Property Type

Acacia Capital Acquires 224-Unit Multifamily Community in Tempe for $58.5M

by Amy Works August 20, 2019

TEMPE, ARIZ. — Acacia Capital Corp. has purchased San Marquis, an apartment property located at 577 E Baseline Road in Tempe. A joint venture between Sequoia Equities and Mark-Taylor Residential sold the asset for $58.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction. The Class A multifamily community features a palm tree-lined, resort-style swimming pool with ramadas and an outdoor entertainment kitchen; a fitness center with stone and travertine finishes; and a resident clubhouse. The property features 224 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers/dryers.

August 20, 2019

California Development Loans Multifamily Western

Dekel Capital Arranges More Than $80M in Financing for Development of Multifamily Complex in California

by Amy Works August 20, 2019

SOUTH GATE, CALIF. — Dekel Capital has secured more than $80 million in preferred equity and construction financing for the development of Jefferson on Imperial, a multifamily community located in South Gate. The borrower is JPI. Situated on 4.1 acres at 10920 Garfield Ave., the four-story Jefferson on Imperial will feature 244 apartments in a mix of one-, two- and three-bedroom layouts, as well as a multi-level parking garage with a total of 458 stalls. JPI broke ground on the development in March and expects initial delivery by October 2020. Southern California-based WHA designed the project, which is the first new multifamily development in the last 30 years in the Downey/South Gate area. Alliance Residential Co. will manage, market and lease up the property.

August 20, 2019

Hilton-San-Francisco-Financial-District-San-Fran-CA

California Hospitality Loans Western

PCCP Funds $20M Mezzanine Loan to Refinance Hilton Hotel in San Francisco’s Financial District

by Amy Works August 20, 2019

SAN FRANCISCO — PCCP has provided a $20 million, fixed-rate mezzanine loan for the refinancing of Hilton San Francisco Financial District. Justice Investors, an entity controlled by The InterGroup Corp., owns and operates the hotel. Located at 750 Kearny St. in downtown San Francisco, the 26-story hotel feature 544 guest rooms, with no hotel rooms below the fifth floor. Additionally, the property offers a restaurant and lobby bar, 21,936 square feet of meeting space, a fitness center, a business center and an executive lounge. The ownership has planned a full renovation of the corridors and guest rooms.

August 20, 2019

Loans Multifamily Nevada Western

Greystone Provides $7.9M in Green Financing for Las Vegas Multifamily Property

by Amy Works August 20, 2019

LAS VEGAS, NEV. — Greystone has provided a $7.9 million Freddie Mac Green Advantage loan for the refinancing of Nottingham Gardens, a multifamily property located at 2165 E. Rochelle Ave. in Las Vegas. The fixed-rate loan carries a 10-year term with three years of interest-only payments and a 30-year amortization. Ana Ramos of Greystone’s Los Angeles office originated the loan, with Andy Bratt of Newmark Realty Capital acting as correspondent. Built in 1974, the property features 92 garden- and townhome-style apartments. The borrower has invested in numerous interior and exterior capital improvements at the property since acquiring it in 2015.

August 20, 2019

Acquisitions California Retail Western

SRS Real Estate Partners Brokers $4.3M Sale of South Street Shops in Cerritos, California

by Amy Works August 20, 2019

CERRITOS, CALIF. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property is also shadow anchored by Goodwill, which recently signed a 10-year lease renewal. Ara Rostamian and Patrick Luther of SRS Real Estate Partners, along with Eric Mandell of Apex Properties represented the seller, while Sperry CGA Beverly Hills represented the buyer in the deal.

August 20, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Banking, Tech Employment Usher Charlotte’s Office Market Into the Future

by Taylor Williams August 20, 2019

The momentum of the Charlotte office market continued in the first quarter of 2019, as office rents rose for an eighth consecutive quarter and the city notched a major economic development win with the announcement that BB&T and SunTrust would merge, creating a new bank that will be headquartered in Charlotte. The news came on the heels of announcements late last year that Honeywell plans to relocate its corporate headquarters to the city and that LendingTree would expand its headquarters, creating 436 jobs over five years. The city’s economic strength has been fueled by a growing labor market that was led by the tech sector in 2018. Last fall, CompTIA’s 2018 Tech Town Index found that Charlotte is the No. 1 city for information technology workers when it comes to job opportunity and cost of living. At the time of the report, more than 44,000 IT jobs had been posted in Charlotte over the previous 12 months. That number is projected to grow by 11 percent over the next five years as Bank of America Corp., Wells Fargo & Co. and Ally Financial look to fill IT jobs at all levels. Office rental rates in Charlotte increased by 6.5 percent …

August 20, 2019

Features Multifamily Student Housing

Priced Out: Adding Affordable Units to Student Housing

by Jeff Shaw August 20, 2019

Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education. With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …

August 20, 2019

Acquisitions New York Northeast Property Type Retail Top Stories

Alibaba Co-Founder Joseph Tsai Agrees to Purchase Barclays Center in Brooklyn for $700M

by John Nelson August 20, 2019

NEW YORK CITY — Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has agreed to purchase Barclays Center, a 670,000-square-foot sports and entertainment arena that sits at the crossroads of Atlantic and Flatbush avenues in Brooklyn. The multi-purpose stadium is the home of the Brooklyn Nets NBA franchise and the NHL’s New York Islanders. Previous owner Mikhail Prokhorov, through his company Oneexim Sports and Entertainment Holding USA Inc., sold the arena to an entity controlled by Tsai for approximately $700 million, according to the New York Post. In a separate deal, Prokorov sold his 51 percent ownership in the Brooklyn Nets to Tsai, who purchased a 49 percent stake in the NBA franchise back in 2018. Multiple media outlets report the combined Nets and Barclays Center transactions will total more than $2 billion, bringing Tsai’s total investment to more than $3 billion. The transaction requires the approval of the NBA Board of Governors. Tsai is set to become the sole governor of the Nets franchise and owner of Barclays Center once the deal closes, which is expected by the end of September. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community and entertainment for our …

August 20, 2019

Hospitality Loans New York Northeast

Madison Realty Capital Provides $83M Loan for Manhattan Hotel

by Alex Patton August 19, 2019

NEW YORK CITY — Madison Realty Capital, a New York-based lender, has provided an $83 million loan to recapitalize and rebrand a 230-room hotel in Manhattan. The loan proceeds allowed the borrower, Long Island-based McSam Hotel Group, to retire the existing debt on the property and transition the hotel to another brand. The hotel is located across from the Rockefeller Center.

August 19, 2019

Massachusetts Northeast Office

Bulfinch Acquires 193,000 SF Office Building in Cambridge, Massachusetts

by Alex Patton August 19, 2019

CAMBRIDGE, MASS. — Bulfinch, a Boston-based investment firm, has acquired a 193,000-square-foot office building in Cambridge. The office is located within the 27-acre Cambridge Discovery Park (CDP) development, and is 100 percent leased to market research company Forrester Research. With the acquisition, Bulfinch now owns all of CDP’s lab, office research and development facilities. People’s United Bank provided long-term financing for the acquisition.

August 19, 2019

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