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.
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.
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.
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.
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.
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.
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.
ONTARIO, CALIF. — A new industrial park that will be situated adjacent to Ontario International Airport has received a $16 million construction loan. The funds will finance the development’s ground-up construction. The borrower was Mission Grove Partners. The loan was provided by Partners Capital Solutions.
CORONA DEL MAR, CALIF. — Corona Del Mar-based Hanley Investment Group has arranged the sale of two retail centers totaling nearly 250,000 square feet for $13 million. Properties included Blaine International, a 130,448-square-foot grocery-anchored shopping center located in Blaine, Washington; and Cedar South Shopping Center, a 118,319-square-foot shopping center located in Cedar City, Utah. A Texas-based investment company acquired the properties from Phillips Edison. Eric Wohl, Edward Hanley and Kevin Fryman of Hanley Investment Group represented the seller and buyer in the sale of Blaine International. Eric Wohl represented the buyer in the purchase of Cedar South Shopping Center.
SAN RAFAEL, CALIF. — Reliant Management Group LLC has purchased Northgate Care Center, a 52-bed skilled nursing facility in San Rafael near San Francisco, from Meridian Foresight Management for $4.5 million. The sale price translates to about $87,000 per bed. Reliant, an owner/operator based in Baton Rouge, La., that was already operating the facility, made the acquisition as part of a lease-purchase agreement. A group of Los Angeles investors looking to expand their California skilled nursing portfolio owns Reliant. Meridian is looking to divest the majority of its skilled nursing portfolio. Shep Roylance of JCH Consulting Group brokered the transaction, representing both the buyer and seller.