SAN ANTONIO — Stream Realty Partners has broken ground on a Class A office project in San Antonio, Lockhill Crossing. The development will consist of a five-story, 126,626-square-foot office building at the corner of Lockhill Selma Road and Loop 1604. The building is situated on approximately 17 acres, and offers a 4.2 per 1,000-square-foot parking ratio with executive covered parking egress and ingress from Loop 1604 and Lockhill Selma Road, highway visibility, monument signage opportunities, Class A finishes and energy efficient systems and materials. Stream Realty has leased 16 percent of the development to two undisclosed tenants. The building is scheduled to be completed in the second quarter of 2015. Stream Realty will lease and manage the project.
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LOS ANGELES – A pair of Marriott hotels have made their debut at LA Live in Downtown Los Angeles. The $172-million project includes the 174-room Courtyard and 219-suite Residence Inn LA Live. Today’s grand opening marks the West Coast debut of a Residence Inn and Courtyard by Marriott in one building – a joint development that offered substantial savings on land, staff and amenities. The project was funded by 320 immigrant investors from 14 different countries. The hotels are located at the corner of Olympic Boulevard and Francisco Street. They are situated adjacent to LA Live on an entitled site that was acquired from AEG, which owns and operates the 4-million-square-foot sports, residential and entertainment hub. The hotels share a lobby, as well as 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space. The guest rooms feature the first roll out of Samsung Smart TVs on the West Coast, in addition to fully integrated wireless connectivity for the TVs and PDA devices. The 371,000-square-foot project was built by SODO Builders, American Life’s in-house construction company. It was designed by GBD Architects. Construction was completed in two years, both on time and on budget. The hotels were …
PITTSBURG, CALIF. — Kennedy Wilson Europe Real Estate plc has acquired the 542-unit Kirker Creek Apartments in the San Francisco East Bay submarket of Pittsburg for $96.5 million. The gated community is located at 1000 Pheasant Drive. Kirker Creek was built in 1987. It is only minutes from the BART. Kennedy Wilson invested $21.2 million of equity in the transaction, including closings costs and the initial capital expenditure budget. It also secured a $77.2-million, 10-year loan from Fannie Mae at 3.78 percent with interest-only for five years.
EVERETT, WASH. – The 344-unit Millington at Merrill Creek apartment complex in Everett has received $43.5 million in acquisition financing. The 18-building community is located at 1401 Merrill Creek Parkway. The building’s amenities include a business center, 24-hour fitness center, clubhouse, pool, spa, basketball court and playground. The seven-year, interest-only loan was arranged for Security Properties by NorthMarq Capital’s Denver regional office. The firm secured the financing through its seller/servicer relationship with Freddie Mac.
NORTHGLENN, COLO. — BMC Investments has acquired the 388-unit Aspen Park apartment community in Northglenn for $32 million. The community is located at 301 Malley Drive, just north of Denver. BMC plans to invest $1.4 million to upgrade the property.
GLENDALE, ARIZ. – Rance King Properties Inc. has acquired the 420-unit Northern Greens apartment complex in Glendale for $21 million. The Class B community is located at 8150 N. 61st Ave. It was built in 1988 and remodeled in 2007. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers HSK Multifamily represented both the buyer and the seller, GA Northern Greens LLC, in this transaction.
BETHESDA, MD. — Washington Property Co. (WPC) has broken ground on Solaire Bethesda, a 139-unit luxury apartment community along the Metrorail’s Red Line in Bethesda. The $60 million property will be located at 7100 Wisconsin Ave. near Bethesda Row, Bethesda’s popular shopping and dining destination. Upon completion in 2016, the property will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage, as well as a residents’ lounge with a bar and fireplace; club room; cyber café; fitness center; and outdoor terrace. WPC is financing Solaire Bethesda’s construction through a $42 million construction loan from RBS Citizens Bank.
ARLINGTON, VA. — HFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower at 4000 Wilson Blvd. in Arlington’s Rosslyn-Ballston Corridor. The View is located in the Library Center enclave at the Ballston Metro Station. Liberty Center is a 2.3 million-square-foot mixed-use development. Delivered earlier this year, the LEED Silver-certified property has an amenity package that includes a concierge desk, fitness center, club room, private courtyard, movie screen, 9,000 square feet of retail space and a common area rooftop. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, Ashton Park Associates III LLC, an affiliate of The Shooshan Co. The borrower will use the loan’s proceeds to retire existing construction debt on the property.
TAMARAC, FLA. — CBRE has brokered the sale of Marketplace at Tamarac, a 67,202-square-foot retail center located at 6801-6997 W. Commercial Blvd. in Tamarac in Broward County. Marketplace at Tamarac LLC purchased the property from Joge Investments Inc. for approximately $10.6 million. Joge Investments is an affiliate of Janoura Realty and Management Inc. The property is fully leased to tenants such as Floors Direct, Sherwin Williams and Tamarac Preschool Academy. David Donnellan and Todd Weintraub of CBRE represented the seller in the transaction.
TEQUESTA, FLA. — Capital One Bank has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living and memory care facility in Tequesta, about 21 miles north of West Palm Beach. The property has 71 assisted living units and 29 memory care units. Carolyn Whatley of Capital One Specialty Healthcare Real Estate arranged the 35-year loan on behalf of the borrower, Terrace Communities.