Arizona

Berkeley Point Capital Provides $250.5M Loan for Acquisition of Multifamily Portfolio in Western Region

by Kristin Harlow April 7, 2017

WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller

April 7, 2017

Arizona Multifamily Seniors Housing Western

McFarlin Group Buys 6.9 Acres in Phoenix for Assisted Living Community

by Nellie Day April 4, 2017

PHOENIX — McFarlin Group has acquired 6.9 acres of land in Phoenix for the development of an assisted living and memory care community. HealthSouth Corp. sold the plot for $2.7 million. Avison Young’s Julie Johnson and Alexandra Loye represented the seller in the transaction, while D.L. Slaughter Co. represented the buyer. The community, to be named Mariposa Point at Algodon Center, is slated for groundbreaking in late 2017 and completion in early 2018. Surpass Senior Living will operate the property once completed. The parcel is located within the Algodon Medical Center and across from Banner Estrella Medical Center. The property is expected to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents.

April 4, 2017

Arizona Hospitality Western

Virtua Partners to Build SpringHill Suites Hotel in Avondale

by Nellie Day April 4, 2017

AVONDALE, ARIZ. — Virtua Partners has announced plans to build a 130-room SpringHill Suites Hotel in Avondale. The hotel will be a part of a 58-acre mixed-use site that’s situated one half mile north of Interstate 10. Quyp Hospitality LLC, an affiliate of Virtua Partners, will develop the property. The firm has partnered with Marriott on the project.

April 4, 2017

Arizona Multifamily Seniors Housing Western

Sagewood CCRC in Phoenix Breaks Ground on 68-Unit Expansion

by Nellie Day March 30, 2017

PHOENIX — Sagewood, a luxury continuing care retirement community (CCRC) in North Phoenix, has broken ground on The Estates, a new neighborhood at the community. The expansion will include 24 new standalone homes as well as a 44-unit assisted living building, a 13,000-square-foot events center, a reconfiguration of the main entrance and new parking areas. Development partners on the project include Life Care Services, Westminster Capital and the Phoenix Chamber of Commerce. Sagewood currently features 292 units spanning the continuum of care, along with two clubhouses and on-site Acacia Health Center that recently doubled in size.

March 30, 2017

Arizona Loans Multifamily Western

HSL Desert Sands Receives $21.5M Refinancing for Apartment Complex in Casa Grande

by Nellie Day March 29, 2017

CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 W. O’Neil Drive. The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property. The 10-year Fannie Mae loan features a 30-year amortization schedule. HSL Desert Sands Properties LLC is an entity affiliated with HSL Properties and Humberto S. Lopez, who owns multifamily and other commercial real estate throughout the Southwest. Hunt Mortgage Group provided the loan.

March 29, 2017

Arizona Market Reports Mixed-Use Western Western Market Reports

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

by Camren Skelton March 28, 2017

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys …

March 28, 2017

Arizona Office Western

Stockdale Capital, Jasper Ridge Invest $142.5M to Recapitalize Galleria Corporate Center in Scottsdale

by Nellie Day March 21, 2017

SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road. The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. Stockdale purchased the Galleria Corporate Center in 2013. The recapitalization includes the addition of more than two adjacent acres of land that is currently entitled for construction of up to 220,000 square feet of offices.

March 21, 2017

Arizona Multifamily Western

Dalan Management Buys Sterling on 28th Apartments in Phoenix for $14.3M

by Nellie Day March 17, 2017

PHOENIX — Dalan Management has purchased the 224-unit Sterling on 28th Apartments in Phoenix for $14.3 million. The community is located at 11821 N. 28th Drive. The property is situated near Metrocenter mall and the North Mountain Redevelopment Area. Dalan plans to renovate the unit interiors to reposition the asset. David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors represented both the buyer and seller, Pacific Real Estate Partners, in this transaction.

March 17, 2017

Arizona Hospitality Western

MCR Development Completes Renovations on TownePlace Suites by Marriott Tucson Airport

by Nellie Day March 17, 2017

TUCSON, ARIZ. — MCR Development has completed renovation work on the 91-room TownePlace Suites by Marriott Tucson Airport. The hotel is situated less than a mile from the Tucson International Airport. The newly renovated hotel features fully updated guest rooms and new furniture, flooring, décor and artwork in the lobby. Additional improvements include upgraded patio furniture surrounding the pool and new exercise equipment in the fitness center.

March 17, 2017

Arizona Multifamily Western

Inco Real Estate Co. Acquires Fiesta Park Apartments in Mesa for $20M

by Nellie Day March 16, 2017

MESA, ARIZ. — Inco Real Estate Co. has acquired the 320-unit Fiesta Park Apartments in Mesa for $20 million. The community is located at 1033 S. Longmore Road. The 10-building asset was built in 1979. It was 93 percent leased at closing. Amenities include covered parking, a clubhouse and a playground. Mark Forrester and Ric Holway of Berkadia-Phoenix represented Inco. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, BH Properties, in this transaction.

March 16, 2017

Newer Posts

Older Posts