Property Type

Decron Properties Enters Seattle Apartment Market with $173M Acquisition

by Amy Works November 6, 2018

BOTHELL, WASH. — Decron Properties has purchased Avana 522 Apartments, a multifamily property located at 18101 126th Ave. NE in Bothell, for $173 million. The transaction marks the Los Angeles-based firm’s entry into the Pacific Northwest real estate market. Situated on 56 acres, the 558-unit property was built in 1988 and expanded in 1999. The garden-style community features a mix of one-, two- and three-bedroom units. Community amenities include two outdoor pools, one indoor pool, two clubhouses, two fitness center, four playgrounds, indoor and outdoor basketball courts, tennis courts, picnic and barbecue areas, two pet parks, and an indoor movie theater. Decron plans to implement a capital improvement program, including upgrading all unit interiors with stainless steel appliances, new kitchen cabinet doors and quartz countertops, and upgraded plumbing and electrical fixtures. The program will also upgrade the community areas, including the renovation of the clubhouses and pool areas, adding fire pits, new playground equipment and modernizing the two dog parks. Additionally, Decron plans to expand the capacity of the package locker facility. Frank Bosl, Eli Hanecek and Jon Hallgrimson of CBRE’s Seattle office represented the undisclosed seller in the transaction.

November 6, 2018

California Development Loans Multifamily Western

Walker & Dunlop Secures $153.7M Construction Financing for Rise Koreatown Multifamily Project in Los Angeles

by Amy Works November 6, 2018

LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast. Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain. Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.

November 6, 2018

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Arranges $6.2M Refinancing for Seniors Housing Community in Portland

by Amy Works November 6, 2018

PORTLAND, ORE. — Carnegie Capital has sourced and structured a $6.2 million cash-out refinancing for a 39-unit assisted living and memory care community in Portland. The original developer still owns and operates the community, which was 100 percent occupied at the time of the financing. The loan pays off the original construction financing. Further details on the community and borrower were not disclosed. Carnegie put together the loan in two tranches with a bank and private equity shop joining forces to complete the capital stack. The loan carries a fixed rate for three years, interest-only payment period and flexible exit options. JD Stettin, managing partner of Carnegie Capital, arranged the transaction.

November 6, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $2.3M Sale of Value-Add Apartment Asset in Pueblo, Colorado

by Amy Works November 6, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add multifamily asset located at 1024-1026 Oxford St. and 28 Amherst Ave. in Pueblo. An undisclosed buyer acquired the asset for $2.3 million. Built in 1971, the property features 35 units and is within walking distance of Safeway and King Soopers. Chris Knowlton of Pinnacle Real Estate represented the buyer and undisclosed seller in the deal.

November 6, 2018

Loans Multifamily New York Northeast

Berkadia Arranges $140M Refinancing for Multifamily Tower in Manhattan

by David Cohen November 6, 2018

NEW YORK CITY — Berkadia has arranged the $140 million refinancing of Ocean at One West Street, a multifamily tower in the Battery Park neighborhood of Manhattan. Located at 1 West St., the property was built in 1902 as an office building and converted to residential use in 1999. Amenities at the building include a fitness center, private laundry, storage facilities and an outdoor roof deck with views of the New York Harbor. Stewart Campbell of Berkadia’s New York office secured the financing through Freddie Mac on behalf of Delaware-based Ocean Prime LLC. The 10-year permanent refinancing features a 3.99 percent fixed interest rate and is a full-term, interest-only loan.

November 6, 2018

Loans Multifamily New York Northeast

JLL Secures $48.7 Refinancing for Multifamily Building on Upper West Side

by David Cohen November 6, 2018

NEW YORK CITY — JLL has secured a $48.7 million loan to refinance a multifamily building on the Upper West Side of Manhattan. Located at 150 W. 82 St., the 10-story property is currently a boutique condominium. Building ownership plans a condominium conversion on the property. When completed, the property will include a resident lounge, gym, roof deck and bike storage. JLL represented the borrowers, GreenOak Real Estate LP and Slate Property Group to place the loan with lender Apollo Global Management LLC. Terms of the financing were undisclosed.

November 6, 2018

Acquisitions Multifamily New York Northeast

Avison Young Brokers $7M Sale of Development Site in Manhattan

by David Cohen November 6, 2018

NEW YORK CITY — Avison Young has brokered the $7 million sale of a vacant development site in the East Village of Manhattan. Located at 14 Second Ave., the property offers 15,042 buildable square feet. James Nelson, Brandon Polakoff and Toku Saito of Avison Young represented the undisclosed seller in the transaction. The buyer was developer Station Cos. The developer plans to build a 10-story residential building with full-floor condominium units on the property.

November 6, 2018

Acquisitions Illinois Industrial Midwest

Bridge Development Purchases 741,586 SF Industrial Park in Bolingbrook, Illinois for $73.5M

by Kristin Harlow November 6, 2018

BOLINGBROOK, ILL. — Bridge Development Partners has purchased Fountain Square Commerce Center, a four-building industrial business park in Bolingbrook, for $73.5 million. Jeff Devine and Steve Disse of Colliers International represented the seller, Conor Commercial and partner LaSalle Investment Management. The buildings span 741,586 square feet. At the time of sale, two of the buildings were fully leased. The remaining 439,099 square feet are available for lease. Completed in 2016, the buildings feature a clear height of 32 feet. Bridge Development plans to develop a 216,320-square-foot speculative facility on the adjoining 12 vacant acres, which were also included in the sale.

November 6, 2018

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers $18.5M Apartment Portfolio Sale in Independence, Missouri

by Kristin Harlow November 6, 2018

INDEPENDENCE, MO. — Marcus & Millichap has brokered the $18.5 million sale of a 455-unit apartment portfolio in Independence, about 10 miles east of Kansas City. The three properties include the 193-unit Cimmaron, the 108-unit Hillside Apartments, and the 154-unit Sterling 24 Apartments. The portfolio was more than 95 percent occupied at the time of sale. Bradley Barham and Logan Weaver of Marcus & Millichap brokered the 1031 tax-deferred exchange. Neither the buyer nor the seller was disclosed.

November 6, 2018

Acquisitions Healthcare Midwest Ohio

Montecito Acquires Medical Office Building, Surgery Center in Chardon, Ohio

by Kristin Harlow November 6, 2018

CHARDON, OHIO — Montecito Medical Real Estate has acquired Chardon Surgery Center in Chardon, about 30 miles northeast of downtown Cleveland. The purchase price was not disclosed. Built in 1998, the nearly 24,000-square-foot medical office and surgery center features three operating rooms, a laser surgery center and a newly built MRI center. Precision Orthopedic Specialties and Kellis Eye Center jointly own the ambulatory center, which occupies one-third of the overall space in the building. The transaction marks Montecito’s 19th acquisition this year.

November 6, 2018

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