Property Type

G.H. Palmer Receives $158.8M Refinancing for 752-Unit Apartment Property in Santa Clarita

by Amy Works June 14, 2018

SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifamily property located at 17621 Pauline Court in Santa Clarita. The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area. Gary Tenzer of George Smith Partners (GSP) arranged the financing for borrower. The new loan replaces a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value.

June 14, 2018

California Loans Multifamily Seniors Housing Western

CBRE Arranges $35.8M Acquisition Financing for 130-Unit Seniors Housing Community in Folsom, California

by Amy Works June 14, 2018

FOLSOM, CALIF. — CBRE has arranged financing for the acquisition of Prairie City Landing, a 130-unit independent living, assisted living and memory care community in Folsom, a suburb of Sacramento. A joint venture between AEW Capital Management, Tenfold Senior Living and Artēgan Senior Living acquired the property for an undisclosed price. The seller was another joint venture that developed the property. That group includes Tenfold, Artēgan and a global investment manager. The community opened in February 2017 and was over 90 percent occupied at the time of sale. Artēgan Senior Living will continue to operate the property. Aron Will of CBRE National Senior Housing arranged the $35.8 million Freddie Mac loan with a seven-year term, fixed rate and 48 months of interest-only payments.

June 14, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $28M Sale of Multifamily Property in Costa Mesa, California

by Amy Works June 14, 2018

COSTA MESA, CALIF. — Marcus & Millichap has negotiated the sale of Vio Costa Mesa, a multifamily property located in Costa Mesa. An undisclosed buyer acquired the property for $28 million in a 1031 exchange. Tyler Leeson, Kurt Hediger and Matt Kipp of Marcus & Millichap represented the buyer and arranged the sale of a 54-unit apartment asset in Westminster, Calif., in phase one of the exchange. Additionally, Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged $14.7 million in acquisition financing for the purchase of Vio Costa Mesa. The debt placement was structured on a nonrecourse basis with four years of interest-only payments and a $2 million post-closing earnout. Built in 1973, Vio Costa Mesa is currently under renovation and was sold in as-is condition after a 14-day due diligence period. The property features 84 apartment units.

June 14, 2018

Acquisitions Arizona Development Mixed-Use Multifamily Retail Western

Akara Partners Acquires Development Site in Phoenix for Mixed-Use Property

by Amy Works June 14, 2018

PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.

June 14, 2018

Acquisitions Colorado Office Western

Pinnacle Brokers $1.3M Sale of Office Property in Aurora, Colorado

by Amy Works June 14, 2018

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office property located at 651 Chambers Road in Aurora. A church acquired the property from Life Skills International for $1.3 million. Built in 1978, the property features 16,500 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the seller in the deal.

June 14, 2018

Florida Loans Retail Southeast Top Stories

Turnberry, Simon Refinance Aventura Mall in South Florida With $1.75B Loan

by Camren Skelton June 14, 2018

AVENTURA, FLA. — Aventura Mall Venture, a partnership between Turnberry Associates and Simon Property Group (NYSE: SPG), has received $1.75 billion in financing for Aventura Mall in Aventura, a city in South Florida’s Miami-Dade County. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank provided the financing. According to multiple news outlets, the loan will be used to pay off a $1.2 billion CMBS loan that Turnberry and Simon secured in 2013, and a $214 million loan that mall owners took out in 2016 to fund a 315,000-square-foot expansion. The new three-level wing includes experiential additions to the Arts Aventura Mall program, a 93-foot-tall Aventura Slide Tower, the first Topshop Topman in Florida, Zara, Under Armour, Treats Food Hall and new dining options offering indoor and outdoor seating. The nearly 3 million-square-foot Aventura Mall is home to more than 300 tenants, including Nordstrom, Bloomingdale’s, Macy’s, Gucci, Louis Vuitton, Burberry, Anthropologie, H&M, Urban Outfitters and a 24-screen AMC movie theater. Jack Kessler, Rebecca Livingston Lando, Bruce Booken, Jason D’Amico, George Cass, Rebecca Trinkler and Haley Ayure of Buchanan Ingersoll & Rooney PC provided legal representation for Turnberry and Simon. “This transaction is important because it enables Aventura Mall to …

June 14, 2018

Illinois Market Reports Midwest Midwest Market Reports Office

New Chicago Office Markets Shape Perception of the City

by Kristin Harlow June 14, 2018

It’s an exciting time to be part of the action in Chicago’s real estate market. While Illinois remains an “outflow” state, construction cranes dot the Chicago skyline and the city’s inflow numbers remain positive. Large employers are considering Chicago for campus-like headquarters operations and exciting markets are continuing to grow. In particular, west side blight continues to be replaced by residential growth in the West Loop, with retail services finally gaining momentum despite slow adoption by soft goods merchants. The West Loop’s immediate neighbor to the north, Fulton Market, maintains its buzz as the popular new kid in town, demonstrated by its ability to attract office tenants. Yes, office tenants. Transportation for workers, the primary objection to Fulton Market that has previously knocked it out of contention, will continue to be a challenge as public options slowly catch up to the development in the area. Employers will have to be creative in providing alternatives for new talent not within reasonable cycling or ride-sharing range. How did this happen when a decade ago the notion of office space west of the expressway was thought to be an absurd one? Because Chicago is not landlocked to the west by any natural barriers, …

June 14, 2018

Conference Coverage Features Healthcare North Carolina Property Type South Carolina Southeast Southeast Feature Archive

Healthcare Systems, Physicians are ‘More Sophisticated’ When it Comes to Real Estate, Says InterFace Healthcare Panel

by John Nelson June 13, 2018

CHARLOTTE, N.C. — Healthcare systems and physicians groups once viewed their real estate operations as a line item on a ledger and not as high a priority as staffing, education or equipment. In the years since reimbursements from Medicare began tightening as it went from a fee-for-service model to an outcome-based one, healthcare systems and physicians are getting more savvy when it comes to their real estate strategies. “With respect to real estate, healthcare systems used to be naïve,” said Mark Curtis, director of Greenville Health System, a not-for-profit system serving the Upstate South Carolina area. “Now they’re far more sophisticated than they were five years ago.” Curtis was one of five healthcare real estate experts on stage at a panel entitled “What Do Hospitals & Systems See Coming in 2018?” Rex Noble, senior vice president of asset management at Flagship Healthcare Properties, moderated the discussion. The panel was the closing act at the eighth annual InterFace Healthcare Real Estate Carolinas show, which took place on May 31 at the Hilton City Center hotel in Uptown Charlotte. The event drew 160 attendees in the healthcare real estate space from across North and South Carolina. Operations are Under the Microscope Spurred …

June 13, 2018

Acquisitions Lee & Associates New York Northeast Office

Lee & Associates Brokers $18.4M Sale of Office Condominium in Midtown Manhattan

by David Cohen June 13, 2018

NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.

June 13, 2018

Connecticut Healthcare Loans Northeast Office

Associated Bank Provides $27.7M Loan for VA Community Care Center in Orange, Connecticut

by David Cohen June 13, 2018

ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.

June 13, 2018

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