REBusinessOnline

Paragon Mortgage Arranges $18.8M Refinancing for Two Multifamily Communities in New Mexico

CLOVIS, N.M. — Paragon Mortgage has secured a total of $18.8 million in refinancing for Raintree I and II, two apartment developments in Clovis.The Phoenix-based firm arranged $11.2 million and $7.6 million in loans for the two properties through the U.S. Department of Housing and Urban Development’s 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low-interest, 40-year, fully amortizing, non-recourse financing to restructure and lower the current debt …

Office Market Remains Steady in Albuquerque

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate GroupLease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first …

Dah Commercial Acquires 611-Unit Wagon Self Storage in Santa Fe

SANTA FE, N.M. — Dah Commercial has purchased Wagon Self Storage, located at 2 Emblem Road in Santa Fe, for an undisclosed price. The buyer has rebranded the self-storage facility as Mini U Storage.Originally built in 2009 and expanded in 2016, the property features 63,726 rentable square feet. The facility offers 611 climate-controlled units, recreational vehicle spaces and 42 wine storage units. The buyer is a national real estate investment and asset management company that has …

New Mexico Retail Pauses, But Should Return After COVID-19

By George Chronis, Senior Advisor, SVN/Walt Arnold Commercial BrokerageNew Mexico retail has been negatively impacted by the state’s stay-at-home order due to the coronavirus. The retail industry was looking pretty promising with robust sales and leasing activity in 2019 and at the beginning of 2020 – New Mexico included. I thought we were off to a good start with several developments near completion, several in progress and several more to begin in 2020.  The full economic impact of …

Goodman Realty Group to Develop 199-Unit Apartment Community in Albuquerque

ALBUQUERQUE, N.M. — Goodman Realty Group plans to develop a four-story multifamily community located within Winrock Town Center in Albuquerque.Situated on 3.3 acres, the 146,000-square-foot property will feature 199 apartments, a game room, lounge, industrial kitchen, paw spa, fitness center, courtyard and secured parking, as well as the amenities available at Winrock Town Center.Construction of the $45 million project is slated to begin in fourth-quarter 2020, with completion …

New Mexico is Primed for Industrial Development

By Riley McKee, Advisor, NAI Maestas & WardIf summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand, combined with a dearth of new construction, have resulted in record-low vacancy rates in Albuquerque, Las Cruces and Santa Fe – the state’s primary metropolitan areas.A string of noteworthy projects are underway in Albuquerque. Food products supplier Ben E. Keith Foods is building a …

Goodman Realty to Develop 28,000 SF Office Building at Winrock Town Center in Albuquerque

ALBUQUERQUE, N.M. — Albuquerque-based Goodman Realty is developing Portland Building, an office building located within Winrock Town Center in Albuquerque. The ground-up construction project will feature a three-story, 28,000-square-foot office and retail property, along with a park, all situated on a two-acre site.Goodman plans to break ground on the asset in fourth-quarter 2020, with completion slated for second-quarter 2022. The project is expected to cost $8.5 million.Located at …

Blue Road Investments Breaks Ground on 315,000 SF Spec Industrial Building in New Mexico

SANTA TERESA, N.M. — Blue Road Investments has broken ground on Westpark Building I in Santa Teresa, approximately 23 miles northwest of El Paso, Texas.Situated at 655 Industrial Ave. within Westpark Logistics Center, the facility will feature 315,000 square feet of speculative industrial space with cross-dock loading, 36-foot clear heights and 185-foot concrete truck courts.This is the first spec building in Westpark Phase I, where Blue Road has capacity for an additional 1 million …

Hunt Real Estate Funds $7.7M Acquisition Loan for Sage Canyon Apartments in Albuquerque

ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity.The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the …

CBRE Arranges $49.7M in Construction Financing for South Meadows Apartments in Santa Fe

SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer.The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban …

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