California

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day September 21, 2015

CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

September 21, 2015

California Loans Retail Western

CBRE Capital Markets Secures $9M in Financing for Regency Plaza

by Nellie Day September 21, 2015

PLEASANT HILL, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has arranged $9 million in non-recourse financing for the refinance of Regency Plaza in Pleasant Hill. The center features 36,597 square feet of retail space. CBRE arranged the 10-year, fixed-rate financing at a 74 percent loan-to-value on behalf of the client, a private high-net-worth real estate investor. A foreign bank provided the capital. Michael Walker of CBRE secured the financing for the borrower.

September 21, 2015

California Office Western

Carmenita Corporate Plaza in Cerritos Changes Hands

by Nellie Day September 21, 2015

CERRITOS, CALIF. — A private exchange buyer has acquired Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.

September 21, 2015

California Hospitality Loans Western

AJ Capital Receives $31.5M to Acquire, Reposition Hotel Durant in Berkeley

by Nellie Day September 18, 2015

BERKELEY, CALIF. — AJ Capital has received $31.5 million in financing to acquire and reposition the 144-unit Hotel Durant in Berkeley. The hotel is located at 2600 Durant Ave. AJ Capital plans to rebrand the property as the Graduate Hotel. The Graduate brand is the first to cater exclusively to college- and university-anchored markets. It is targeted toward alumni and other college visitors. The Graduate portfolio was launched in 2014. It currently contains 1,355 rooms in nine university-anchored markets across the country. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors’ Debt & Equity Finance Group arranged the financing.

September 18, 2015

California Loans Multifamily Western

CBRE Arranges $12M Fannie Mae Loan to Refinance Independent Living Community in California

by Nellie Day September 18, 2015

September 18, 2015

California Multifamily Western

Santa Monica Apartment Complex Sells for $2.9M

by Nellie Day September 17, 2015

SANTA MONICA, CALIF. — A local private investor has purchased a six-unit apartment complex in Santa Monica for $2.9 million. The community is located at 2820 3rd St. It is situated near Third Street Promenade and the Santa Monica Pier. The property was built in 1962 and recently underwent a total renovation. Kimberly Roberts Stepp of Stepp Commercial represented the seller, 2820 3rd Street LLC, in this transaction.

September 17, 2015

California Office Western

The Abbey Company Receives $310M to Recapitalize SoCal Portfolio

by Nellie Day September 16, 2015

LOS ANGELES — The Abbey Co. has received a $310 million bridge loan to recapitalize a 34-property Southern California portfolio. The assets securing the loan total about 3 million square feet of office, industrial and retail properties. The properties are situated throughout the Inland Empire, San Diego, Los Angeles and Orange counties. The proceeds were used to refinance two maturing CMBS loans and increase cash flow across the portfolio. David Blitz of Nebo Capital arranged the interest-only loan. Sklar Kirsh acted as the firm’s legal advisors.

September 16, 2015

California Multifamily Western

Inspire Communities Near Sacramento Names David Gold as New CEO

by Nellie Day September 16, 2015

GOLD RIVER, CALIF. — Inspire Communities has named David L. Gold as its new CEO. The manufactured housing community owner is located in Gold River, just west of Sacramento. Gold has more than 30 years of institutional experience owning, financing and investing in domestic and international commercial real estate, with a focus on low- and middle-income housing. He co-founded Rockland Capital Partners in 2011, and was a managing director at Los Angeles-based real estate private equity firm Paladin Realty Partners for more than a decade. The firm’s former CEO, Matt Follett, will remain as a board member of Inspire Communities. His focus will be limited to acquiring manufactured housing communities in Washington, Oregon and California. Private investment firm American Infrastructure MLP Funds also recently announced it will invest in Inspire’s infrastructure-related operating businesses that are profitable and can expand quickly with additional capital.

September 16, 2015

California Office Western

Carmenita Corporate Plaza in Cerritos Changes Hands

by Nellie Day September 15, 2015

CERRITOS, CALIF. — Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, has sold to a private exchange buyer for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.

September 15, 2015

California Industrial Loans Western

Partners Capital Property Provides $3.4M Acquisition Financing for Industrial Facility in Downtown LA

by Nellie Day September 15, 2015

LOS ANGELES — Partners Capital Property has provided a $3.4 million bridge loan for the acquisition of a 245,000-square-foot industrial facility in downtown Los Angeles’ Arts District. The two-building property is situated on four acres. Bobby Khorshidi of Partners Capital Finance arranged the deal. It allowed the borrower to acquire the property. The site was under a long-term escrow.

September 15, 2015

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