Property Type

CONCORD, CALIF. — NXT Capital has funded a $29 million first-mortgage loan for the acquisition of Summit at Lime Apartments, a Class B apartment community in Concord. The name of the borrower was not released. The community features 120 apartment units, a swimming pool, fitness center, two outdoor barbecue areas and a dog park. Annie Rice of CBRE’s Los Angeles office placed the loan with NXT Capital.

FacebookTwitterLinkedinEmail

DENVER — Equity Residential has acquired SkyHouse Uptown, a high-rise multifamily community located in Denver. Simpson Housing and Novare Group sold the property for an undisclosed price. David Martin, Pamela Koster and Mike Grippi of JLL represented the sellers in the deal. Completed in 2017, the property features 354 residential units, 6,650 square feet of street-level retail space and parking for 485 vehicles. On-site amenities include a rooftop pool, open-air lounge, fireplaces, outdoor grilling stations, fitness and business centers, a clubhouse/game room, storage units, bike, ski and snowboard storage and a 24/7 concierge.

FacebookTwitterLinkedinEmail
2705-Lexington-Ave-San-Bernardino-CA

SAN BERNARDINO, CALIF. — Voit Real Estate Services has arranged the sale of a newly developed industrial warehouse building located at 2705 Lexington Ave. in San Bernardino. A partnership between Hartford, Conn.-based Penwood Select Industrial Partners III and Newport Beach, Calif.-based Shaw Development Partners sold the property to a global consumer products company for $18.2 million. The 154,451-square-foot facility features 2,200 square feet of office space, an ESFR sprinkler system, a secured concrete truck court and electrical service of 1,200 amps. The buyer plans to use the property for its own operational and distribution needs. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit’s Inland Empire office represented the seller in the transaction.

FacebookTwitterLinkedinEmail
Residences518-Kirkland-WA

KIRKLAND, WASH. — Colliers International has arranged the sale of The Residences at 518, an apartment complex located at 518 Second St. in Kirkland. Greenwood Pub LLC sold the property to Goodwin DC LLC for $3.4 million, or $339,000 per unit. Colliers’ Tim McKay, Dan Chhan and Sam Wayne handled the transaction. Built in 1901, the 10-unit property was fully renovated in 2016 resulting in additional units and exterior upgrades.

FacebookTwitterLinkedinEmail

SINGAPORE — CapitaLand has acquired a multifamily portfolio located throughout the metropolitan areas of Seattle, Portland, Los Angeles and Denver for $835 million. The Singapore-based real estate company acquired the assets through its wholly owned international business unit, CapitaLand International. The 16-property, Class B portfolio includes 3,787 units, representing a price per unit of approximately $220,000. The acquisition will more than double CapitaLand’s investment in the U.S. to over $1.5 billion, as well as increase its presence in the market to more than 6,500 units. “The stable, reliable cash flows of these Class B multifamily properties make this suburban portfolio more attractive than the higher-priced urban core segment,” says Gerald Yong, CEO of CapitaLand International. “Situated in well-established, well-connected rental communities, this portfolio of low-rise and garden-style properties continue to be a strong draw for middle-income and skilled professionals working in surrounding employment hubs.” The portfolio includes five properties located in Seattle, three in Portland, three in the greater Los Angeles area and five in Denver. All of the properties in the portfolio were more than 90 percent occupied at the time of sale, with an average length of stay of two years. Community amenities across the portfolio include swimming …

FacebookTwitterLinkedinEmail
The Laguna medical office building, Orange County, California

By John Pollock CEO, Meridian It is hard to refute that demographic changes occurring in the United States are having a positive impact on healthcare real estate. Based on the latest U.S. Census data, the number of people age 65 and over is on a steep increase and on track to nearly double between 2010 and 2030. The utilization rate of healthcare facilities by people in this age cohort is dramatically more than the younger cohort. According to a report released by Transwestern in September, an aging demographic and higher utilization rates will increase the demand for practitioners and physical space. Transwestern says there is an estimated 110 million square feet of available medical office space among existing buildings and those under construction in the United States as of the second quarter. If all of the required practitioners needed to meet the increased consumer demand were to locate within the traditional medical office space, there would be a shortfall of more than 40 million square feet. The answer to the question of whether today’s boom market for healthcare is built to last is most assuredly yes. That being said, the healthcare sector is attracting attention from more and more investors. …

FacebookTwitterLinkedinEmail

HACKENSACK, N.J. — Cushman & Wakefield has arranged $52 million in construction financing for a ground-up multifamily development in Hackensack. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the borrower, Waypoint Residential in securing financing through Citizens Bank. The four-story property will feature 235 residential units and will be located at 435 Main St. in downtown Hackensack. The project benefits from a 30-year tax abatement.  

FacebookTwitterLinkedinEmail

NEW YORK CITY — Sugar Hill Capital Partners has acquired a two-building multifamily community in Brooklyn for $5.6 million. Located at 932-938 Eastern Parkway, the 24,600-square-foot property consists of 24 units. The seller was real estate investor and film producer Joseph Scarpinito. Jacob Stavsky of Venture Capital Properties represented both the buyer and seller in the off-market transaction.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Leviathan Capital has secured an $8 million refinancing for a 33,000-square-foot office building in the Bronx. The property is currently net leased to the NYC Department of Education. Leviathan secured a non-recourse loan for the undisclosed borrower with a fixed rate of 10 years at 4.9 percent. The loan provided the borrower with a $5 million cash-out.

FacebookTwitterLinkedinEmail

NEW PROVIDENCE, N.J. — Erickson Living has unveiled plans for an expansion at Lantern Hill known as Bell Pavilion. Lantern Hill is a 26-acre continuing care retirement community (CCRC) in New Providence, approximately 30 miles west of New York City. Bell Pavilion will add 169 units of independent living to the property. In addition to the new units, Bell Pavilion will add a new restaurant, fitness center, two bocce courts, courtyard with fireplaces, and resident community gardens to the campus. A climate-controlled walkway will connect Bell Pavilion to Union Square, where multiple dining venues, an all-season pool and fitness center, medical center, library, theater and salon are located. Erickson has been rolling out a phased expansion at the property for several years, heavily focused on adding independent living units. Earlier this year the company completed Phase II of the expansion, which included Maple Glen and Oakwood Court, collectively adding 114 independent living units to the community. In 2016, Erickson opened Phase I of the expansion, which added 161 independent living units.

FacebookTwitterLinkedinEmail