Property Type

Cohen Financial Arranges $4.5M Refinancing Loan for 64-Unit Apartment Community

by Christina Cannon April 5, 2016

YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.

April 5, 2016

Michigan Midwest Retail

NAI Wisinski Arranges Two Retail Leases Totaling 3,280 SF in Grand Rapids

by Christina Cannon April 5, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged two retail leases totaling 3,280 square feet in Grand Rapids. In the first deal, Jamaican Dave’s will be relocating to a 1,980-square-foot building at 530 S. Division Ave. The space is currently undergoing a renovation, and the restaurant is expected to open by late April. In the second transaction, Aureus Tree Financial Services is relocating from Leonard Street to a former Modern Nails store at 4057 Plainfield Ave. The 1,300-square-foot building is under renovation. Aureus Tree Financial Services has an anticipated move-in date of May 1. Bill Tyson of NAI Wisinski of West Michigan brokered both transactions.

April 5, 2016

California Multifamily Western

Advanced Real Estate Services Buys Olivewood Apartments in Lakewood for $30.9M

by Nellie Day April 5, 2016

LAKEWOOD, CALIF. — Advanced Real Estate Services (ARES) has purchased the 149-unit Olivewood Apartments in Lakewood for $30.9 million. The community is located at 5800 South St. Olivewood Apartments was built in 1976. The property has never undergone a renovation. ARES plans to completely renovate and rebrand the community as The 5800 Apartment Homes. ARES assumed a loan worth approximately $16 million. The company plans to add $6 million in improvements to the property. Dean Zander of Berkadia executed the sale. The seller was Interstate Equities Corp.

April 5, 2016

California Hospitality Loans Western

Dougherty Funding Provides $22.8M Loan for Comfort Inn in San Francisco

by Nellie Day April 5, 2016

SAN FRANCISCO — Dougherty Funding LLC has provided $22.8 million in financing for a 169-room Comfort Inn & Suites Hotel in San Francisco. The hotel is situated in south San Francisco, about three miles north of San Francisco International Airport. It was built in 1986 and was renovated last in 2010. About $2.4 million of the loan proceeds will be used to renovate the hotel. Dougherty Funding served as lead lender and servicer for the loan.

April 5, 2016

California Industrial Western

Saint Marina Coptic Church Buys Industrial Property in Irvine for $2.8M

by Nellie Day April 5, 2016

IRVINE, CALIF. — Saint Marina Coptic Church has purchased an 11,500-square-foot industrial property in Irvine for $2.8 million. The property is located at 3 Wrigley, within the Irvine Spectrum. Saint Marina Coptic Church will use the building for its administration operations. The church occupies space in an adjacent building as well. NGKF’s David Kluver represented the seller, Hunter Julian Properties, which was previously the owner-occupier.

April 5, 2016

California Retail Western

Progressive Real Estate Arranges $1.9M Sale of Bluffs Crossing in California

by Nellie Day April 5, 2016

COLTON, CALIF. — Progressive Real Estate Partners has arranged the $1.9 million sale of Bluffs Crossing, a 6,167-square-foot retail property located at 1231 E. Washington St. in Colton, Calif. Greg Bedell of Progressive represented the seller, a Sherman Oaks-based private investor, in the transaction. Fred Furey, an independent Huntington Beach-based broker, represented the buyer, a Chino Hills-based private investor. Tenants at the center include Premier Insurance, U-Haul and Pizza Q.

April 5, 2016

Nevada Retail Western

In-N-Out Burger to Open First Location on the Las Vegas Strip

by Nellie Day April 5, 2016

LAS VEGAS — In-N-Out Burger will open a new location in The LINQ Promenade, Caesars Entertainment’s open-air shopping, dining and entertainment district located at the center of the Las Vegas Strip. It will be the fast-food company’s first location on the strip. The LINQ Promenade was the first open-air space in Las Vegas that offered a shopping, dining and entertainment district to guests with many first-to-the-market outlets, according to the developer.

April 5, 2016

Hospitality Loans Office Retail Top Stories Western

Developers Receive $225M Loan to Finance The Bloc Mixed-Use Project in Downtown Los Angeles

by Nellie Day April 5, 2016

LOS ANGELES — The developers of The Bloc, a 1.1 million-square-foot office, retail and hospitality redevelopment in downtown Los Angeles, have received a $225 million permanent loan to finance the project. The Bloc is located at 700 S. Flower Street. The site was originally built in 1973 as a traditional mall. The redevelopment will transform the space into an open-air urban complex. It will be the largest mixed-use property in Los Angeles, according to developers The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital. The Bloc is scheduled to open this summer. A renovated flagship Macy’s will anchor the center. The Bloc will also offer a variety of artisanal retailers and restaurants, as well as creative-leaning office space and a newly renovated, 496-room Sheraton Los Angeles Downtown. The new loan replaces an existing CMBS loan inherited when the property was purchased in 2013, with a final payoff amount of about $121.6 million. It also provides additional proceeds to finalize the redevelopment and fund leasing costs at the property. “This financial commitment lends further credence to the vibrant revitalization underway in downtown and lays the foundation for continued growth in the decades ahead,” says Jeff Kanne, president of National …

April 5, 2016

Loans New York Northeast Office

Meridian Capital Secures $160M in Refinancing for Manhattan Office Building

by Amy Works April 4, 2016

NEW YORK CITY — Meridian Capital Group has arranged $160 million in permanent financing for the refinancing of an office building located at 245 Fifth Ave. in Manhattan. The borrower was 245 Fifth Owner LLC. The seven-year loan, which was provided by a life insurance company, features three years of interest-only payments and a 3.99 percent fixed rate. Built in 1926, the 26-story, 314,000-square-foot Class A office property features 12,652 square feet of retail space. Drew Anderman and Alan Blank of Meridian Capital Group arranged the financing.

April 4, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $60M Construction Loan for NYC Mixed-Use Development

by Amy Works April 4, 2016

NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.

April 4, 2016

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