LAS VEGAS — Loft 5 LLC has acquired the 241-unit Loft 5 apartments in Las Vegas for $51.5 million. The community is situated just off Interstate 15, nearby to the Las Vegas Strip. Loft 5 contains a mix of for-sale and for-rent units. Community amenities include four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center, steam room and club lounge. JLL’s John Cunningham and Charles Steele represented the seller, DK Loft 5 LLC, in this transaction.
RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.
SAN DIEGO — Ready Capital Structured Finance has provided $7.3 million in financing for a 33,191-square-foot office building in the San Diego submarket of Bankers Hill. The loan will be used to refinance, renovate and stabilize the property, the former Daily Transcript Building. The sponsor plans to fully renovate the property by creating open floor plans to target creative office users, which will include usable rooftop access for all tenants. The non-recourse, interest-only loan features a two-year term and one-year extension option with flexible pre-payment. The pre-payment includes a facility to provide for the future funding of interest and carry, capital expenditures, tenant improvements and leasing commissions.
SANTA ANA, CALIF. — Ready Capital Structured Finance has closed a $19.9 million loan for Bristol Place Shopping Center in Santa Ana. The undisclosed borrower plans to revitalize the 62,800-square-foot retail center through an exterior modernization of the center and the conversion of several retail suites from traditional retail space to restaurant space. The non-recourse, interest-only-payment loan features a three-year term, one-year extension option and flexible pre-payment. Additionally, the financing includes a facility to provide the future funding of capital expenditures, tenant improvement and leasing commissions.
PROVIDENCE, R.I. — Braintree, Mass.-based John M. Corcoran & Co. and Providence-based Trilogy Development have broken ground on Commons at Providence Station, a multifamily building situated on 2.8 acres at Smith and Canal streets in Providence. Slated for completion in summer 2018, the 145,000-square-foot property will offer 169 rental units, 170 subsurface parking spaces, a yoga room, gym, and roof deck with views of the statehouse. The $54.1 million project is adjacent to the Providence train station with access to the Massachusetts Bay Transportation Authority and Amtrak train systems. The development was made possible with assistance from Rebuild Rhode Island tax credits awarded by the Rhode Island Commerce Corp. and will create 225 direct jobs and 125 indirect jobs for the community. The Rebuild Rhode Island program uses redeemable tax credits to finance at-risk real estate projects. The program has provided $400 million worth of private real estate investment over the past year and led to agreements to bring nine new companies to the state.
ROSELAND, N.J. — M&T Bank has closed a $44 million loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements for an office building located at 56 Livingston Ave. in Roseland. Improvements for the 434,000-square-foot building include interior tenant space design work, a new and larger fitness center, a redesigned cafeteria and construction of an exterior lounge. Current tenants include Lowenstein Sandler, Connell Foley and Brown & Brown.
NEWARK, N.J. — SJP Properties and Matrix Development have completed the sale of Two Riverfront Plaza, a 12-story office building located in Newark. An international entity advised by Arch Street Capital Advisors acquired the property for an undisclosed price. The 337,500-square-foot property is fully leased to Panasonic Corp. of North America on a long-term lease. The building was developed in 2013 as Panasonic’s U.S. headquarters. Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick, N.J., office, represented the sellers in the deal.
GREENWICH, CONN. — RHYS has arranged the sale of an office building located at 115 E. Putnam Ave. in downtown Greenwich. The Helen M. deKay Trust sold the property to 115 East Putnam Avenue LLC for $18.5 million. The 1.3-acre property, which is subject to a long-term ground lease, traded for more than $14 million per acre. The three-story building features 37,678 square feet of office space and 115 parking spaces. Cory Gubner and Christian Bangert of RHYS represented the seller, while Stephen Westerberg of Newmark Grubb Knight Frank represented the buyer in the transaction.
FRISCO, TEXAS — The Frisco Station Partnership has engaged Hillwood Multifamily to develop Station House, a 300-unit urban living community in Frisco. The project will be the first residential property to break ground in Frisco Station, a 242-acre multi-use development at the northwest quadrant of Dallas North Tollway and Warren Parkway. Designed by JHP Architecture/Urban Design, the four-story Station House will feature apartment homes with energy-efficient, stainless steel appliances and LED lighting, mudrooms, butler’s pantries, built-in desks, oversized soaking bathtubs and walk-in showers. Community amenities will include private interior courtyards with a pool area; outdoor kitchen and social spaces; massage room and Pilates studio; coffee bar and wine bar; resident lounge and library; demonstration kitchen and private dining room; game room; and terrace lounges. Additional project partners for Frisco Station include Rudman Partnership, which has owned the Frisco Station land since 1962, and Van Trust Real Estate, which serves as the office development partner.
DALLAS — CBRE, on behalf of Ares Management and Benchmark Opportunity Partners, has brokered the sale of Sierra Vista Plaza, a 15.9-acre grocery-anchored retail center in Dallas. ACF Property Management acquired the 163,000-square-foot property for an undisclosed price. Fiesta Mart, Marshalls, Melrose, Footlocker, Footlocker Kids, Applebee’s, Bank of America, Payless Shoe Source, Cici’s Pizza and Gamestop occupy the center. At the time of sale, the property was fully leased and stabilized. Chris Cozby and Chris Gerard of CBRE represented the seller in the transaction.
