BELMONT, CALIF. — Värde Partners has provided Windy Hill Property Ventures, a firm specializing in real estate development in the Greater Bay Area, with $105 million in construction takeout refinancing for its Artisan Crossing apartment property in the Bay Area city of Belmont. The bridge financing supports the lease-up of the newly developed property. Chris Gandy and Tom Gilliland of JLL arranged the floating-rate loan, which has a three-year initial term with two one-year extension options. The 250-unit community features a fitness center, pool, dog spa, clubroom with rooftop deck, conference room, work pods and underground parking.
ORANGE, CALIF. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. Located at 1800 E. La Veta Ave., The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. Community amenities will include a clubroom, dog park, fitness center, computer workstations, a community garden with some elevated planters, a courtyard and shaded patio, and secured parking. Residents will also have access to LifeSTEPS, a social-services provider. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community. The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $64 million project. The California Tax Credit Allocation Committee awarded bond funding for the development. Bank of America offered construction and tax credit equity financing, while Citibank served as the permanent lender.
LOS ANGELES — The Mogharebi Group (TMG) has brokered the sale of Pinetree Terrace Apartments, a multifamily property located at 7940 Reseda Blvd. in Reseda, a neighborhood in the San Fernando Valley area of Los Angeles. GLS Building Corp. sold the asset to Foundation for Affordable Housing for $17.6 million. The buyer plans to transform the 58-unit property into long-term affordable housing. Built in 1978, Pinetree Terrace features a mix of one-, two- and three-bedroom floor plans, ranging from 900 square feet to 1,263 square feet, spread across five two-story residential buildings. Community amenities include a pool and spa, fitness center, laundry room, leasing office and subterranean parking. At the time of sale, the property was 100 percent occupied. Otto Ozen and Brian Nakamura of TMG represented the seller in the deal.
SAN JOSE, CALIF. — Marcus & Millichap has facilitated the purchase of a 1.1-acre ground lease at 3155 Stevens Creek in San Jose. The property sold for $10 million in an off-market transaction. The land is encumbered by a long-term lease to Lincoln Auto Dealership. The buyer is the tenant that owned the leasehold improvements on the property. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed.
JAMUL, CALIF. — The Jamul Indian Village Development Corp. (JIVDC), a subsidiary of the Jamul Indian Village, has released plans for a $270 million Jamul Hotel to accompany the Jamul Casino in Jamul, approximately 20 miles east of San Diego. C.W. Driver Cos., as general contractor and construction manager, has topped out the 16-story project, which is slated for completion in spring 2025. The 254,000-square-foot hotel will feature 200 guest rooms, including 52 suites, an upscale restaurant, speakeasy bar, resort spa, banquet space and rooftop pool. The property will also feature a 350-space parking structure. JCJ Architecture provided architectural services for the project.
LOS ANGELES — Neutraderm, a medical-grade skincare manufacturer specializing in over-the-counter drug products, has acquired an industrial building at 20680 Nordoff St. in Los Angeles’ Chatsworth submarket. Nordhoff XC LLC sold the asset for $21 million. The manufacturer plans to combine this property with two nearby buildings, located at 9000 Lurline Ave. and its current West Coast headquarters at 20600 Nordhoff St. The resulting 115,000-square-foot facility will serve as Neutraderm’s flagship headquarters complex for Southern California. Erica Balin and Scott Caswell of Lee & Associates – LA North/Ventura represented the buyer in the deal.
HAYWARD, CALIF. — BKM Capital Partners has acquired North Cabot Industrial Park, located at 19707-19845 Cabot Blvd. in the East Bay city of Hayward. A non-profit entity sold the asset for $10.5 million, or $206 per square foot. Situated on 3.8 acres, North Cabot Industrial Park consists of two buildings offering a total of 51,038 square feet with 13 units ranging in size from 2,794 square feet to 6,936 square feet. The asset features two dock-high and 15 grade-level doors, 14-foot clear heights, sprinkler systems and ample parking. At the time of sale, the property was 91 percent occupied. BKM plans to invest about $685,000 on capital improvements to bring the asset to its brand standards. Planned improvements include upgrades and/or replacements of the roofs, HVAC systems, parking lot, paint, signage and landscaping. The company will invest $49,000 on speculative tenant improvements to modernize a 4,580-square-foot unit with new carpeting, paint, fixtures, millwork and lighting. BKM was self-represented in the transaction, while Robert Ferraro, Michael Barry and Ken Morris of CBRE represented the seller.
EL CAJON, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million loan for the refinancing of a retail property located at 13578 Camino Canada in El Cajon, a suburb of San Diego. Tenants at the property include Wells Fargo, Subway, Panda Express, The UPS Store and H&R Block. Chad O’Connor of MMCC’s San Diego office secured the financing with a local credit union on behalf of a private client. Terms of the 10-year loan include a 6.5 percent fixed interest rate with 30-year amortization and a loan-to-value ratio of 65 percent.
BEVERLY HILLS, CALIF. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive. The buyers plan to rebrand the property as One Rodeo, as well as upgrade and re-program the buildings to cater to luxury retail and office tenants. Current tenants include Merrill Lynch/Bank of America, USB, William Morris Endeavor and Encore Recordings. The Mateen brothers and Abdi view the acquisition as a generational property, and hope to take advantage of the “flight to quality” in a struggling office sector with limited new Class A supply. “Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” says Tyler Mateen, who is CEO of Cannon TTM, a Los Angeles-based real estate investment firm. “We are grateful to be acquiring these buildings at …
DIAMOND BAR AND MONTEREY PARK, CALIF. — NAI Capital Commercial has arranged the sale of two separate office buildings in Diamond Bar and Monterey Park, both located in the San Gabriel Valley east of Los Angeles. The assets sold for a total consideration of $28.2 million. Ryan Campbell of NAI Capital Commercial’s Investment Services Group and Tony Naples of Lee & Associates represented the buyer, a private investor, in the transactions. In the first deal, the 80,753-square-foot building at 21680 Gateway Center Drive in Diamond Bar sold for $18.9 million, or $234 per square foot. Situated on a 13.3-acre campus, the fully renovated asset is fully leased to 13 diverse tenants. In the second transaction, a 39,233-square-foot facility at 1100 Corporate Center Drive in Monterey Park sold for $9.3 million, or $237 per square foot. The two-story standalone building features ample parking. The seller or sellers were not disclosed.