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MultifamilyTexas

HFF ARRANGES $46M IN LOANS FOR TWO APARTMENT COMMUNITIES

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IRVING AND DEER PARK, TEXAS — HFF has arranged approximately $46 million in acquisition financing for the 560-unit Vistas at Hackberry Creek in Irving and the 216-unit Deer Park Apartments in Deer Park. Vistas at Hackberry Creek is located at 2527 W. Royal Lane and is 95.5 percent occupied. Deer Park Apartments is located at 401 W. Pasadena Blvd. and is 94 percent occupied. HFF arranged the loans on behalf of the borrower, Pure Multi-Family REIT LP. HFF placed the $29.5 million, 15-year loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors LLC. HFF secured a separate $16.5 million, 10-year loan for Deer Park Apartments through Freddie Mac's CME program. John Brownlee of HFF led the team in arranging the loans.

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Seniors HousingTexas

CADENCE MCSHANE COMPLETES SENIORS HOUSING FACILITY IN KELLER

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KELLER, TEXAS — Cadence McShane Construction Co. has completed the 78-unit, 51,000-square-foot Legacy at Bear Creek in Keller. The assisted living and memory care facility is located at 200 Keller Smithfield Road S. in Keller Town Center, a 340-acre mixed-use development. PinPoint Commercial LP and Thrive Senior Living co-developed the project.

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OfficeTexas

GLADSTONE ACQUIRES ALLEN OFFICE BUILDING FOR $15.1M

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ALLEN, TEXAS — Gladstone Commercial Corp., a publicly traded REIT, has acquired a two-story, 115,200-square-foot office building in Allen for $15.1 million. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE brokered the transaction. Synovus Bank provided acquisition financing. The purchase of the two-tenant, fully leased property is in line with the company's strategy to expand beyond acquiring single-tenant properties, according to Buzz Cooper, senior managing director of Gladstone Commercial Corp.

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MultifamilyTexas

ARA SECURES SALE OF BENT TREE APARTMENTS IN SAN ANTONIO

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SAN ANTONIO — ARA has arranged the sale of the 272-unit Bent Tree Apartments, located at 4801 Gus Eckert Road in San Antonio. Casey Fry and Pat Jones of ARA represented the seller, Venterra Realty, a privately held owner/operator of apartment communities in Texas, Georgia, Florida, North Carolina and Tennessee. Venterra Realty sold the community to Salem, Ore.-based Windmill Investments, a privately held real estate investment firm. Bent Tree includes efficiencies, one- and two-bedroom units that average 683 square feet. The community also features two resort-style pools, a business center, resident lounge and views of downtown San Antonio. Occupancy at the time of sale was 96 percent.

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MultifamilyWestern

NEW TAHITIAN APARTMENTS IN GOLETA RECEIVES $9.3M

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GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.

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RetailWestern

GATEWAY CROSSINGS IN GARDENA CHANGES HANDS

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GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.

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IndustrialWestern

COMMERCE LOGISTICS FACILITY CHANGES HANDS

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COMMERCE, CALIF. – A seven-acre logistics facility in Commerce has sold to CenterPoint Properties for an undisclosed sum. The property is located at 5800 Sheila Street near the BNSF and Union Pacific intermodal rail yards. The transload facility includes a container yard. It is currently occupied by Pacer Cartage, a subsidiary of the Pacer International. CenterPoint was represented by Jack Cline Jr. and Gregory Gill of Lee & Associates.

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Seniors HousingWestern

THE SPRINGS AT TANASBOURNE IN HILLSBORO RECEIVES $36.3M IN REFINANCING

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HILLSBORO, ORE. — The Springs at Tanasbourne, a 230-unit independent living, assisted living and memory care facility in Hillsboro, has received $36.3 million in financing. The community is located at 1950 NW 192nd Ave. The 10-year loan includes a fixed interest rate and a 30-year amortization schedule. The funds were used to refinance an existing construction loan. Carolyn Nazdin, Charlie Shoop and Doug Checketts of KeyBank Real Estate Capital 's Seniors Housing and Healthcare Groups provided the Fannie Mae loan. The borrower was a joint venture between affiliates of Ventas, Inc. and the Springs Living.

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MultifamilyWestern

SOMMERSET GARDENS IN AURORA RECEIVES $31.6M IN ACQUISITION FINANCING

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AURORA, COLO. – The 420-unit Sommerset Gardens in Aurora has received $31.6 million in acquisition financing. The Class B community is located at14304 E. Tennessee Ave. The community was built in two phases between 1981 and 1983. It has undergone minor renovations over the years. Sponsor Kennedy Wilson plans to invest $5 million to further upgrade the property. The loan features a 12-year term with five years interest-only at a fixed rate of 4.27 percent. Financing was provided by Berkeley Point Capital LLC under the Fannie Mae Delegated and Underwriting and Servicing (DUS) program.

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