SACRAMENTO, CALIF. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $14.5 million in financing for the construction of a 40-bed skilled nursing facility in Sacramento. A combination of three banks funded the loan, which features 24 months of interest-only payments and 25-year amortization. The borrower was not disclosed. Harborview’s Avi Begun and Mordechai Moseson negotiated the financing.
BRAWLEY, CALIF. — Duhs Commercial has arranged the $7.3 million sale of Rio Vista Plaza, a 68,000-square-foot shopping center located in Brawley. Vons supermarket shadow-anchors the center, which is home to tenants including Rite Aid, Imperial Hardware, Snap Fitness and Subway. Craig Duhs and Rob Bloom of Duhs Commercial represented both the buyer, Grand Host Inc., and seller, Rio Vista Partners, in the transaction.
SAN FRANCISCO — WeWork has leased 60,576 square feet of office space at 650 California St. The 33-story building in the Financial District underwent a major renovation in 2013. WeWork will occupy the fourth floor through the seventh floor. The landlord, Columbia Property Trust, has now completed four leases totaling 91,562 square feet at the 477,000-square-foot property over the past nine months.
PLEASANTON, CALIF. — Cornerstone Affiliates, the parent company of major West Coast nonprofit seniors housing operators ABHOW and be.group, will merge all its brands under one new name, HumanGood. The announcement was made at the company’s 2017 annual meeting in Santa Clara. Other brands under Cornerstone’s umbrella include Beacon Communities and Seniority Inc., though Senior Quality Lifestyles Corp. announced in November 2016 that it plans to purchase the Seniority Inc. brand. ABHOW and be.group merged in May 2016, forming Cornerstone Affiliates as a result, but continued to operate under independent brands. The merged company created the largest nonprofit seniors housing operator in California. At the time of the merger announcement, the companies totaled a combined 9,800 residents in 83 communities across California, Arizona, Nevada, Washington and Oklahoma. The name change will occur on June 1.
NEW YORK CITY – Construction manager Richter+Ratner (R+R) and architect Beyer Blinder Belle have completed the interior fit-out of Xavier High School’s 45,000-square-foot Fernandez-Duminuco Hall. The project is located on six floors and the cellar level of a 25-story mixed-use building at 35 W. 15th St. Xavier is a Jesuit college preparatory school for young men founded in 1847 in the Chelsea neighborhood of Manhattan. The school’s campus includes six buildings located alongside the Church of Saint Francis Xavier. Fernandez-Duminuco Hall is Xavier’s first campus expansion in more than 90 years. The $11.7 million, nine-month project called for the construction of a science, technology, engineering, arts and math (STEAM) classroom, music facilities, a recording studio, student project space and a multi-use area that hosts theater productions and major assemblies. Fernandez-Duminuco Hall is located within a larger 170,000-square foot, 330-foot tall luxury residential condominium tower named 35XV, which was designed by FXFowle. The developer, Alchemy Properties, obtained the air rights for the new building from Xavier High School in exchange for locating the hall inside the new development. In addition to R+R, Beyer Blinder Belle and McLaren Engineering, the project team included owner’s representative Sterling Project Development; structural engineer for the …
NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.
LONG BRANCH, N.J. – Conceptual renderings of the interiors and common areas are now available for South Beach at Long Branch, a luxury residential project. Currently under construction, South Beach at Long Branch occupies 1.7 oceanfront acres between Ocean Avenue and Ocean Boulevard at the intersection of North Bath Avenue. FEM South Beach Urban Renewal is the developer for the project, which will include 47 one- to five-bedroom multifamily residences ranging from 1,352 to 3,382 square feet, with pre-construction pricing starting at $1.2 million. Completion is slated for spring 2019. Construction crews will pour concrete and place footings and foundations in the next 90 days. Members of the architectural, construction and design teams include construction managers David Ulassin and Jared Yorder of Cornerstone Construction, interior designers Brian Dumervil and Steven Gurowitz of Interiors by Steven G., site engineer John Buletza of Nelson Engineering and architect Stephen Carlidge of Shore Point Architecture.
Providence, R.I. – The Armory Revival Co. (TARC) has recapitalized Rising Sun Mills, a 313,000-square-foot mixed-use complex with 135 residential units and 130,000 square feet of commercial space located at 166 Valley Street in Providence. On-site management by TARC will oversee new construction commencing immediately with lobby renovations. The recapitalization will also fund tenant improvement projects, accounting for 90,000 square feet of available commercial space. CBRE’s Andrew Galvin leads the leasing efforts for Rising Sun Mills. Located two miles from downtown Providence, Rising Sun Mills is accessible from Routes 6 and 10 as well as Interstate 95. The campus includes 135 residential units and offers office tenants a parking ratio of four per 1,000 square feet. The site features a waterfall and walking/bike paths along the Woonasquatucket River. The property features the on-site Café at Easy Entertaining and offers proximity to local and regional restaurants in Olneyville Square, Atwells Avenue and on Broadway.
MANCHESTER, N.H. – Mark Whelan of NorthMarq Capital has arranged $2.4 million in earn-out/supplemental financing for a 123-unit multifamily property located in Manchester. The transaction was structured with an eight-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
ABILENE, TEXAS — TREK Investment Group, an Austin-based brokerage firm, has closed the sale of an 89,545-square-foot office property located at the corner of State Highway 277 and South First Street in Abilene, a city about 180 miles west of Dallas. The property, which is situated on 8.8 acres, was 100 percent leased at the time of sale to the Texas Departments of Public Safety, Human Services and Health. Ethan Offenbecher and Parker Carroll of TREK represented the seller and procured the buyer, both of which requested anonymity.