Property Type

Alliance Residential Purchases Land in Raleigh-Durham to Develop 263-Unit Apartment Community

by Alex Tostado March 22, 2019

MORRISVILLE, N.C. — Alliance Residential has purchased 17 acres of land in Morrisville with plans to develop Broadstone Trailside, a 263-unit apartment community that will include smart apartment units. Construction is expected to begin this year with residents able to move in in 2021. The property will offer one-, two- and three-bedroom floor plans and townhomes averaging 1,016 square feet. Residential units will include Nest Thermostats, Google Home electronic entry door locks and connected light switches and outlets, all controlled by a smartphone. The smart features are part of the Alliance SmartHome technology package. Cline Design designed Broadstone Trailside, which is situated about 13 miles west of downtown Raleigh.

March 22, 2019

Colorado Loans Multifamily Western

HFF Secures $75M in Financing for 287-Unit Residential Tower in Downtown Denver

by Amy Works March 22, 2019

DENVER — HFF has arranged $75 million in financing for The Confluence, a 34-story luxury residential tower located 1441 Little Raven St. in downtown Denver. The borrower is a partnership between National Real Estate Advisors, acting on behalf of a client, and PMRG, which recently merged with Madison Marquette. Josh Simon and Rob Rizzi of HFF secured the 10-year, fixed-rate loan through a life company lender. The borrower plans to use loan proceeds to retire existing construction debt. Completed in 2017, The Confluence features 287 units in a mix of one-, two- and three-bedroom. Units average 1,052 square feet with high-end finishes, including granite and marble countertops, soaking tubs, floor-to-ceiling windows, hand-scraped hardwood floors, walk-in closets, solar and blackout shades, and balconies and private terraces. Common area amenities include a fitness center, swimming pool, hot tub, cabanas with individual fire pits, two skyline lounges, professional chef’s kitchen, catering facility, dog grooming area, valet parking, 24-hour concierge service and direct access to Confluence Park.

March 22, 2019

California Loans Mixed-Use Office Retail Western

Ready Capital Closes $20.1M Loan for Back Bay Center Retail/Office Building in Costa Mesa, California

by Amy Works March 22, 2019

COSTA MESA, CALIF. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in the Eastside submarket of Costa Mesa. The asset features 52,000 square feet of Class B retail and office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.

March 22, 2019

Loans Mixed-Use Multifamily Retail Washington Western

NBS Financial Secures $5M in Financing for Mixed-Use Asset in Seattle

by Amy Works March 22, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 apartments above. The use of the financing was not disclosed.

March 22, 2019

Acquisitions Arizona Retail Western

Valencia Property Acquires CVS-Occupied Building in Arizona for $4.5M

by Amy Works March 22, 2019

PRESCOTT, ARIZ. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.

March 22, 2019

Development Multifamily Seniors Housing Utah Western

Alliance Residential Opens Active Adult Community Near Salt Lake City

by Amy Works March 22, 2019

DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of 55.

March 22, 2019

Acquisitions Healthcare Illinois Midwest

HFF Arranges Sale of 135,093 SF Medical Office Building in Chicago

by Kristin Harlow March 22, 2019

CHICAGO — HFF has arranged the sale of Lakeshore Medical Center in Chicago. Completed in 2008, the 135,093-square-foot, five-story medical office building is attached to the 236-bed Weiss Memorial Hospital. Tenants at the property include Walgreens, Fresenius Medical Care and University Dermatology and Vein Clinic. Ben Appel, Evan Kovac, Andrew Milne, Matt DiCesare, Jeffrey Bramson and Bryan Rosenberg of HFF represented the seller, a partnership between CarVal Investors and Zeller Realty Group. The team also procured the buyer, an institutional investor. MBRE Healthcare will manage the asset.

March 22, 2019

Acquisitions Illinois Midwest Retail

SVN | Chicago Commercial Brokers $4.4M Sale of Retail Center in Arlington Heights, Illinois

by Kristin Harlow March 22, 2019

ARLINGTON HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights. Subway and Starbucks are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.

March 22, 2019

Illinois Loans Midwest Multifamily Student Housing

Ready Capital Provides $11.9M Acquisition Financing for Student Housing Portfolio in Illinois

by Kristin Harlow March 22, 2019

CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year term.

March 22, 2019

Illinois Leasing Activity Midwest Office

Intelligent Medical Objects Signs 13,424 SF Office Lease in Chicago

by Kristin Harlow March 22, 2019

CHICAGO — Intelligent Medical Objects (IMO), a medical technology company, has signed a 13,424-square-foot office lease at the Inland Steel Building in Chicago. IMO will move from its current WeWork space at 100 S. State St. to the new location this summer. Approximately 75 employees will work in the space, which encompasses the entire 18th floor. Jon Azulay, Robert Sevim and Adam Southard of Savills represented IMO in the lease transaction. Mark Buth and Kelsey Morgan of MBRE represented the owner, Capital Properties. IMO is headquartered in Rosemont, Illinois.

March 22, 2019

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