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.
SAN DIEGO — Realty Capital has closed $20.9 million in refinancing for the renovation and lease-up of 39,000-square-foot property in San Diego’s Del Mar submarket. The undisclosed borrower will use the loan to refinance an existing loan, finish outstanding capital improvement items, built-out speculative suites and lease vacant space. The non-recourse loan features interest-only payments and a floating rate, as well as a 36-month term, two extension options and flexible prepayment. The financing includes a facility to provide additional funding for capital improvements, tenant leasing costs and interest and carry shortfalls.
PERRIS, CALIF. — Atlanta-based Core5 Industrial Partners has completed the sale of Harvill Business Center, a modern logistics facility in Perris. Black Creek Group bought the asset for an undisclosed price. Completed in early 2020, the 423,665-square-foot property features a Ductilcrete concrete floor slab, 36-foot clear heights, 2.5 percent skylights, LED lighting, a gated concrete truck yard, on-site truck staging and low-water landscaping. American Standard, a subsidiary of Lixil Corp. and a North American plumbing and building products manufacturer, occupies Harvill Business Center on a long-term basis. Michael Chavez of Lee & Associates represented the seller and buyer in the transaction.
NEWPORT BEACH, CALIF. — DJM has received $24.5 million in new equity from Arc Capital Partners for the recapitalization of Lido Marina Village, a 116,000-square-foot waterfront retail and office property located on the Balboa Peninsula in Newport Beach. The new equity comes on the heels of a $46.5 million loan from Prime Finance, which brings DJM’s total recapitalization to $71 million. The capital will be used to pay off an existing loan and complete property renovations. Steven Bram, David Pascale and Patrick O’Donnell of George Smith Partners arranged the financing, while Bryan Ley and Geoff Tranchina of JLL handled the equity transaction. Since acquiring Lido Marina Village in 2013, DJM has performed renovations and rebranded the property with high-profile tenants, including The RealReal, Rye Goods, Marrow Fine, Elyse Walker, LoveShackFancy, Serena & Lily, Jenni Kayne, Nobu and Malibu Farms.
PLACERVILLE, CALIF. — The Neenan Company has broken ground for El Dorado Community Health Center (EDCHC), a medical clinic at 4212 Missouri Flat Road in Placerville that will serve residents throughout El Dorado County. Designed by Neenan, the 30,600-square-foot facility will feature 40 primary care exam rooms, 10 behavioral health exam and substance abuse treatment rooms, seven dental exam rooms and four optical exam rooms, as well as space to provide telehealth treatment. Slated for completion in spring 2022, the new facility will replace EDCHC’s current Placerville and Diamond Springs clinics. EDCHC will own and operate the completed facility and the organization received financing for the project, as well as a Health Resources and Services Administration grant to mitigate future weather-related issues.