HILLSBORO, ORE. — MG Properties Group has purchased the 340-unit Thorncroft Farms Apartments in Hillsboro for $97.5 million. The community is located at 2120 N.W. Thorncroft Drive. Thorncroft Farms was built in 1998. It is situated within three miles of the Intel headquarters campus and within four miles of Nike’s headquarters. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group. CBRE’s Brian Eisendrath and Cameron Chalfant arranged financing.
NATIONAL CITY, CALIF. — Walker & Dunlop Inc. (NYSE: WD) has structured an $82 million loan for Paradise Village, located just outside of San Diego in National City. Built in 2009, Paradise Village consists of seven four-story buildings and 394 units of independent living, assisted living and memory care. The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility. The transaction for the Class A community represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property, according to Walker & Dunlop. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team.
EMERYVILLE, CALIF. — Decron Properties Corp. has acquired the 220-unit Bridgecourt apartment complex in Emeryville for $87.4 million. The community is located at 1325 40th St. Bridgecourt contains a mix of one- and two-bedroom units, ranging from 554 square feet to 1,179 square feet. Common area amenities include a pool, spa, sauna, outdoor barbecue with seating area and a dog park. Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units, featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting. Decron will also perform additional upgrades to the common areas. Moran & Co. represented both Decron and the seller, a joint venture between Bascom Group and Carlyle Group, in this transaction.
WOODBURN, ORE. — Lancaster Pollard has arranged an $8.8 million HUD refinancing for Heartwood Memory Care Community in Woodburn. The 48-bed community offers exclusively memory care services. The owner sought long-term financing after a successful opening in 2014. The new FHA-insured structure allowed the borrower to refinance senior and mezzanine construction financing into a non-recourse, 35-year, fixed-rate loan. Matt Lindsay and Casey Moore led the transaction for Lancaster Pollard.
MEDFORD, ORE. — Contemporary Healthcare Capital has arranged a $2.8 million mezzanine loan to affiliates of Sapphire Health Services. The loan will help finance the acquisition of two assisted living facilities in Medford. Contemporary’s senior lending partner on the transaction was Sunwest Bank of Irvine. The combined loans of approximately $11.8 million were used for the acquisitions of West Wind Enhanced Care, a licensed assisted living facility serving residents afflicted with traumatic brain injuries, and Ridgeview Assisted Living Facility, a community serving a younger population of residents with developmental or neurological challenges.
LONG BEACH, CALIF. — Marcus & Millichap has facilitated the sale of a retail property located at 4411 Pacific Coast Highway in Long Beach. A partnership sold the property to an individual/personal trust for $6.6 million. Wells Fargo Bank occupies the 3,479-square-foot property under a 10-year, triple-net lease with five five-year options to renew. Kevin Boeve of Marcus & Millichap represented the seller, while Neema Ahadian, also of Marcus & Milichap, represented the buyer in the transaction.
VICTORVILLE AND HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the sales of two parcels of land to Circle K and Chevron for a combined total of $4.7 million. Pablo Velasco of Progressive Real Estate Partners represented the sellers in both transactions. In the first deal, Circle K acquired a 3-acre land parcel, located at 15 Freeway and Nisqualli Road in Victorville, for $2.8 million. Circle K plans to build a convenience store, gas station and car wash on the site. The development is slated to open in mid-2018. In the second transaction, Chevron purchased a 1.2-acre land parcel, located at 15 Freeway and Ranchero Road in Hesperia, for $1.9 million. Projected to open in mid-2018, the development will feature a convenience store and car wash.
REDONDO BEACH, CALIF. — CBRE has arranged the sale of a retail property located at 2525 Artesia Blvd. in Redondo Beach. El Indio Property LLC sold the property to MattKarr Properties LLC for $4.2 million. A drive-through Coffee Bean & Tea Leaf, which signed a 15-year lease in 2017, occupies the property. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Sanjo Investments represented the buyer in the deal.
CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in 1989, with substantial renovations completed by the borrower in 2015.
NEWPORT BEACH, CALIF. — Newmark Knight Frank has added Daniel Samulski as a senior managing director with the firm’s Newport Beach office. Samulski has almost two decades of retail expertise in Southern California. Previously, he served as a senior vice president at CBRE.
