Property Type

Lowe Enterprises Investors Buys Assisted Living Community in Tallahassee

by John Nelson October 14, 2016

TALLAHASSEE, FLA. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC. Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction. St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent occupied at the time of sale. The new owners plan to improve common areas, add 24 more memory care beds and build a wellness center for recreation and rehabilitation, which Florida State University will manage. The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by the Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia. John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and …

October 14, 2016

Multifamily Washington Western

Kennedy Wilson Acquires Equinox Apartments in Seattle for $90M

by Nellie Day October 14, 2016

SEATTLE — Kennedy Wilson and an equity partner have acquired the 204-unit Equinox apartment community in Seattle for $90 million. The Class A community is located at 1520 Eastlake Ave. E. Equinox was built in 2009, near the South Lake Union submarket. The community is within walking distance to Facebook, the Fred Hutchinson Cancer Research Center, Amazon’s headquarters and the future 607,000-square-foot Google campus.

October 14, 2016

California Loans Retail Western

Meridian Capital Group Arranges $12.5M Refinancing for Shopping Center in Riverside

by Nellie Day October 14, 2016

RIVERSIDE, CALIF. — Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shopping Center in Riverside. The borrower was The Festival Companies, a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings located at 3502 Tyler St. in Riverside. Totaling 25,000 square feet, the buildings are occupied by Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland.

October 14, 2016

California Retail Western

Avison Young Completes Four Leases for 24 Hour Fitness in Southern California

by Nellie Day October 14, 2016

SANTA ANA, CALIF. — Avison Young has arranged four 15-year leases for 24 Hour Fitness in Southern California. Keith Kropfl and Michael Ganz of Avison Young represented 24 Hour Fitness in the transactions. The fitness company is leasing 40,000 square feet at 1350 W. Edinger Ave. in Santa Ana from Plaza Edinger LLC, represented by Kropfl and Ganz; 33,500 square feet at 9051 Atlanta Ave. in Huntington Beach from Huntington South Center LLC, represented by CBRE; 46,000 square feet at 130 E. Imperial Highway in Fullerton from Fiesta Distribution represented by CBRE; and 38,000 square feet at 3490 Madison St. in Riverside from HFC/PRP Madison LLC. The locations in Santa Ana and Huntington Beach are slated to open in the first quarter of 2017; the Fullerton location is scheduled to open in the second quarter of 2017; and the Riverside location is expected to open around year-end 2017.

October 14, 2016

California Retail Western

NAI Capital Brokers $3.7M Sale of Chipotle Restaurant in Santa Ana

by Nellie Day October 14, 2016

SANTA ANA, CALIF. — NAI Capital has arranged the sale of a new Chipotle Mexican Grill located at 629 S. Harbor Blvd. in Santa Ana. 99 Motel LLC acquired the property from Santa Ana HM Property for $3.7 million. The 2,336-square-foot restaurant sits on a 22,615-square-foot pad and is leased to Chipotle Mexican Grill Inc. on a 20-year ground lease. Barry Blake and Steve Liu of NAI Capital represented the buyer and seller in the transaction

October 14, 2016

California Retail Western

Lee & Associates Arranges $2.5M Sale-Leaseback of Retail Property in California

by Nellie Day October 14, 2016

SANTA BARBARA, CALIF. — Lee & Associates Santa Barbara has brokered the sale of a retail property located at 34 E. Montecito St. in Santa Barbara. Avis Rent A Car sold the property in a sale/leaseback transaction to 34 East Montecito 2016 LLC for $2.5 million, or $1,866.67 per square foot. Situated in the Funk Zone area of Santa Barbara, the property features 1,350 square feet of retail space. Christi Vior of Lee & Associates Santa Barbara represented the buyer, while Rob Adams and Steve Leider, also of Lee & Associates, represented the seller in the deal.

October 14, 2016

Healthcare Indiana Loans Midwest Top Stories

Union Hospital in Western Indiana Receives $266.6M Mortgage Refinancing

by Jeff Shaw October 14, 2016

TERRE HAUTE, IND. — AMS Health Care Mortgage Corp., Piper Jaffray & Co. and JLL Capital Markets have closed on the funding of a $266.6 million FHA/GNMA-insured mortgage loan for Union Hospital in Terre Haute. Founded in 1892, Union Health provides care for the 277,657 residents of west central Indiana and eastern Illinois. The regional healthcare system is comprised of the flagship Union Hospital (Terre Haute), a 347-bed acute care hospital; Union Hospital Clinton, a 25-bed critical access hospital; and two rural health clinics (Clay City, Ind., and Marshall, Ill.), employing a total of 2,878 physicians and staff. The loan refinancing, insured under HUD’s Section 242 Mortgage Insurance for Hospitals program, significantly reduces the system’s annual debt service, saving Union Health and its patients approximately $148 million over the life of the loan. AMS is an FHA-approved mortgage lender that specializes in obtaining financing for hospitals. Piper Jaffray, an investment bank specializing in healthcare finance, worked closely with AMS in structuring the transaction, assisting Union Health in defeasing its existing tax-exempt debt and placing the GNMA securities with end investors. JLL, working closely with AMS and Piper Jaffray, is the FHA mortgagee of record and will service the loan over …

October 14, 2016

Industrial New York Northeast

Matrix Development Breaks Ground on Matrix Global Logistics Park in Staten Island

by Amy Works October 13, 2016

NEW YORK CITY — Matrix Development Group has broken ground on the first of two buildings at Matrix Global Logistics Park in Staten Island. The two speculative buildings, totaling 975,000 square feet and 450,000 square feet, are the first of four total buildings slated for the park. Scheduled for completion in spring 2017, the cross-docked buildings will feature ample overhead doors, trailer parking and auto parking.

October 13, 2016

Multifamily New York Northeast Seniors Housing

Chelsea Senior Living, AVR Realty Plan $27M Assisted Living Community on Long Island

by Amy Works October 13, 2016

YAPHANK, N.Y. — A joint venture between Chelsea Senior Living and AVR Realty plans to develop a $27 million, 118-bed assisted living facility in the Long Island town of Yaphank. The joint venture is seeking governmental approval from the Yaphank Town Planning Board and economic incentives from the Town of Brookhaven Industrial Development Agency to build the community. If approved and built, it will be located within The Boulevard, a 322-acre mixed-use development. Phase I of The Boulevard is already approved, and includes a 240-unit multifamily community. Plans call for two buildings totaling 99,492 square feet, including a 77-bed building for special needs and memory care, and a 41-bed supportive care building. The developers purchased the site from Rose-Breslin Associates LLC and aim to begin construction in 2017. Based in Farnwood, N.J., Chelsea Senior Living owns and operates 13 seniors housing communities in New York and New Jersey.

October 13, 2016

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Closes $24.7M Loan for Multifamily Property in Elizabeth, New Jersey

by Amy Works October 13, 2016

ELIZABETH, N.J. — Cronheim Mortgage has closed $24.7 million in permanent bank financing upon the completion and stabilization of an apartment building located in Elizabeth. The six-story building features 100 rental units, grade-level retail, indoor parking and immediate access to the Elizabeth Transit Rail Station. The name of the borrower was not released.

October 13, 2016

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