REBusinessOnline

Greystone Provides $22.5M Refinancing for Assisted Living Facility in Anchorage, Alaska

ANCHORAGE, ALASKA — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings.The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s …

SLIB Negotiates $32.5M Sale of Seniors Housing Community in Anchorage, Alaska

ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage.The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase.The community’s developer sold the asset to a national REIT for $32.5 million.The new owner will use a third-party operator. The REIT also is considering a joint-venture …

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson …

Alaska Cargo & Cold Storage to Develop 700,000 SF Climate-Controlled Warehouse at Anchorage International Airport

ANCHORAGE, ALASKA — Alaska Cargo and Cold Storage (ACCS) and the State of Alaska have executed a 55-year ground lease agreement at Ted Stevens Anchorage International Airport (ANC) for the development of a climate-controlled warehouse facility at the airport.Located on Great Circle Route, the 700,000-square-foot facility will offer 32.5 million cubic feet of capacity, providing the airport, which is the world’s sixth-busiest cargo airport, with a critical piece of infrastructure. ANC is …

Perkins&Will Designs $30M Renovation of KeyBank Plaza Office Building in Downtown Anchorage

ANCHORAGE, ALASKA — Perkins&Will, a global architecture firm, in partnership with an Alaska-based developer, has designed the $30 million modernization and expansion of 601 W. 5th Avenue, formerly the KeyBank Plaza Building located in downtown Anchorage.Originally constructed in 1972 by Alaska Mutual Savings Bank, the nine-story property required extensive structural repairs as a result of the region’s 7.1 magnitude earthquake in November 2018. In addition to seismic reinforcements, …

Columbia Sussex Buys 348-Room Hotel Portfolio in Anchorage

ANCHORAGE — Columbia Sussex has purchased three hotel properties, totaling 348 rooms, in Anchorage. Blackstone Group sold the assets for an undisclosed sum.The hotels are the 125-room Hilton Garden Inn at 4555 Union Square Drive; the 101-room Hampton Inn at 4301 Credit Union Drive; and the 122-room Homewood Suites at 101 W. 48th Ave. The properties were built in 2001, 1997 and 2003, respectively.Each property features an indoor pool, fitness center with hot tub, 24-hour business …

Columbia Sussex Completes Renovations at Hilton Anchorage in Alaska

ANCHORAGE — Columbia Sussex has completed a multi-million-dollar renovation at Hilton Anchorage, located at 500 W. Third Ave. in downtown Anchorage. The project included upgrades to the lobby, dining establishments, guest rooms, fitness center and conference spaces.The renovated guestrooms include work stations with desk-level electrical outlets and high-speed internet access, The Bed by Hilton bedding systems, Hilton alarm clock radios with MP3 Player plug-ins, Cuisinart …

KeyBank Provides $12.7M Financing for Mixed-Use Property in Anchorage, Alaska

ANCHORAGE, ALASKA — KeyBank Community Development Lending & Investment (CDLI) has provided Cook Inlet Housing Authority (CIHA) with $12.7 million in financing. The package includes $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments in downtown Anchorage, along with $5.8 million in Low Income Housing Tax Credit (LITHC) equity.The mixed-use property will feature 2,680 square feet of ground-floor commercial space, 38 units …

Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage

ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage.The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company.The transactions included:A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the …

Boston Capital Invests in Affordable Community in Alaska

WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage.Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles.Units will be …

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