TURLOCK AND FRESNO, CALIF. — Inland Real Estate Acquisitions Inc. has facilitated the acquisitions of two shopping centers in Turlock and Fresno. In the first transaction, Inland Real Estate Income Trust Inc. acquired Blossom Valley Plaza, a shopping center located at 2900 Geer Road in Turlock, for an undisclosed sum. Constructed in 1988, the 111,558-square-foot shopping center was 100 percent leased at the time of sale to a variety of tenants, including Raley’s grocery store, Wells Fargo, Supercuts, Subway, Papa John’s, GameStop and Jay’s Tires. Matthew Tice of Inland Real Estate Acquisitions Inc. facilitated the purchase on behalf of Inland Real Estate Income Trust. The name of the seller was not released. Additionally, Inland Real Estate Acquisitions facilitated the purchase of Marketplace at El Paseo, a 224,683-square-foot shopping center in Fresno, for an Inland-related party. Terms of the acquisition, including seller and purchase price, were not released.
MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.
ALBUQUERQUE, N.M. — Q10 Realty Mortgage & Investment Co. has arranged $2.5 million in financing for Alameda Retail Center, a 16,391-square-foot shopping center located in Albuquerque. Michael Kelly and Michael Stordahl of Q10 secured the 15-year, fixed-rate loan through a life insurance company.
SAN MARCOS, CALIF. — Capstone On-Campus Management (COCM) has been selected to assume management of University Village Apartments and The QUAD student housing communities, both serving students on the campus of California State University San Marcos (CSUSM). The two student communities provide housing for a total of 1,527 CSUSM students. University Village Apartments, providing 638 beds, is located directly on the CSUSM campus and is owned by an auxiliary organization of CSUSM. Living arrangements are two- and four-bedroom apartments, all fully furnished. The QUAD, providing 889 beds on a site adjoining the campus, is a privately owned, CSUSM-affiliated community. Living arrangements are private and shared bedrooms, within two-, three-, and four-bedroom apartments, all fully furnished.
SAN ANTONIO — Stream Realty Partners has completed an office development called One51 Office Centre. The speculative two-story, 101,000-square-foot office building is located in San Antonio’s Westover Hills submarket. Located at the south side of Highway 151, the Class A office building stretches across 8.3 acres. The property, owned and developed by Stream Realty, offers access to Highway 151, 50,000-square-foot plates, 615 parking spaces and green space with mature trees. Stream Realty’s Ryan Harrison and Carolyn Hinchey Shaw will lease the office property. Westover Hills houses 15 corporate campuses.
DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged a $2.9 million acquisition loan for Dallas Arts Center, a 66,000-square-foot office property located at 2030 Main St. in Dallas’ central business district. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark represented a partnership between Invictus and Oak Coast Properties in the acquisition of Falls at Clear Lake Apartments in Houston. Minter, Schwarz and Strickland also closed an 80 percent loan-to-value, 10-year fixed rate loan through ARA Newmark’s Fannie Mae DUS platform. The Class B apartment community was built in 1983, features 400 units and offers one- and two-bedroom apartment homes located in the Clear Lake submarket.
HOUSTON — Boxer Property has concluded long-term lease negotiations on a lease renewal of more than 11,500 square feet with Bee Busy Learning Academy at 9896 Bissonnet St. in Houston. Shay Calhoun negotiated the agreement on behalf of Boxer Property and worked with Bee Busy in the lease renewal process. 9896 Bissonnet St., located in southwest Houston, spans six stories with 108,229 square feet of office space for rent. The building is located between the 610 Loop and suburbs including Sugar Land, Missouri City and Stafford. Nearby amenities include the Westchase Business District and Memorial Hermann Southwest Hospital. Bee Busy Learning Academy is a 501(c) (3) nonprofit organization.
SAN ANTONIO — Berkadia has negotiated the sale of Eagle’s Nest Apartments, a multifamily property in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of the firm’s San Antonio office completed the sale. The seller, Eagle Apartments Ltd., is based in San Antonio and owns many properties in the area. The buyer was a private investor from Orem, Utah who is a longtime property owner in Texas. Built in 1980, Eagle’s Nest Apartments is a 226-unit building offering studio, one- and two-bedroom floor plans. Unit amenities include balconies or patios, kitchens, walk-in closets, vaulted ceilings, fireplaces and hardwood floors. Community amenities include volleyball courts, barbeques, a swimming pool, clubhouse, laundry room and outside storage. Located at 5211 Fredericksburg Road near Loop 410, Eagle’s Nest Apartments is less than six miles from North Star Mall and one mile from Wonderland of the Americas Mall.
NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.