LONG BEACH, CALIF. — Truist has closed a $152 million construction loan for Marina Shores, an apartment community at 6615 E. Pacific Coast Highway in Long Beach. Carmel Properties is developing the asset. The six-story project will convert an office complex and surface lot into a mixed-income community with 390 apartments and approximately 5,400 square feet of ground-floor retail space. Construction began in October, with completion slated for March 2029. Truist served as administrative agent and sole bookrunner on the development loan. Jason Paxton and Walt Reece led the transaction.
SCOTTSDALE, ARIZ. — Origin Investments and Mill Creek Residential have unveiled plans to develop Modera Old Town, a multifamily property in Old Town Scottsdale. Construction on the 190-unit property will begin in October, with completion slated for mid-2029. The new development is the second venture between Origin and Mill Creek Residential and is an expansion of Mill Creek’s Modera brand. Situated on 2 acres at 7120 E. Indian School Road, Modera Old Town will feature 73 one-, 101 two- and 16 three-bedroom apartments averaging 1,076 square feet. Apartment interiors will include stainless steel appliances, quartz countertops, tile backsplashes, vinyl-plank flooring, premium cabinetry, kitchen islands, undermount sinks, under-cabinet lighting, full-size washers/dryers, private patios or balconies, roller shades and smart home features. Community amenities will include a resort-style pool, an outdoor kitchen, poolside cabanas, lounge seating, and outdoor grilling and entertainment areas with a fire feature. Additional amenities will include a resident clubhouse, entertainment lounge, modern dining and bar space, a fitness center, coworking spaces and private conferences rooms. For Origin, Modera Old Town represents the final investment in its Opportunity Zone Fund III and its 22nd overall opportunity zone development. Modera Old Town is Mill Creek’s 12th opportunity zone development.
LANCASTER, CALIF. — Gantry has secured a $31 million permanent refinance for the Valley Central Shoppes, located at 44410-44690 Valley Central Way in Lancaster. Tony Kaufmann, Jake Davis and Ramza Zeiter of Gantry represented the borrower, a private real estate investor. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender. The 174,000-square-foot inline center is part of a master-planned retail power center cluster and shadow anchored by a Walmart Supercenter and a Food 4 Less. Additional tenants includes Boot Barn, Staples, Marshalls, Five Below, Planet Fitness, Starbucks Coffee, Jersey Mike’s Subs, Black Angus Steakhouse, Ulta, Sally Beauty Supply, Lenscrafters, Calidental, America’s Tire Co. and additional entertainment, restaurant and necessities retailers.
OCEANSIDE, CALIF. — William Roth Group of Lee & Associates has arranged the sale of 2620 Temple Heights Drive in Oceanside. Temple Heights Property Co. LLC sold the asset to 2620 Temple Heights LLC for $6.1 million. The owner-user buyer plans to expand its operations into the 34,168-square-foot industrial building that features 30 percent of office space and four grade-level loading doors. The property is situated on 2.1 acres. Rusty Williams, Chris Roth and Jake Rubendall of Williams Roth Group represented the seller, while Jim Benson of Kidder Mathews represented the buyer in the transaction.
RENO, NEV. — Dwight Investment Management, an affiliate of Dwight Capital, has closed a $73 million bridge refinancing for Ballpark Apartments in Reno. Brandon Baksh, Tommy Ng and Talisse Thompson of Dwight Investment Management originated the loan on behalf of the borrower, a joint venture between Bridge Investment and Pacific Development. Loan proceeds were used to refinance existing senior debt, fund an interest reserve, cover transaction costs and return equity to the borrower. The 486,000-square-foot Ballpark Apartments community spans a city block in downtown Reno. The five-story property features 368 apartments, a pool, spa, 24-hour fitness center and a rooftop lounge overlooking Greater Nevada Field, a minor league baseball venue.
AUBURN, WASH. — Scannell Properties has acquired a 7.5-acre site in Auburn for the development of a speculative industrial building. Terms of the transaction were not released. The planned 185,000-square-foot building will feature a clear height of 36 feet, 31 trailer stalls and 23 dock doors with drive-in capacity. Site work on the land is underway, with vertical construction slated to begin in spring 2027. The speculative building is Scannell Properties’ second project in the greater Seattle area, bringing the company to an investment volume exceeding $300 million and nearly 2 million square feet of development in the Pacific Northwest, including Oregon and Idaho.
LA PALMA, CALIF. — CBRE has brokered the sale of an office building located at 20 Centerpointe Drive in La Palma. A local private investor acquired the property from an institutional seller for $14.3 million, or $255 per square foot. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Jackson Marlow of CBRE represented the seller in the deal. Built in 1988 on 3.5 acres, the single-story property features 56,175 square feet of office space and 194 parking spaces. At the time of sale, the building was 84 percent leased. Current tenants include Convergint Technologies, ISEC Inc. and Telecare Corp.
FULLERTON, CALIF. — Hanley Investment Group Real Estate Advisors and Summit Real Estate (RE) have brokered the sale of Fullerton Court, a two-story retail center adjacent to Fullerton College in Fullerton. A Newport Beach, Calif.-based private partnership sold the asset to a Los Angeles-based, private 1031 exchange investor for $12.7 million. Sean Cox and Kevin Fryman of Hanley, in association with Scott Hook of Summit RE, represented the seller, while the buyer was self-represented in the deal. Located at 444 N. Harbor Blvd., Fullerton Court was originally built in 1982 and expanded in 2004 to its current 20,309-square-foot footprint. At the time of sale, the property was fully occupied by multiple tenants, including FedEx Office, which has operated at the property for more than 25 years and extended its lease for additional 10 years, and Pixiu Mala Hongtang, which recently executed a new 10-year lease.
DENVER — JLL Capital Markets has arranged $333.3 million in bridge financing for Palomino Park, a 1,184-unit multifamily portfolio located in Highlands Ranch, an unincorporated, master-planned community 12 miles south of Denver. Greystar provided the floating-rate loan for the borrower, a real estate fund advised by Crow Holdings Capital. The financing, which includes $325 million at initial funding and $8.3 million in future funding for unit renovations, retired existing loans and provides capital for continued value-add projects across the three-community portfolio. The portfolio includes: The communities are anchored by the Colorado Club, a 26,000-square-foot central amenity facility with a resort-style pool, a gym with regulation basketball court and racquetball courts, a full-service bar and resident gathering areas. Additionally, the facility is surround by a 17-acre park with three tennis courts, two full-size sports fields and a playground. Since acquiring the assets in 2021, the borrower has invested significant capital in various interior and exterior capital improvements across each community. Trey Morsbach, Campbell Roche, Tony Nargi, Jarrod McCabe, Jordan Buck and Scott Cole of JLL represented the borrower in the financing.
SAN DIEGO — A joint venture between Akara Partners and Development Ventures (DEVEN) Group is set to break ground on a 305-bed, transit-oriented development located at 5077 College Ave. near the San Diego State University campus in California. The eight-story community will span 98,500 square feet and offer 110 units. The project is scheduled for completion ahead of the 2028-2029 academic year. The partnership was facilitated by JLL Capital Markets.
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