LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.
CORVALLIS, ORE. — An unnamed buyer has acquired the 420-unit Witham Hill Oaks Apartments in Corvallis for $56 million. The community is located at 4275 N.W. Clubhouse Place. The 50-building property was built in three phases in 1968, 1977 and 1998. Witham Hill contains one- to three-bedroom units, with amenities like a fitness center, clubhouse, basketball court, children’s playgrounds, pool, spa, laundry facilities and covered parking. It’s situated less than two miles from the Oregon State University campus, near major employers like Hewlett-Packard and Good Samaritan Regional Medical Center. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Witham Hill Oaks Apartments LLC, in this transaction.
SAN FRANCISCO — A joint venture between CIM Group and fifteenfortyseven Critical Systems Realty (1547) has acquired a 7.3-acre site at 400 Paul Ave. in the Portola neighborhood of San Francisco for an undisclosed sum. The site will soon be home to a 187,000-square-foot data center with 24 megawatt power capacity. The acquisition also includes two 1930s-era buildings that total 54,225 square feet. The facilities will undergo improvements to serve as office and support space for data center tenants.
IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell 16 Court Street, a 317,600-square-foot office building in Brooklyn, for a gross sale price of $171 million. The buyer is CIM Group, a full-service real estate and infrastructure fund manager. The transaction is expected to close during the fourth quarter of this year. The sale will generate net cash proceeds of approximately $164 million. The 36-story building is currently 94 percent occupied. Darcy Stacom of CBRE represented SL Green in the deal.
NEW YORK CITY — HFF has secured $80 million in construction financing for the ground-up development of a boutique condominium property located at 17 Jane St. in Manhattan’s West Village. Christopher Peck and Scott Aiese of HFF arranged the first mortgage and mezzanine loans for the borrower, Edward J. Minsoff Equities Inc. Designed by London-based David Chipperfield Architects, the property will feature a three-, four- and five-bedroom condominiums. Completion is slated for third quarter 2018.
HAMMONTON, N.J. — Colliers International has arranged the sale of a three-story office building located at the intersection of Routes 30, 54 and 206 in Hammonton. Interstate Commercial acquired the property from Hammonton 1 LLC for $6.2 million. At the time of sale, the 33,000-square-foot property was fully occupied by South Jersey Family Medical Center and South Jersey Energy Solutions, a subsidiary of South Jersey Industries. Evan Zweben of Colliers represented the seller, while Dan Silverstri of Interstate Commercial provided in-house representation for the buyer.
PENNSVILLE, N.J. — Houlihan-Parnes has arranged the sale of Laura’s Glen Apartments, an apartment community located in Pennsville. The 197-unit property, along with an adjacent 26-acre land parcel, sold for an undisclosed price. Situated on 17 acres, the community features 10 two-story buildings offering a mix of one-, two- and three-bedroom apartments, ample parking, a swimming pool and playground. Stewart Wolf of Goldberg, Weprin, Finkel, Goldstrin LLP provided legal counsel for the seller, an investment group. The name of the buyer was not released. Robert Tiburzi and James Coleman of Houlihan-Parnes brokered the transaction.
RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.
TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.