SAN DIEGO — Greystone has provided a $129.5 million Fannie Mae Delegated Underwriting Services loan for the refinancing of Spire San Diego, a multifamily community located on Island Avenue in San Diego. Matt Stevens of Greystone originated the fixed-rate loan for the borrower, Pinnacle Parkside Development US LP, with James Dick and Jay Dick of Kidder Mathews acting as correspondent. Built in 2014, the 45-story Spire San Diego features 472 apartments and is part of a residential and commercial complex with a 484-unit sister property, Pinnacle on Park. Spire offers one-, two- and three-bedroom units, a fitness center, swimming pool, game room, yoga room, screening room, residents lounge and outdoor grilling area.
LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.
SAN DIEGO — MetroGroup Realty Finance has secured $18.5 million in financing for a 56,173-square-foot retail center in San Diego. The undisclosed borrower developed the property in two phases in 2002 and 2013. The financing features a maximum loan-to-value ratio of 60 percent for 10 years with a 30-year amortization schedule. Tenants at the property at the time of financing included Subway, several service and fitness tenants, and a service station and car wash. The use of the funds was not disclosed.
SANTA BARBARA, CALIF. — The student housing industry continued to show strong fundamentals in the first quarter of this year, with preleasing levels off to a robust start and annual rent growth exceeding pre-pandemic levels, according to the latest installment of Yardi’s National Student Housing Report. As of March, preleasing for fall 2022 was reported at 63.8 percent — a number that is 13.5 percent higher than the same time last year and 9.9 percent higher than March 2019 — and the average rent per-bedroom for fall 2022 is $777. These figures are based on the company’s “Yardi 200” markets, which include the top 200 investment-grade universities across all major collegiate conferences, including the Power 5 conferences and Carnegie R1 and R2 universities (research universities in the Carnegie Classification of Institutions of Higher Education). A handful of university markets were almost fully preleased as of March, with Purdue University (99.9 percent preleased), the University of Pittsburgh (99.8 percent preleased) and the University of Wisconsin-Madison (98.3 percent preleased) topping the list. Few universities are struggling with fall 2022 preleasing so far, but those that are tend to have higher acceptance rates, according to the report. The University of Houston had the …
LOS ANGELES — Bellwether Enterprise Real Estate Capital (BWE) has closed a $77 million nonrecourse construction loan for a flex office campus in northern Los Angeles. The borrower plans to develop a 204,600-square-foot building with 35-foot clear heights, specialized office build-out and onsite trailer storage space. Additionally, a new parking structure will be constructed on the site. Tom Kenny, Josh Boehling and Alex Gregoire of BWE’s Irvine, Calif., office originated the financing on behalf of the borrower. The financing was arranged with a bank lender for an initial three-year term, with an optional extension.
ESCONDIDO, CALIF. — Colliers has arranged the purchase of City Plaza, an apartment building located at 300-330 S. Escondido Blvd. in Escondido, a northern suburb of San Diego. Providence City Plaza Apartments II LLC acquired the asset from Escondido Apartments Investment LLC for $25 million. Built in 2018, the 63,729-square-foot property features 56 units in a mix of one- and two-bedroom layouts. Additionally, the property offers ground-floor retail space and 126 subterranean parking spaces. Peter Scepanovic and Corey McHenry of Colliers represented the buyer in the deal.
LongPoint Realty Partners Receives $52M Acquisition Loan for Van Nuys Industrial Park in Los Angeles
LOS ANGELES — JLL Capital Markets has secured $52 million in acquisition financing for Van Nuys Industrial Park, a value-add business park situated on 11.7 acres in the Van Nuys submarket of Los Angeles. The borrower is Boston-based Longpoint Realty Partners. The seller was not disclosed. Totaling 84,346 square feet, Van Nuys Industrial Park features four light industrial buildings constructed between 1963 and 1974, plus two land parcels totaling 3.8 acres used as outdoor storage lots for automobile and truck trailers. At the time of sale, the property was fully leased to six tenants. The buildings are located at 16300-16210, 16251, 16201, 16141, 16161 Raymer St. and 8085 Woodley Ave. Greg Brown and Peter Thompson of JLL Capital Markets placed the three-year, floating-rate, nonrecourse acquisition loan with Prime Finance.
MOUNTAIN VIEW, CALIF. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! once completed. The community is positioned on 0.85 acres in an affluent residential neighborhood in Silicon Valley. The site is near highways 85, 237 and 101 and will have two accessible bus stops on either end of the community, providing future residents with transportation to nearby retail, dining and entertainment amenities. Bercut Smith, Lillian Roos and Chad Morgan led the JLL Capital Markets debt advisory team representing the borrower.
LAS VEGAS; SCOTTSDALE, ARIZ.; AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired three multifamily communities totaling 1,110 units in three separate off-market transactions for $418 million, excluding closing costs. The properties are Palms at Peccole Ranch in Las Vegas, La Privada in Scottsdale and San Miguel del Bosque in Albuquerque. The company invested $255 million of total equity in the three communities, which are expected to generate approximately $15 million of initial annual net operating income to Kennedy Wilson. Beginning immediately, Kennedy Wilson will implement a $19 million value-add asset management plan, including renovating more than 65 percent of existing units, refreshing common areas and enhancing amenities to further grow net operating income.
SAN DIEGO — Majestic Realty Co. and Sunroad Enterprises have started construction on the second half of their four-building Landmark at Otay development, located at the intersection of state routes 905 and 125 in San Diego. Construction is underway on 50 acres of the 67-acre master-planned development, including a 240,975-square-foot building at 1610 Landmark Road and a 235,085-square-foot building at 1910 Landmark Road. Both buildings will feature 36-foot ceiling clearance and 185-foot secure truck courtyards with individual trailer storage. Additionally, the buildings will offer ESFR fire systems, 51 trailer parking stalls, 40 dock-high doors and two ground-level doors with ramps, as well as Superflat warehouse floors and building-wide clerestory windows. Mark Lewkowitz, Chris Holder and Will Holder of Colliers San Diego are marketing and leasing Phase II of the project. Completion is slated for February 2023. The development team plans to break ground on Phase III, a two-building component including 150,000-square-foot and 115,000-square-foot buildings, this summer.