PALM DESERT, CALIF. – Money360 has closed a $3.1 million loan for a commercial property in Palm Desert. The two-year loan was funded by institutional and accredited investors. It financed the existing debt on a multi-tenant commercial office building. The funds also provided the borrower the cash that will be used for other capital needs. The loan was secured by a first trust deed. The borrower also personally guaranteed the loan. Money360 is the first peer-to-peer lending platform for real estate loans, matching worthy commercial real estate borrowers with institutional and accredited private investors.
NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.
LOS ANGELES — CityView has sold three multifamily properties in the Los Angeles area. These include the 147-unit Venue in Woodland Hills for $38 million; the 306-unit Enclave in Paramount for $61.2 million; and the 251-unit Torrey Pines in West Covina for $53.8 million. The properties contain a total of 704 units that ultimately sold for a combined $153 million. All three properties were purchased between April 2010 and June 2012.
LOS ANGELES — Mortgage broker Berkadia has arranged $93.2 million in financing over two separate transactions for ROC Seniors Housing Fund Manager LLC. In the first transaction, Berkadia arranged an $84 million loan from BBVA Compass Bank for the acquisition of 14 seniors housing communities spread across California, Oklahoma, Texas, North Carolina, Ohio and West Virginia. Berkadia contributed $20 million of the overall financing through its Propriety Bridge Lending Program. In total, the facilities consist of 1,038 units: 719 assisted living units, 208 memory care units and 111 independent living units. Christopher Fenton, managing director of Berkadia’s Seniors Housing and Healthcare group, secured the financing for ROC, which is a seniors housing investment fund. In the second transaction, Berkadia arranged a $9.2 million loan for the acquisition of The Landing of Canton, a 76-unit assisted living and memory care facility located in Canton, Ohio.
TEMECULA, CALIF. – A 36,911-square-foot office property in Temecula has sold to the Stewart Group for $3.3 million. The two-building property is located at 28999 and 28991 Old Town Front Street. It is 75 percent occupied by 15 tenants. The space was built in 1986 and 1988. The Stewart Group was represented by Coldwell Banker Commercial. The seller, Plaza Del Rio LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
SAN DIEGO – The 21-unit Casa Verde Apartments in the San Diego submarket of La Mesa has sold to Olasitas LLC for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. Casa Verde Apartments has undergone extensive interior and exterior renovations over the past two years. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and seller, 7629 Normal Avenue LLC, in this transaction.
Alhambra, Calif. — Shea Properties has signed four new tenants to open at the 140,000-square-foot Alhambra Place located in downtown Alhambra. Tenants include Blaze Fast Fire’d Pizza, The Habit Burger Grill, Bank of the West and Maido, a stationery store. The center broke ground in fall 2014, and will open in summer 2015.
SAN JOSE, CALIF. — MCP Trimble Campus LLC has purchased The Campus, a 250,000-square-foot office park in San Jose, for $96 million. The Campus is located at Trimble Road and Orchard Parkway. The four-building project received a significant redesign after it was purchased by a joint venture between Bixby Land Co. and Cornerstone in 2012. The building exteriors were reskinned and atrium entryways were installed. The property also received an outdoor living room and amenities area that included an outdoor gourmet kitchen, dining areas, fountains, plush couch seating around a fire table, eco-friendly landscaping and more. The property is occupied by Verizon and ASML US.
LOS ANGELES — HFF has completed the sale-leaseback on two separate Haggen Food & Pharmacy portfolios along the West Coast. The portfolios contain a total of 39 grocery stores in Washington, Oregon and California. HFF’s Mark West, Timothy Hall, Bryan Ley, Brandon Chavoya, Coler Yoakam, Michael George and Campbell Black marketed the portfolios on behalf of Haggen. The Washington-based grocery store chain entered into long-term leases with the purchasers. Haggen purchased 146 stores from Albertson’s as part of a $9.4 billion merger between Safeway and AB Acquisition, the owner of Albertson’s. This expansion grows the Haggen Food & Pharmacy portfolio from 18 stores in Washington and Oregon to 164 stores in five Western states. HFF also arranged the floating-rate financing for the 19 properties.
LOS ANGELES — Lincoln Property Co. has purchased the Burbank Collection, a three-building office campus in the Los Angeles submarket of Burbank, for an undisclosed sum. The property is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The Burbank Collection occupies an entire city block in the downtown district. The project represents roughly half of the city’s 740,000-square-foot, Class A office inventory, according to Lincoln. Notable tenants at the project include Cartoon Network and Nickelodeon. The company plans to convert the three-acre site into a cohesive, walkable campus that emphasizes the existing open space. An unfinished loading alley that bisects the site will be converted into a central pedestrian walkway that will connect new outdoor decks and terraced dining areas. Public art and significant landscaping will be featured throughout the property. The renovation is scheduled for completion early next year. Lincoln Property Company was represented by CBRE. The seller was Kennedy Wilson.