TUCSON, ARIZ. – The 188-unit Mountain View Retirement Village in Tucson has received a $20-million refinance. The retirement community is located at 7900 N. La Canada Drive. Amenities at the community include restaurant-style dining, housekeeping and maintenance services, scheduled transportation, customized assistance, and recreational and wellness activities. The 10-year loan features a fixed rate and a 30-year amortization schedule. It was originated by Brandon Harrington and Matt Steffen of Walker & Dunlop. The loan was provided by a life insurance company.
Property Type
LAS VEGAS — Durango Courtyard, a 10,900-square-foot retail property in Las Vegas, has received $2 million in acquisition financing. The courtyard is located at 4705 S. Durango Drive. The borrower is High Valley VII LLC. The long-term, fixed-interest rate loan was closed by CBRE’s Bob Ybarra.
GLENDALE, CALIF. – Television production company Tim & Eric, Inc. has signed a five-year lease for 15,300 square feet at a creative office campus in Glendale. The two-building property is located at 1442 and 1500 Flower Street. The lease is valued at $1.5 million. The production company was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The landlord, Avalon Investment Company, was represented by Stevenson Real Estate.
SAN ANTONIO — Tryperion Partners has acquired Gateway Plaza, a 97 percent occupied, 138,510-square-foot shopping center anchored by Burlington Coat Factory. The center is located at the intersection of I-35 and Loop 1604 in San Antonio’s Northeast submarket. The acquisition also includes land for future development.
AUSTIN — Muskin Commercial LLS has arranged the sale of the 124-unit Summer Grove Apartments located at 7905 San Felipe Blvd. in northwest Austin. Summer Grove sits on 5.4 acres and was acquired by a private investment group from Chicago. Ellen Muskin and Daniel Elam with Muskin Commercial represented the seller, California-based CREVI II Summer Grove LLC. The apartments consist of 68 one-bedroom units and 56 two-bedroom units. There are eleven buildings on-site with amenities including a pool and clubhouse. Roscoe Properties, of Austin, will manage the property.
OKLAHOMA CITY — Virtus Real Estate Capital, a real estate private equity firm based in Austin, has acquired a self-storage facility in Oklahoma City. The company has acquired Pro Storage, Virtus’ seventh acquisition in the Oklahoma City area since 2012. The purchase is the second in the firm’s joint venture partnership with Advantage Self-Storage. Pro Storage is a 65,475-square-foot Class A facility with 516 units. It was 94 percent occupied at the time of sale. Virtus plans to expand the building by 15,000 square feet, adding 124 units by the second quarter of 2015.
ATLANTA — The Marketing Directors LLC has unveiled 675 N. Highland, a mixed-used community in Atlanta’s Poncey Highland neighborhood. The project plans calls for 124 condominiums, 12,500 square feet of street-level restaurants and retail, 7,500 square feet of office space and 385 parking spaces. Joe Laster of Abraham Properties, the project’s developer, plans to break ground in January. The Marketing Directors is selling condominium units at the new development, and SRS Real Estate Partners is handling the leasing of the restaurant and retail space.
TUSCALOOSA, ALA. — Coldwell Banker Commercial Moore Co. has arranged six anchor leases for The Shoppes at Legacy Park, a $40 million power retail center in Tuscaloosa. The 175,000-square-foot development’s tenant roster includes Dick’s Sporting Goods, Fresh Market, Bed Bath & Beyond, Cost Plus, World Market, DSW Shoe Warehouse and PetSmart. The Shoppes at Legacy Park is set to break ground in September for an anticipated opening in October 2015. Coldwell Banker Commercial Moore Co. will continue to lease and manage the shopping center upon completion.
JACKSONVILLE, FLA. — CBRE has secured a $27.4 million acquisition loan for The Waterford at Mandarin Apartments, a 232-unit apartment property at 11247 San Jose Blvd. in Jacksonville’s Mandarin submarket. The property, built in 1990, features one- to three-bedroom units averaging 1,065 square feet. The community’s amenity package includes two swimming pools, racquetball and tennis courts, a laundry center, playground, fitness center, dog park and sand volleyball court. Christian Lee, Christopher Apone and Charles Foschini of CBRE’s Debt & Structured Finance group arranged the seven-year Freddie Mac loan on behalf of Norfolk, Va.-based Harbor Group International with two years of interest-only payments.
WEST MONROE, LA. — Lexerd Capital Management LLC has purchased Glenwood Townhomes, a 120-unit apartment complex in West Monroe, for an undisclosed amount. Lexerd will rebrand the property as Shadow Glen. First Choice Management Group will manage the property, which Lexerd purchased through its Lexerd Capital Partners High Yield Fund.