM, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio Mexican Grill, Oggi’s, Mountain View Tire & Auto Service and Pacific Dental. Quick Quack Car Wash is currently under construction as well. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Heidi Kim of Brea, Calif.-based TNG Real Estate Consultants represented the buyer in the transaction.

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LoansMultifamilyORIXUtahWestern

Hunt Provides $6M Loan to Refinance Two Manufactured Housing Assets in Utah

by Amy Works

LAYTON, UTAH — Hunt Real Estate Capital has funded a $6 million Fannie Mae DUS conventional multifamily loan for the refinancing of two manufacturing housing communities in Layton. The 10-year loan features interest-only payments for the first four years. Country Village MHC and Mountain View Estates MHC are the two non-contiguous communities. Developed in 1973 and 1975, respectively, the properties 145 manufactured housing sites and 310 parking spaces, including two spaces for each home. Country Village offers 34 single-wide sites and 28 double-wide sites, and Mountain View features 59 single-wide sites and 24 double-wide sites. Community amenities include a clubhouse, playground and basketball courts.

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AcquisitionsCaliforniaLoansMultifamilyWestern

Ready Capital Closes $6.6M Acquisition Loan for Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Ready Capital has closed a $6 million loan for the acquisition, renovation and lease-up of a 20-unit, Class B multifamily property located in Los Angeles’ Hollywood/Silver Lake submarket. The undisclosed sponsor will use the funds to convert a majority of the one-bedroom units into two-bedroom units. The apartments will feature upgraded floors, appliances and cabinetry, as well as other interior improvements. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls

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DevelopmentIndustrialMidwestMissouri

U.S. Capital Development Breaks Ground on 190,350 SF Spec Building Within Fenton Logistics Park in Missouri

by Kristin Harlow

FENTON, MO. — U.S. Capital Development has broken ground on Building 7 within Fenton Logistics Park. The 190,350-square-foot building is designed for office, warehouse and manufacturing uses. It is slated for completion in the third quarter of this year. The spec building will feature a clear height of 28 feet, 46 trailer dock doors and more than 330 auto parking spaces. Impact Strategies is the general contractor. Since 2017, U.S. Capital Development has developed five buildings within the park, which is situated on the site of a former Chrysler assembly plant. Current tenants include BASF, BJC Medical Group, 1st Phorm, Nexius and Alkem Laboratories. Jon Hinds and Katie Haywood of CBRE market the park for lease.

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