Property Type

RED Provides $29M Fannie Mae Refinancing for Luxury Seniors Housing Community in Sierra Madre

by Nellie Day November 1, 2016

SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.

November 1, 2016

Indiana Midwest Multifamily Seniors Housing

63-Unit Senior Apartment Community for Low-Income Residents Opens in Indianapolis

by Kristin Harlow November 1, 2016

INDIANAPOLIS — The city of Indianapolis, along with TWG Development LLC and community leaders, recently celebrated the grand opening of Illinois Street Senior Apartments, a 63-unit, low-income housing community, on Oct. 28. Facilitated through the Department of Metropolitan Development (DMD), TWG was awarded U.S. Department of Housing and Urban Development (HUD) grant funds to purchase and develop the historic building at 1352 N. Illinois St. The vacant building once housed Fame Laundry Co. The city supported this project with two HUD funds: the HOME Investment Partnerships Program (HOME), which supports affordable housing projects across the city, and the National Stabilization Program (NSP), a competitive grant created to help local governments acquire and redevelop buildings. The Community Investments Division of DMD earned the NSP grant in 2015, enabling the city and TWG to invest in the property and return it to a community asset.

November 1, 2016

Arizona Retail Western

JV to Begin $25M Renovation of Arizona Center in Phoenix

by Nellie Day November 1, 2016

PHOENIX — A joint venture between Parallel Capital Partners and Angelo, Gordon and Co. is set to begin a $25 million renovation of Arizona Center, a 1 million-square-foot mixed-use development in Phoenix. The renovation will include new landscaping, lighting, fixtures, finishes, wayfinding and furnishings. The current parking garage will also be upgraded, and a valet parking element will be added. Construction is set to begin in early 2017, and will take approximately nine months to complete. All tenants at the office, retail and entertainment center will remain open during the renovation. Gensler is the architect in charge of the retail renovation. PdO will work on the interior redesign for One Arizona Center, the office component of the project, and Smith Group JJR is supporting development strategies for the entire property. Tempe-based Zion & Zion will help to rebrand the center.

November 1, 2016

Loans Midwest Missouri Multifamily

Capital One Provides $27M Loan for Multifamily Property in Kansas City, Missouri

by Kristin Harlow November 1, 2016

KANSAS CITY, MO. — Capital One has provided a $27.3 million balance sheet loan for the refinancing of a multifamily property owned by a fund advised by Sentinel Real Estate. The five-year, adjustable-rate loan is secured by Carrington Place at Shoal Creek, a 270-unit, Class A luxury garden-style apartment community that the fund purchased in January 2016. Seth Wiener and Joel Willard of Capital One originated the transactions.

November 1, 2016

Illinois Midwest Retail

L3 Capital Purchases 30,000 SF W. Fulton Market for $14.5M

by Kristin Harlow November 1, 2016

CHICAGO — Real estate investment firm L3 Capital has purchased 914-26 W. Fulton Market, a 30,000-square-foot, two-story property from El Cubano Wholesale Meats. The purchase price was $14.5 million. El Cubano had used the property as a cold storage and office facility, but the property can easily be subdivided for multiple tenants. El Cubano will be moving its production and distribution operations to a 96,000-square-foot facility at 5275 S. Archer Ave. Keely Polczynski, CBRE senior vice president, represented El Cubano in the transaction.

November 1, 2016

California Loans Multifamily Seniors Housing Western

Capital Funding Group Provides $2.5M Seniors Housing Loan in Los Angeles

by Nellie Day November 1, 2016

LOS ANGELES — Capital Funding Group has provided three separate loans totaling $25 million for seniors housing communities in California, North Carolina and Texas. This includes a $2.5 million working capital line of credit for The Rehabilitation Center on La Brea in Los Angeles. The firm’s Chip Woelper originated the loan.

November 1, 2016

New Mexico Retail Western

Three New Tenants Join Coronado Center in Santa Fe

by Nellie Day November 1, 2016

SANTA FE, N.M. — Three new tenants have signed on to Coronado Center, a 117,006-square-foot shopping center in Santa Fe. The new leases include New Baking Company, for 4,500 square feet; Orangetheory Fitness, which will open a 2,640-square-foot studio; and Nutrishop, which leased 1,000 square feet. First National Bank of Santa Fe has also relocated from an in-line space to a building on the corner of St. Francis Drive and Cordova Road. Trader Joe’s anchors the shopping center, which also includes Subway, Great Clips, Party City, Wild Birds Unlimited and Dollar Tree. Phillips Edison & Co. owns the property.

November 1, 2016

Idaho Retail Western

NAS Named Commercial Property Management Consultant for Boise Retail Asset

by Nellie Day November 1, 2016

BOISE, IDAHO — National Asset Services (NAS) has been named as management consultant for BODO, an urban retail asset located in the downtown city center of Boise. BODO, which opened in 2007, is located on Broad Street between Capitol Boulevard and 9th Street. The 130,000-square-foot development features an Edward’s, theater complex, P.F. Chang’s China Bistro, Office Depot, Urban Outfitters, White House Black Market, Ann Taylor LOFT, Jos. A. Bank, Five Guys Burgers and Fries, Meraki Greek Street Food and Idaho Trust Bank, among other tenants.

November 1, 2016

Office Texas

Gardere Wynne Sewell Becomes Largest Tenant at McKinney & Olive in Dallas

by Haisten Willis November 1, 2016

DALLAS — Gardere Wynne Sewell LLP, a Dallas-based law firm, has moved to the McKinney & Olive office building located in Uptown Dallas. The firm is the building’s largest tenant, occupying 115,000 square feet across four floors. The office houses Gardere’s 287 Dallas-based attorneys and legal professionals. Gensler handled the interior design, with work areas featuring a combination of pods, counter-height tables and dedicated and flex space, as well as individual offices with glass walls. Conference rooms can be adjusted for larger or smaller meetings with demountable walls. Archives are now stored electronically, allowing the firm to allocate more space for multi-purpose meeting rooms instead. The firm’s legal library is also now stored digitally.

November 1, 2016

Office Texas

JLL Secures Lease Extension for NCR Corp. in Plano

by Haisten Willis November 1, 2016

PLANO, TEXAS — JLL has secured an office lease extension on behalf of NCR Corp. for the company’s 50,341-square-foot office at Tennyson Office Center – Building I. The property is located at 6100 Tennyson Parkway in Plano. JLL’s Steve Thelen and Doug Carignan negotiated the lease extension on behalf of the tenant, a computer hardware, software and electronics company. Marc Grossfeld of Sunwest Real Estate Group represented the landlord, Tennyson Office Center LLC.

November 1, 2016

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