Western

Orion Investment Brokers Sale of LA Fitness-Anchored Retail Center in Chandler, Arizona

by Amy Works April 30, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the sale of a portion of Valle Del Sol, a multi-building retail property located at the corner of Dobson and Warner roads in Chandler. AVD Land 2 LLC acquired the property located at 2090 N. Dobson Road for $2.1 million, or $268 per square foot, and the property at 2080 N. Dobson Road for $1.2 million, or $305 per square foot. LA Fitness and Lee Lee International Market occupy the buildings. Judi Butterworth and Lacey Eyman of Orion Investment Real Estate represented the seller, Arizona-based BCB-WB Partners LLC, in the transaction.

April 30, 2018

California Development Multifamily Seniors Housing Western

Carlton Senior Living to Build $30M Seniors Housing Community in Santa Rosa, California

by Amy Works April 30, 2018

SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord-based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Development costs were estimated at $30 million. The property will offer independent living, assisted living and memory care. Construction is expected to take approximately 14 months.

April 30, 2018

Arizona Loans Multifamily Seniors Housing Western

CBRE Negotiates $37M Refinancing for 170-Unit Seniors Housing Community in Arizona

by Amy Works April 27, 2018

SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.

April 27, 2018

Colorado Loans Multifamily Western

HFF Arranges $33.8M Loan for Apartment Community in Metro Denver

by Amy Works April 27, 2018

BROOMFIELD, COLO. — HFF has arranged $33.8 million in financing for Palisade Park, a garden-style apartment community at 16815 Huron St. in Broomfield, a northern suburb of Denver. Josh Simon and Kristian Lichtenfels of HFF secured the financing for Jeffrey Sanders of Boulder-based Mountain View Capital. The seven-year, floating-rate loan was secured through Freddie Mac’s CME Program. Loan proceeds were used to refinance expiring construction financing. Completed in 2017, the 216-unit Palisade Park is 95 percent occupied and comprises one-, two- and three-bedroom units ranging from 731 square feet to 1,247 square feet. Additionally, the property features 14,500 square feet of indoor and outdoor amenity space, including a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards; WiFi lounge; media center and business room; dog wash and dog park; playground; and detached garages.

April 27, 2018

Loans Office Oregon Western

Alliant Credit Union Closes $9M Refinancing for Office Property in Portland

by Amy Works April 27, 2018

PORTLAND, ORE. — Alliant Credit Union has closed a $9 million refinancing for a newly constructed office property located in Portland’s Eastside submarket. The loan replaces the construction financing. The 33,351-square-foot property features energy-efficient construction, which is expected to result in LEED Platinum certification. Prior to the receipt of certificate of occupancy, the property was 95 percent pre-leased. The borrower was not disclosed. Casey Davidson of HFF referred the transaction to Alliant.

April 27, 2018

Acquisitions California Industrial Western

Partners Capital Acquires 15,000 SF Industrial Building in Metro Los Angeles for $2M

by Amy Works April 27, 2018

GARDENA, CALIF. — Partners Capital has purchased a 15,000-square-foot industrial building, located at 510 E. Airline Way in Gardena. Jennifer M Anderson sold the property for $2 million. The building offers direct access to interstates 110, 91 and 405. At the time of sale, Sparks Recycling fully occupied the space. Remington Moss and David Bales of Lee & Associates represented the buyer, while Brent Daniels and Robert Colacion of Gateway Business Properties represented the seller in the deal.

April 27, 2018

Acquisitions Multifamily Seniors Housing Washington Western

JCH Brokers $7.4M Sale of Seniors Housing Community in Central Washington State

by Amy Works April 27, 2018

WENATCHEE, WASH. — JCH Senior Housing Investment Brokerage has arranged the sale of Riverwest Senior Living, a 65-unit independent living and assisted living community in the Central Washington city of Wenatchee. A group of seniors housing industry veterans sold the property to a 1031 exchange buyer for $7.4 million. The deal also included the placement of a new operator, simplifying the asset transfer. Jim Hazzard and Nick Stahler were JCH’s lead agents on the transaction.

April 27, 2018

Manchester-Financial-Centre-San-Diego-CA

California Loans Office Western

CBRE Arranges $44.7M Refinancing for 160,000 SF Office Property in San Diego

by Amy Works April 26, 2018

SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $44.7 million loan for the refinancing of Manchester Financial Centre. The office property located at 2550 Fifth Ave. in San Diego’s Bankers Hill submarket. Mark McGovern, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the 10-year, fixed-rate loan for the borrower, Manchester Financial Group. Originally built in 1965, the 12-story, 160,000-square-foot features a fitness center, an on-site coffee shop, valet parking, storage and bicycle racks. Tenants include Bertrand at Mister’s A, a fine dining restaurant, and Manchester Financial Group.

April 26, 2018

Acquisitions California Retail Western

ValueRock Realty Acquires 41,150 SF Best Buy Property in Irvine, California

by Amy Works April 26, 2018

IRVINE, CALIF. — ValueRock Realty Partner has purchased a retail property located at 16171 Lake Forest Drive in Irvine. An undisclosed seller sold the property for $9 million in an off-market transaction. Best Buy has occupied the 41,150-square-foot property since 2004.

April 26, 2018

Arizona Loans Multifamily Seniors Housing Western

Walker & Dunlop Provides $17M Freddie Mac Refinancing for Seniors Housing Community Near Phoenix

by Amy Works April 26, 2018

GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop’s team included Kevin Giusti, Jeff Ringwald and Bill Jackson.

April 26, 2018

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