Property Type

Koelsch to Break Ground on $24M Memory Care Community Near Seattle

by Nellie Day July 13, 2017

KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.

July 13, 2017

District of Columbia Office Southeast Top Stories

Ocean West Capital, Hana Asset Management Purchase NASA Headquarters Building in D.C. for $360M

by John Nelson July 13, 2017

WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building. Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket. Two Independence Square houses NASA leadership, who provide overall guidance and direction to the U.S. government. The building’s James E. Webb Memorial Auditorium hosts agency news conferences and social events. Designed by Kohn Pederson Fox Associates, NASA’s headquarters also feature a lending library, NASA Exchange store, the history office and archives and production facilities for NASA TV. The agency occupies 99 percent of the building and renewed its lease in 2011 with a lease term running through 2028. Hana Asset Management, a subsidiary of Hana Financial Group, is the largest financial group in Korea. The firm comprises 21 subsidiaries, including banks, securities, trusts, asset management firms, investment banks and life insurance companies. The company employs 23,000 professionals worldwide and manages $5 billion of assets throughout Asia, the …

July 13, 2017

Features Single-Family Rental Top Stories

Was Accelerated Job Growth in June a Sign of Things to Come? Economists Weigh In

by Kristin Harlow July 13, 2017

If Steve Hovland’s near-term outlook for U.S. job growth is correct, the second half of 2017 looks quite promising for the commercial real estate industry. “The pace of hiring should accelerate in the second half of the year as Congress moves past healthcare reform and begins to lift regulations that stymie growth,” says the director of research at Irvine, California-based HomeUnion Inc., an online real estate management firm that helps individuals invest remotely in rental properties. “Furthermore, companies will have a better understanding of how policy changes will evolve with the new administration, giving them more confidence to resume hiring,” continues Hovland. “We expect 1.4 million new jobs to be created over the final two quarters of 2017.” The comments from Hovland come on the heels of the latest jobs report from the Bureau of Labor Statistics (BLS), which shows total nonfarm payroll employment increased by 222,000 in June, beating economists’ expectations. Leading up to the release of the report last Friday, the consensus among the nation’s top forecasters was that the U.S. economy had added 180,000 jobs in June. The BLS also revised the job gains for April and May upward by 47,000. Meanwhile, the unemployment rate rose slightly …

July 13, 2017

California Retail Western

Donahue Schriber Acquires Grocery-Anchored Shopping Center in San Luis Obispo for $43.6M

by Nellie Day July 12, 2017

SAN LUIS OBISPO, CALIF. — Donahue Schriber has acquired Marigold Center, a 174,428-square-foot shopping center located in San Luis Obispo, for $43.6 million. The 89-percent leased center is anchored by Vons and home to tenants including Michaels, CVS/pharmacy, Starbucks Coffee, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. Gleb Lvovich, Bryan Ley and Eric Kathrein of HFF marketed the property on behalf of the seller, Kimco Realty Corp. Donahue Schriber purchased the asset free and clear of existing debt.

July 12, 2017

Colorado Multifamily New Mexico Seniors Housing Western

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day July 12, 2017

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

July 12, 2017

Idaho Loans Multifamily Student Housing Western

TSB Capital Secures Acquisition Financing for 622-Bed Student Housing Community Near Boise State

by Nellie Day July 12, 2017

BOISE, IDAHO — TSB Capital Advisors has secured financing for the acquisition of River Edge, a 622-bed community located near Boise State University in Idaho. The amount of the loan was not disclosed. The floating-rate term loan was secured on behalf of a joint venture between University Student Living and Harrison Street Real Estate Capital. BMO Harris Bank N.A. provided the financing. River Edge was built in 2015, and offers two- and four-bedroom units. Community amenities include a 24-hour fitness center, tanning center, study lounge, hot tub and immediate access to local hike and bike trails.

July 12, 2017

California Multifamily Western

WNC Closes $144 Million Institutional LIHTC Fund

by Nellie Day July 12, 2017

IRVINE, CALIF. — WNC, an Irvine-based real estate investor, has closed WNC Institutional Tax Credit Fund 43 LP, a $144 million institutional low-income housing tax credit (LIHTC) fund. The fund includes 23 properties comprised of 1,771 affordable housing units for families and seniors scheduled for new construction and rehabilitation. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.

July 12, 2017

Idaho Multifamily Seniors Housing Western

Lancaster Pollard Fund Acquires 38-Unit Memory Care Community in Idaho for $9.3M

by Nellie Day July 12, 2017

COEUR D’ALENE, Idaho — Lancaster Pollard’s Propero Seniors Housing Equity Fund II has acquired Creekside Inn, a 38-unit, 65-bed memory care facility in Coeur d’Alene, approximately 30 miles east of Spokane, Wash., for $9.3 million. Koelsch Communities built the property in 2008, and will continue to operate it under a sale-leaseback transaction. Koelsch currently operates 23 communities with 1,974 beds in Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and Washington. The sale-leaseback allows Koelsch to recapture some of its investment costs and retire the existing debt on the facility that was due to mature in the near term. The deal includes a purchase option schedule, beginning in the second year of the lease, at predetermined prices at specific time periods.

July 12, 2017

Industrial Northeast Pennsylvania

Endurance, CenterSquare Acquire Property for Warehouse Redevelopment in Pennsylvania

by Amy Works July 12, 2017

SHIREMANSTOWN, PA. — An affiliate of Endurance Real Estate Group partnered with CenterSquare Investment Management to acquire a 712,000-square-foot former manufacturing, distribution and office facility located at 485 St. Johns Church Road in Shiremanstown. Endurance plans to demolish approximately 500,000 square feet of manufacturing, office and low-bay warehouse sections of the property to redevelop the asset into 456,810 square feet of Class A bulk warehouse and distribution space. The redeveloped project will include the renovation and expansion of the existing East Warehouse section to total 246,135 square feet with 28-foot clear heights, renovated office space and supplemental loading dock positions, and a slab-up reconstruction of a 210,675-square-foot West Warehouse section, with 32-foot clear heights and 38 loading docks. The East Warehouse is slated for delivery in April 2018 and the West Warehouse is scheduled for completion in July 2018. The property was owned and occupied by the Quaker Oats Co. through the early 2000s.

July 12, 2017

Loans Multifamily New York Northeast

Capital One Closes $61M Loan to Refinance Long Island Apartment Community

by Amy Works July 12, 2017

HOLBROOK, N.Y. — Capital One has provided a $61 million fixed-rate loan to refinance Fairfield Broadway Knolls at Holbrook, an apartment complex located in the Eastern Long Island town of Holbrook. Fairfield Properties used the proceeds of the loan to retire a bridge loan that was used to purchase the property. The 10-year loan has 23 months of interest-only payments followed by amortization on a 30-year schedule. Built in 2006, the 284-unit property features a clubhouse with resident lounge, cyber café with business center, swimming pool, tennis and basketball courts and a fitness center. Robert Akalski of Capital One originated the loan for the borrower.

July 12, 2017

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