SHERMAN OAKS, CALIF. — Meridian Capital Group, on behalf of The Festival Companies, has arranged $18.5 million in financing to recapitalize a retail property located at 4550 Van Nuys Blvd. in Sherman Oaks. The two-year loan features two years of interest-only payments and a one-year extension option. A regional bank provided the capital. Ulta Beauty, Sprint, Luna Grill and Starbucks Coffee occupy the 33,273-square-foot retail property. Seth Grossman and Andy Strauss of Meridian Capital Group arranged the loan for the borrower.
LOS ANGELES — Champion Real Estate Co. is set to begin construction on Victory on 30th, a 24-unit student housing community located near the University of Southern California campus in Los Angeles. The property will offer two-bedroom units with bed-to-bath parity. The community will feature roof and podium decks with entertainment facilities including an outdoor kitchen with a barbecue, tanning and lounging areas, and a television. Moss and Co. will manage the property, which is slated for completion in fall 2017.
FRESNO, CALIF. — Retail California has arranged three retail leases totaling 21,258 square feet in Fresno. In the first deal, Rita’s Italian Ice leased 1,133 square feet of retail space within Piazza del Fiore Shopping Center at 1102 E. Champlain Drive from NMSBPCLDHB LP for an undisclosed price. Lewis Smith, Michael Kennedy and Rachael Orlando of Retail California arranged the transaction. In the second deal, Nahal Investments leased 2,125 square feet of retail space at 585 W. Nees Ave. from Hydroelectric Penetrations LP. The lessee plans to open a Smallcakes Cupcakery and Creamery at the location. Michael Arfsten of Retail California represented the tenant in deal. In the third transaction, Total Wine & More leased 18,000 square feet of retail space within Villagio Shopping Center at 7925 N. Blackstone Ave. from Villagio Shopping Center LLC. Lewis Smith of Retail California, along with Scott Riddles of CBRE-Los Angeles, brokered the transaction.
WHEELING, ILL. — Lynmark Group is scheduled to break ground on Wheeling Town Center, a mixed-use development in Wheeling, this fall. The development will feature a 300-unit luxury apartment building with a modern amenity package and facilities and 100,000 square feet of retail, restaurants and entertainment venues. The apartment building will offer studio, one-, two- and three-bedroom layouts, a parking garage, courtyard, pool, bocce court, a fire pit, barbecue grills, a covered gazebo bar, putting green, pergola covered dining, lounge areas, and fitness and yoga rooms. The retail portion will be anchored a 40,000-square-foot, 10-screen CMX theater, which is a high-end, dine-in movie theater. Callison/RTKL is serving as lead designer and William A. Randolph is serving as general contractor for the project.
LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.
ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.
BLOOMINGDALE, ILL. — Brown Commercial Group represented Korpack in the lease of a 56,269-square-foot of industrial space at 290 Madsen Drive, Suite 101, in Bloomingdale. Korpack is a single-source supplier of standard and custom packaging, as well as packaging machinery and automation solutions. Additionally, the company subleased its original 18,252-square-foot headquarters at 1232 Hardt Circle in Bartlett, Ill., to an undisclosed subtenant. Dan Brown and Jim Peitrarosso of Elk Grove Village, Ill.-based Brown Commercial represented Korpack in the lease and sublease, respectively. Al Caruana of Cushman & Wakefield and Aaron Rosdal of Prologis represented the landlord, ProLogis, in the new headquarters lease.
SEALY, HOUSTON and ALVIN, TEXAS — Hunt Mortgage Group has provided four Fannie Mae loans totaling $21.8 million to refinance four multifamily properties in metro Houston for the same sponsor, William Doogan. The properties include: Edgewood Apartments. Hunt Mortgage Group provided a $3.9 million loan facility to refinance Edgewood Apartments. The garden-style property comprises nine two- and three-story residential buildings totaling 136 units. Edgewood Apartments is located in Sealy, about 50 miles west of Houston. Amenities include an outdoor saltwater pool, spa, two playgrounds and a common laundry facility. Savannah Place Apartments. Savannah Place Apartments is located in the Eldridge neighborhood of Houston, 23 miles east of the Houston central business district. Hunt provided a $7 million loan to refinance the property, a garden-style complex with 13 two- and three-story residential buildings plus a single-story leasing office. There are 260 parking spaces on-site, including 152 carport spaces, enabling each unit to have an assigned/reserved covered space. Harpers Mill Apartments. Hunt Mortgage Group provided a $5 million loan to refinance Harpers Mill Apartments, a 130-unit garden-style property with 13 two-story residential buildings and a two-story leasing office. Harpers Mill Apartments has 238 parking spaces. Property amenities include two common laundry facilities …
SAN ANTONIO — Casey Development Ltd. has opened The Keep Storage at Westover Hills in San Antonio. The property is a 106,000-square-foot, Class A self-storage facility located at the northeast corner of Highway 151 and Ingram Road. The facility provides 671 storage units and 10 mini offices. The storage units vary in size from five- by five-foot lockers to 10- by 30-foot units, and73 percent are climate controlled. The Keep Storage at Westover Hills is Casey Development’s first self-storage facility. Future Keep Storage facilities in San Antonio are under development in Stone Oak, Thousand Oaks/Henderson Pass and on Vance Jackson Road outside Loop 410. Amenities include on-site management, a digital surveillance system with closed-circuit visual hallway monitoring, individual door alarms and controlled access entry.