BELLEVUE, WASH. — Kemper Development Company has received $220 million to refinance the Eddie Bauer Building in Bellevue. The 538,705-square-foot office building is situated within the Bellevue Collection on the corner of NE 8th and Bellevue Way NE. The Class A building is fully leased to Eddie Bauer and Microsoft Corp. The Bellevue Collection contains retail, office, hotel and residential properties. It features more than 250 retail brands, dozens of restaurants, more than 1 million square feet of Class A office space and more than 1,000 hotel rooms. TIAA-CREF provided the financing. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield Equity represented Kemper Development.
CHANDLER, ARIZ. — TruAmerica Multifamily has purchased the 290-unit Trevi apartments in Chandler for $47.5 million. The Class A community is located at 635 S. Ellis Street. Trevi was built in 2005. It is currently 97 percent occupied. TruAmerica leveraged the acquisition with $34.2 million in agency debt financing secured through Berkeley Point Capital. Mitch Clarfield originated the loan. This is TruAmerica’s second acquisition in the Greater Phoenix area. The purchase was made in partnership with an institutional investor. The seller was Alliance Residential Company.
SAN JOSE, CALIF. — PCCP LLC has provided a $48.5 million senior loan to Dollinger Properties for the development of Sprouts @ Brokaw, a 143,000-square-foot shopping center to be anchored by Sprouts Farmers Market in San Jose. Construction has begun on the project, which is set to open in summer 2016.
LOS ANGELES — Institutional Property Advisors (IPA) has arranged the sale of The Shrine Collection, a 324-bed, 103-unit student housing community near the University of Southern California (USC), for $39.1 million. The sales price equates to just under $380,000 per unit and approximately $120,700 per bed. Ron Harris, IPA executive vice president of investments, director Paul Darrow and associate director Michael DiSimone advised the seller and procured the buyer, a joint venture between Stuho and Cambridge Capital Advisors. Situated on seven parcels of land totaling more than two acres, the properties are Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC’s main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles. The portfolio’s properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all residents have the use of a fitness center.
NORTHBROOK, ILL. — Prime Finance has provided the owners of a 195,000-square-foot office building, located at 400 Skokie Blvd. in Northbrook, with a $19.5 million refinance loan arranged by Draper and Kramer. The ownership group, a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities, will use $2.5 million of the loan proceeds to make building improvements. Upgrades will include a conference center, expanded fitness center and improvements to all common areas. The Class A office building is leased and managed by CBRE. Dan Graham and Peter Clifton of CBRE lead leasing efforts at the building. Bill Barry and Bill Stewart of Draper and Kramer arranged the financing for the owners.
MINNEAPOLIS — Marcus & Millichap has brokered the $9 million sale of Dean Parkway, a 54-unit apartment property located at 2920 Dean Parkway in Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of Marcus & Millichap represented the undisclosed seller. Talberg also represented the undisclosed buyer.
MINNEAPOLIS — Oak Grove Capital has originated a $9.3 million FHA loan for the construction of Broadway Flats, a mixed-use property located in north Minneapolis. The property will include commercial space and workforce housing. Ken Dayton and Pat McMullen of Oak Grove Capital arranged the loan. The property is being built in an effort to revitalize the damage resulting from a tornado in 2011. The 19,000-square-foot commercial space is slated to open in April 2016, followed by the opening of 103 housing units in July 2016. Building amenities will include a business center, fitness room, conference room and underground parking. Plans to integrate a metro transit shelter into the exterior of the building should go into effect in 2017.
GRAND RAPIDS, MICH. — Latitude Management, which specializes in providing short-term, floating-rate loans to middle-market commercial real estate sponsors, has closed on a senior bridge loan for a student housing complex, The Lofts at 5 Lyon, in Grand Rapids. The loan was used for the acquisition, renovation and conversion of a multifamily property into student housing. Renovations at the 65-unit, 175-bed property include interior unit upgrades, aesthetic improvements and the addition of common areas. The housing complex is fully occupied. The loan was originated out of Latitude Management’s third discretionary debt fund, Latitude Management Real Estate Capital III.
MILWAUKEE, WIS. — U.S. Bank has provided $7.2 million in equity for the development of a 100,000-square-foot mixed-use project on eight acres in Milwaukee. Freshwater Plaza will be located in Walker’s Point at the corner of South First Street and East Greenfield Avenue. The construction cost of the initial phase is $28.8 million. The $7.2 million in equity was raised through the federal New Markets Tax Credit Program, which is designed to spur revitalization efforts of low-income and impoverished communities across the country. The development will feature 76 apartments, including 20 percent to be set aside for lower-income residents; a Cermak Fresh Market grocery store; and other as yet unnamed retailers. The City of Milwaukee is providing tax-increment financing, and the Wisconsin Economic Development Corp. provided a brownfield grant. The property is slated to open by the end of 2016. Endeavour Corp., Wangard Partners Inc. and Freshwater Plaza Corp. are the project developers. Catalyst Construction LLC is the general contractor.
NEW YORK CITY — J.D. Carlisle Development Corp., in partnership with DLJ Real Estate Capital Partners and Mitsui Fudosan America Inc., has launched leasing at One Sixty Madison, a new residential tower located in NoMad, at the nexus of Chelsea, Gramercy and Midtown. Designed by SLCE Architects, the 45-story octagonal building features 319 rental residences in a mix of studios, one- and two-bedroom homes. The interior spaces, which were designed by Philip Koether Architects, feature floor-to-ceiling windows, oak floors and panoramic views. On-site amenities include the Three Sixty Lounge atop the building, an indoor fireplace, two expansive rooftop terraces, a 14,000-square-foot Park Lounge, a fitness center, valet and concierge services, bicycle storage and a fully attended lobby.