DENVER – The 110-room Hotel Teatro in Denver has received $22.5 million in refinancing. The hotel is located at 1100 14th Street near the Colorado Convention Center in the city’s Central Business District. The historic building was constructed in 1911. It formerly served as the executive offices of the Denver Tramway Company until it underwent a $20.6-million conversion to a hotel in 1999. The property was acquired by DiNapoli Capital Partners in 2006. The company will use the funds to refinance the property’s existing first mortgage and to upgrade the hotel. Financing was arranged by Brad Zampa and Nathan Elliott of CBRE Capital Markets. The loan was originated by Ronnie Gul of Mesa West Capital.
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ALISO VIEJO, CALIF. — Aliso Viejo Medical Center, a 27,192-square-foot medical office building in South Orange County, has sold to a private equity fund for an undisclosed sum. The Class A building is located at 24502 Pacific Park Drive in Aliso Viejo. Kaiser Permanente serves as the center’s main tenant. It signed a five-year lease renewal this past August. The buyer was represented by Guggenheim Realty Group. The seller, Accretive Realty, was represented by Garth Hoganand Todd Perman of Newmark Grubb Knight Frank Global Healthcare Services. They worked in conjunction with Richard Bland of Cornish & Carey Newmark Knight Frank.
HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
LOS ANGELES — Element L.A., a 12-acre creative office project in West Los Angeles, has received a $65-million construction loan. The $150-million campus will be located at 1861, 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Blvd. It will incorporate the five existing buildings on this site, which are all set to undergo renovations. In keeping with the creative office tradition, Element L.A. will feature high ceilings, skylights and large windows, as well as outdoor patios, a bike shop, caf
LAS VEGAS – The 634-room Downtown Grand Las Vegas opened its doors today in Downtown Las Vegas. It is located on 3rd Street and East Ogden Avenue within the city’s Downtown3rd redevelopment corridor. The two-tower hotel contains 25,000 square feet of gaming space, in addition to many bars and restaurants. It also features a rooftop area called PICNIC with an infinity pool, private cabanas, a fire pit, and a restaurant and bar. The hotel was redeveloped by CIM Group. It formerly functioned as the Lady Luck until 2006. CIM has leased the casino portion of the project to Fifth Street Gaming, which holds the property’s gaming license. This is CIM’s first investment within this community. It is also working with the city to create a destination retail center near the Mob Museum, which is right across from Downtown Grand. This project is approved for 102,800 square feet of retail and conference space.
SAN BERNARDINO, CALIF. – A 35,640-square-foot building that formerly functioned as a big box property in San Bernardino has sold to MTK SoCal Investments, LLC for $4.6 million. The building is located at 1094 South E Street near the Inland Center Mall. It will soon be converted into a facility for the County of San Bernardino. The seller, Holdings Second, LLC, was represented by Marc Pironand Lidia Talaveraof NAI Capital.
WASHINGTON, D.C. — Meridian Capital Group LLC has arranged a $134.3 million mortgage to refinance a 13-story office property in Washington, D.C. The 417,383-square-foot, Class A office property is located at 1615 L St. N.W. Rael Gervis of Meridian Capital Group’s New York office arranged the 10-year CMBS loan with a fixed interest rate of 4.61 percent on behalf of the borrower, Spitzer Enterprises.
BALTIMORE — Elm Street Development, a McLean, Va.-based residential real estate developer, will partner with St. John Properties Inc. and Somerset Construction Co. to develop Greenleigh at Crossroads in Baltimore. Greenleigh at Crossroads is a town center, mixed-use development that will include mid-rise, Class A office buildings, retail amenities and housing options. Design Collective Inc. designed Greenleigh at Crossroads, which will be the next phase of Baltimore Crossroads, a 1,000-acre mixed-use community in eastern Baltimore County. The project team will break ground on the community in the summer of 2014.
FORT MILL, S.C. — Dallas-based Venture Commercial Real Estate has arranged a $39 million sale-leaseback with Northern Tool + Equipment for its distribution center in Fort Mill. Northern Tool + Equipment sold its 701,595-square-foot facility, which is located at 1850 Banks Road, to One Liberty Property. Clay Mote of Venture Commercial represented Northern Tool + Equipment in the transaction. Joe Owen of Dallas-based Owen Holdings Inc. represented One Liberty Property, a publicly traded REIT. Northern Tool + Equipment signed a 15-year lease at the distribution center.
ORLANDO, FLA. — McKinley, a multifamily owner and manager, has purchased Bella Capri, a 248-unit, garden-style apartment community located in Orlando. The multifamily community was formerly known as Mission Pointe Apartments. Bella Capri is one of 11 garden-style apartment communities in the theme park submarket of Orlando, which is located between Universal Studios and Disney World. Eight of the 11 properties are owned and managed by McKinley. Bella Capri is located two blocks away from the Mall at Millenia, an indoor mall, and a few blocks west of Universal Studios, which includes the Universal Islands of Adventure and the Wizarding World of Harry Potter. Comerica Commercial Real Estate is providing acquisition financing on behalf of McKinley, and Berkadia Commercial Mortgage is providing long-term HUD financing.