LOS ANGELES — Ready Capital has closed a $24 million refinancing for a 100-unit apartment community located in the Hollywood submarket of Los Angeles. The undisclosed borrower will use loan proceeds to retire existing debt, construct additional units and renovate existing units at the property. Capital improvements include kitchen, bathroom and living area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and flexible prepayment. The loan includes a facility to provide future funding for capital expenditures and interest shortfalls.
CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million. Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of purchase.
SAN FRANCISCO — Ready Capital has closed $104 million in refinancing for a multifamily property located on the border of San Francisco’s SOMA and Mission districts. The name of the borrower was not released. Loan proceeds will be used to retire existing debt and cover interest costs as the 200-unit property is leased up. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for interest shortfalls.
FREMONT, CALIF. — TA Realty has completed the sale of Fremont Research Center, a two-building portfolio in Fremont, to Kennedy Wilson Fund VI for $32.3 million. Located at 47200 Bayside Parkway and 3500 W. Warren Ave., the portfolio offers a total of 115,537 square feet of office, research and life sciences space. At the time of sale, the property was fully leased to two life sciences and aerospace defense users. Intuity Medical, a medical device company, occupies the 61,824-square-foot property at 3500 W. Warren Ave., and Mercury Systems, a multinational aerospace and defense company, occupies the 53,713-square-foot property at 47200 Bayside Parkway. Steven Golubchik, Edmund Naiera, Jonathan Schaelfer, Darren Hollak and Jack Phipps of Newmark Knight Frank’s Northern California Capital Markets team represented the seller in the deal.
CHINO, CALIF. — BridgeCore Capital has funded a $8.2 million loan for the refinancing of an industrial property in Chino. The undisclosed borrower required a bridge loan to refinance a maturing loan and to fund a partnership buy-out. The non-recourse loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding. The pay-rate structure allowed the borrower to decrease the amount of the interest reserve in order to allocate the needed loan proceeds to fund the partnership buy-out. The 76,421-square-foot property is owner-occupied by a multi-generational luxury furniture manufacturing family.
ANAHEIM, CALIF. — Disneyland Resort will reopen its theme parks Disneyland Park and Disney California Adventure Park on April 30, with limited capacity and more than 10,000 cast members. Additionally, Disney’s Grand Californian Hotel & Spa will welcome guests starting on April 29, as part of Hotels of the Disneyland Resort’s phased reopening. To comply with government requirements and promote physical distancing, various new measures are in place at the park, with the Disneyland Resort managing attendance through a new theme park reservation system that requires all guests to obtain a reservation for park entry in advance. Theme park reservations will be limited and subject to availability, and until further notice, only California residents may visit the parks. Groups must be no larger than three households, in line with current state guidelines. Disneyland’s phased reopening includes: Downtown Disney District – currently open Disney’s Grand California Hotel & Spa — April 29 Disneyland Park and Disney California Adventure Park — April 30 Disneyland Hotel and Disney’s Paradise Pier Hotel — to be determined Disneyland Resort will reopen and operate updated sanitization and distancing protocols, including enhanced cleaning and housekeeping modifications, plus operational changes for physical distancing and reduced contact. Guests planning …
LOS ANGELES — Ready Capital has closed $23.8 million in refinancing for the renovation and lease-up of an office property located in the Studio/Universal Cities submarket of Los Angeles. The undisclosed borrower will use the loan to refinance an existing loan, build out speculative suites, fund capital improvements and lease the vacant space at the 75,000-square-foot, Class B property. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide additional funding for capital improvements, tenant leasing costs and interest shortfalls.
COLTON, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $88 million sale of District at Grand Terrace, a 352-unit apartment community located in the Inland Empire city of Colton. The sales price equates to $250,000 per unit. Built in phases between 1980 and 1986, District at Grand Terrace is located near the San Bernardino Freeway, just off Interstate 215 and about seven miles from downtown San Bernardino. The property features one-, two- and three-bedroom units that average 872 square feet. Units are furnished with stainless steel appliances, tile backsplashes, walk-in closets, individual washers and dryers and private balconies and patios. Communal amenities include multiple resort-style pools, a 24-hour fitness center, coworking lounge, resident clubhouse with a demonstration kitchen and media center, package lockers and outdoor grilling areas. Alexander Garcia Jr. and Christopher Zorbas of IPA, along with Tyler Martin of Marcus & Millichap, represented the seller, California-based investment firm Tower 16 Capital Partners, in the transaction. The trio also procured the buyer, investment and management firm MG Properties Group. “The Inland Empire’s shutdown-resistant, medical- and logistics-heavy job market and limited new apartment construction support apartment owners,” says Zorbas, who serves as executive managing …
ALAMEDA, CALIF. — NorthMarq has arranged $166 million in joint venture equity and construction financing for The Launch, a 368-unit waterfront apartment community in Alameda. The Launch will be located at 1777 Clement Ave. at the northern edge of Alameda Island along the Oakland Estuary. The property is located 16 miles from San Francisco and 39 miles from San Jose. The project will feature a mix of market-rate, below-market-rate and work-live units along with an onsite leasing office. Amenities will include four interior courtyards with a pool, spa, dog runs, barbecue area, fire pits, lounge seating, rooftop decks, a fitness room and a club room. The Launch will have 416 off-street parking spots provided for residents, along with bike parking. The building offers a street-level connection from Clement to the Bay Trail and other marina amenities through a double-height, 20-foot-wide pedestrian corridor. John Kerslake, Briana Harney and Griff Whitlock of NorthMarq secured the debt and joint venture equity for the development of The Launch. The financing package totaled $166 million, of which $62 million is joint venture equity and $104 million is construction financing. Bay West Group/Pacific Development and the investor, an institutional real estate manager, formed a joint venture …
ANTIOCH, CALIF. — Capital Rivers Commercial has arranged the sale of a retail asset located at 111 E. 18th St. in Antioch. San Jose-based DLP Investments sold the property to Antioch-based Antioch Partners for $3.1 million. Situated on 2.5 acres, the asset is a 33,000-square-foot, second-generation grocery store. Capital Rivers Commercial represented the buyer and seller in the deal.