YAKIMA, WASH. — Valley Mall and Valley Mall Plaza in Yakima have received $42 million in financing. The regional mall and adjacent retail power center are located in the Yakima Valley in the south central part of the state. They contain a total of 679,845 square feet. The two centers are 94 percent leased to tenants like Macy’s, Sears, Kohl’s, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond, Michael’s, Ulta and Old Navy. The seven-year, full-term, interest-only loan was arranged by HFF’s Eric Tupler, Paul Brindley, Tom Wilson, Kristian Lichtenfels and Erica Christensen. The borrower, CenterCal Properties, used the proceeds to refinance the property’s maturing debt.
PHOENIX — UHS of Phoenix LLC has acquired Quail Run, a 67,324-square-foot medical office building in Phoenix for $7.4 million. The Class A facility is located at 2545 West Quail Ave. near John C. Lincoln Deer Valley Hospital.The Universal Health Services Inc. subsidiary plans to convert the foreclosed building into a psychiatric hospital. The building was sold to UHS as an REO property. The seller was SW Loan F., a Delaware Limited Partnership. UHS was represented by Tim Dulany of Colliers International of Greater Phoenix. SW Loan was represented by Capital Asset Management.
EVERETT, WASH. – An 80-pad manufactured housing community in Everett has received $6.7 million in refinancing. The eight-year, fixed-rate loan amortizes over 30 years at 4.9 percent. It features a 65 percent loan-to-value. The property was 30 percent vacant at the time of closing. In addition to this, the borrower was holding an agency loan that was swelling. The owner plans to use the funds to free up equity to close on another manufactured housing facility. The loan was arranged by Glenn Gioseffi of Marcus & Millichap Capital Corp.’s Seattle office.
SAN JOSE, CALIF. – The Italian restaurant Tomatina has signed a 3,265-square-foot lease at West Valley Shopping Center in San Jose. The restaurant concept was created in 1998 by celebrity chef Michael Chiarello, who was appeared on the Food Network. It was acquired by Syufy Enterprises in 2011. This will be Tomatina’s second South Bay location once it’s completed early next spring. Syufy plans to open up to 12 Bay Area locations in the next 18 months. The restaurant was represented by Nick Schmidter and Josh Amoroso of Lockehouse Retail Group. West Valley Shopping Center is anchored by Sprouts Farmers Market and BevMo.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of the Brightwood Portfolio, three walk-up apartment communities in Washington, D.C. The 130-unit portfolio includes the Concord, Valencia and the Vizcaya. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Bernstein Management Corp., in the transaction. The buyer, The Hampstead Cos., purchased the properties in partnership with NixDevCo and the portfolio's tenant association. Citi Bank, Affordable Investment Advisors and Local Initiatives Support Corp. provided bridge financing on behalf of the buyer.
KENNESAW, GA. — HFF has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University students in Kennesaw, a northern suburb of Atlanta. HFF also arranged acquisition financing for the buyer, Austin, Texas-based Campus Advantage. West 22 is located at 3615 Cherokee St., approximately 1.7 miles from the campus and less than one mile from Interstate 75 northwest of downtown Atlanta. Completed in 2013, the property includes a mixture of cottages, manor houses and flats averaging 1,356 square feet each. West 22's amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, Internet café and shuttle service to and from campus. The property is 98 percent leased for the 2013/2014 academic year. Troy Manson and Brian Kelly of HFF represented the seller, a joint venture between South City Partners and The Carlyle Group, in the transaction. Adam Herrin, Eric Tupler and Gregg Shapiro of HFF secured the 10-year, fixed-rate acquisition loan through M&T Bank.
MONTGOMERY, ALA. — Eastern Union Funding has arranged a $10.8 million acquisition loan for Eagle Landing, a 392-unit apartment community in Montgomery. Michael Muller and Ira Zlotowitz of Eastern Union originated the three-year loan. The property was partially renovated during the past two years. Eagle Landing is located at 5800 Eagle Circle.
DADE CITY, FLA. — Cushman & Wakefield has arranged $9.2 million in acquisition loan for Sweetwater Apartment Homes, a 172-unit community located in Dade City. The apartment community was 96 percent leased at the time of sale. Sweetwater Apartment Homes features a swimming pool, tanning lounge, fitness center, grill stations, business center and a playground. Mike Ryan, Will Killgore and Jeff Walker of Cushman & Wakefield's Atlanta office arranged the loan through Goldman Sachs on behalf of the buyer, New York-based Beachwold Residential. Byron Moger and Luis Elorza of Cushman & Wakefield also represented the seller, Wells Fargo, in the transaction.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $21.7 million loan for the refinancing of two apartment communities in Kansas and Tennessee. NorthMarq arranged a 10-year loan for Louisburg Square Apartments, a 313-unit conventional market multifamily property located at 9301 Santa Fe Lane in Overland Park. The Freddie Mac loan includes a 30-year amortization schedule. The owners of Sunnybrook Apartments, a 152-unit affordable housing community in Knoxville, also received a 10-year loan through Freddie Mac. Greg Duvall, senior vice president and managing director of NorthMarq’s Kansas City regional office, arranged the loan.
JONESBORO, ILL. — A new $10.7 million courthouse, which replaces a pre-Civil War facility that served Union County for 155 years, has opened in Jonesboro, a city in southwest Illinois. Designed by HOK of St. Louis, the new 46,000-square-foot courthouse consolidates Union County’s government services in one location. The courthouse is sustainable and features energy-efficient mechanical systems for heating and cooling. The new facility will cut energy costs by 25 percent compared to the old structure. The design team includes general contractor River City Construction; engineering design firm BRiC Partnership LLC; civil engineering firm Clarida & Ziegler Engineering; and project facilitator Hodgson Associates. The project was funded by a one-cent sales tax in Union County approved by taxpayers in 2010.