SANTA ANA, CALIF. — Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the 349-unit Adagio at South Coast in Santa Ana. The community is located at 3124 S. Main St. The acquisition loan features four years of interest-only payments during the initial term, followed by an extension option. Meridian’s Seth Grossman and Sarah Kuebler negotiated the transaction on behalf of Decron Properties. A balance-sheet lender provided the capital.
IRVINE, CALIF. — Karma Automotive has leased a 262,000-square-foot manufacturing facility in Irvine. The facility is being developed at 9950 Jeronimo Road on the site of the former Kawasaki USA headquarters. Karma will relocate from nearby Costa Mesa. Bixby Land Company acquired the space from Kawasaki in 2015 for $44.2 million. It has since been rebranded as creative work environment Habitat. Karma Automotive is owned by Wanxiang Group, which purchased Fisker Automotive’s assets in 2014. Karma recently announced its distribution strategy for the new Revero automobile, which includes an Orange County Brand Experience Center that will be housed at this new location. Kevin Leonard and George Okita of California Commercial Real Estate Services represented the automotive company. CBRE’s Gregg Haly and Jeff Carr represented Bixby in this lease transaction.
BANNING, CALIF. — Marinita Development Co. has developed a retail building at Sun Lakes Village Shopping Center, a retail center at the intersection of Highland Springs Avenue and Interstate 10 in Banning. With a grand opening celebration scheduled for the end of September, the 95,000-square-foot building, located at 300 S. Highland Springs Ave., is fully leased to Hobby Lobby, Marshalls, Party City and Big 5 Sporting Goods. Additional tenants at Sun Lakes Village Shopping Center include Albertsons and Rite Aid. Marinita Development has offices in Newport Beach, Calif. and Las Vegas.
SANTA BARBARA, CALIF. — C.W. Driver has completed the $58.5 million renovation of the Davidson Library at the University of California, Santa Barbara (UCSB). The project included the addition of a 62,000-square-foot, three-story building to the north of the library that houses the Special Research Collections, a collection of rare artifacts and unique materials for UCSB students, faculty and the scholarly community. The upgraded library is designed to enhance teaching, learning and research at UCSB and meet the needs of the campus’ growing student body. The work included Fire and Life Safety upgrades, seismic retrofits and various renovations to bring the existing library up to code and add a range of collaboration spaces, a café and numerous open-air study areas.
TEMECULA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of the 300-unit Cape May at Harveston apartment community in Temecula. The community is located at 40140 Village Road. The garden-style complex was built in 2006. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing on behalf of MIG Real Estate. The Fannie Mae loan features a 10-year term and floating rate.
IRVINE, CALIF. — WNC, an Irvine-based national investor in real estate and community development, has closed WNC Institutional Tax Credit Fund 42 L.P., a $102 million institutional low-income housing tax credit (LIHTC) fund. The fund is estimated to include 1,504 affordable housing units in total, and is comprised of 17 multifamily and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin. This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million.
SANTA ANA, CALIF., AND SAN DIEGO — LaTerra Development has broken ground on two infill apartment projects in Southern California. The Line at Santa Ana is a transit-oriented, mixed-use development with 228 apartment units and 4,000 square feet of ground-floor retail in Santa Ana. Stone Creek Casitas is a 97-unit, garden-style apartment project in the San Diego submarket of Chula Vista. In addition to the new apartment projects, LaTerra recently completed entitlements on two projects with 179 entry-level homes in infill Los Angeles and El Monte. These two projects were recently sold to two public residential homebuilders.
MILPITAS, CALIF. — Interstate Equities Corp. (IEC) has acquired the 137-unit Meritage Apartments in the Silicon Valley submarket of Milpitas for $46 million. The community is located at 555 S. Park Victoria Drive. The asset will be rebranded as 555 Apartments. The community will undergo a series of improvements. It was built in 1973. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap, executed the transaction. IEC is currently targeting unrenovated or partially renovated apartment communities with 20 to 400 units located in coastal infill markets.
IRVINE, CALIF. — Lincoln Property Co. and Alcion Ventures have announced eight chef-driven tenants to open at Trade Food Hall in Irvine. Lincoln and Alcion purchased the 32,600-square-foot Trade Marketplace in 2014, and have since transformed the project’s food court into a 9,000-square-foot food hall. Tenants to open within the food hall include Chef Andrew Gruel’s Two Birds and Butterleaf; Chef Hop Phan’s Dos Chinos and Megadon; The Sandwich Society; Portside; Sweet Comforts; and Gyro King. Ootoro Sushi and KRISP Fresh Living will anchor the property, which is set to feature a mix of service-oriented and soft goods retailers. The project is scheduled to open this fall.
IRVINE, CALIF. — Bomel Construction has purchased a 41,585-square-foot creative office building in Irvine for $15 million. The building is located at 96 Corporate Park. The three-story, multi-tenant building will become the new headquarters for Bomel Construction, which is currently located in Anaheim. Gary Marquis of Coldwell Banker represented Bomel, which purchased the building as a partial owner/user investment opportunity.
