Western

Titan Development Breaks Ground on 188-Unit Multifamily Project in Santa Fe

by Amy Works June 7, 2018

SANTA FE, N.M. — Titan Development Real Estate Fund I has broken ground on Broadstone Rodeo, a multifamily project in Santa Fe. Developed along with Alliance Residential, Broadstone Rodeo is the sixth project for the partnership. Slated to open in 2019, the property will feature 188 apartments in a mix of one-, two- and three-bedroom layouts, gated entrances, a lounge, entertainment room, patios, covered parking, resort-style pool and fitness center. This investment will be the fund’s first in the multifamily sector, and the first significant Class A multifamily property to be built in Santa Fe in 20 years, according to the developer.

June 7, 2018

California Industrial Loans Office Western

iBorrow Provides $17M Loan for Flex R&D and Office Assets in Gardena, California

by Amy Works June 7, 2018

GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.

June 7, 2018

Acquisitions California Office Western

Madison Partners Facilitates $14M Sale of 53,410 SF Office Building in Los Angeles

by Amy Works June 7, 2018

LOS ANGELES — Madison Partners has arranged the sale of an office building located at 5955 De Soto Ave. in the Warner Center submarket of Los Angeles. Majestic Asset Management sold the property to a private trust for $14 million, or $262 per square foot. Situated at the corner of De Soto Avenue and Oxnard Street, the two-story building features 53,410 square feet of Class B office space. At the time of sale, the property was 97 percent leased. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Chuck Wilson and Brian Chastain of Colliers International, along with Brian Forster of Pacific Partners Commercial, represented the buyer in the transaction.

June 7, 2018

Acquisitions California Development Industrial Office Western

Kilroy Realty Purchases 2.5 MSF Life Science Development Site in South San Francisco for $308M

by Amy Works June 6, 2018

SOUTH SAN FRANCISCO, CALIF. — Kilroy Realty Corp. has completed the acquisition of a development site, located at the intersection of Oyster Point and Marina boulevards in South San Francisco, for $308 million. The site is fully entitled for 2.5 million square feet. Kilroy Realty plans to develop Kilroy Oyster Point, a multi-phased life science development, on the site. Upon build out, the laboratory and office campus will encompass 11 buildings across the nearly 40-acre waterfront site.

June 6, 2018

Acquisitions Arizona Data Centers Development Industrial Western

CyrusOne Buys 68.2 Acres for Data Center Development in Mesa, Arizona

by Amy Works June 6, 2018

MESA, ARIZ. — CyrusOne has acquired 68.2 acres of land within Mesa Elliot Technology Park in Mesa for the development of a cloud storage campus for the Fortune 1000. Upon completion, the campus will feature five buildings with up to 198 megawatts of critical power to power cloud computing services for clients. Details of the acquisition were not released. CyrusOne operates 45 data center facilities across the United States, Europe and Asia.

June 6, 2018

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires Two Affordable Housing Communities in Utah for $14.3M

by Amy Works June 6, 2018

OGDEN, UTAH — Community Preservation Partners (CPP) has completed its first acquisition in Utah with the $14.3 million purchase of two apartment communities in Ogden. The seller was an undisclosed private developer. Renovations are currently underway at Normandie Apartments, a 58-unit property at 610 First St., and Osmond Heights, a 40-unit community at 630 23rd St. Planned improvements for both properties include full kitchen renovations; updated bathrooms; new carpeting throughout units and common areas; ADA accessibility improvements throughout exterior spaces; improved outdoor spaces, including parking repavement and landscaping; installation of new outdoor playground equipment; and remodeled laundry rooms and management offices. The transaction preserved all 98 units as affordable through the combination of a 20-year renewal on the existing 54 project-based Section 8 vouchers and reallocation of 44 project-based Section 8 vouchers from another property located outside the city. WNC & Associates, CPP’s parent company, is the lead investor for the project, which includes a loan from California Bank & Trust.

June 6, 2018

Acquisitions California Multifamily Western

Kidder Mathews Brokers $14.1M Sale of Rimrock Apartments in La Mesa, California

by Amy Works June 6, 2018

LA MESA, CALIF. — Kidder Matthews has arranged the sale of Rimrock Apartments, a multifamily community located at 8420 Buckland St. in La Mesa. Wyoming-based Joehnk LLC acquired the property from Rimrock LP and Partners LLC for $14.1 million. Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun of Kidder Mathews represented the seller in the transaction. Built in 1974, the garden-style community features 62 value-add apartments. The property features 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans. On-site amenities include a pool, spa and shared laundry room.

June 6, 2018

Alaska Loans Multifamily Western

Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage

by Amy Works June 6, 2018

ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage. The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company. The transactions included: A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule. A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.

June 6, 2018

Acquisitions Office Utah Western

Muller Co., Cerberus Capital Acquire 924,634 SF Office Campus in Utah

by Amy Works June 5, 2018

OREM, UTAH — The Muller Co. and an affiliate of Cerberus Capital Management have acquired Canyon Park Technology Center, an office campus in Orem, for an undisclosed price. Built between 1988 and 1992, the 924,634-square-foot campus consists of 14 one-, two- and three-story buildings situated on 85 acres. The property features spaces ranging from 100 square feet to 60,000 square feet, and it was 54 percent leased at the time of sale. WordPerfect Corp. leases a portion of the campus for its headquarters. The buyers plan to upgrade the common areas and grounds with new lobbies, restrooms and tenant amenities, including a dedicated amenity center featuring a lounge and game room, café and gym facilities.

June 5, 2018

Loans Multifamily Oregon Seniors Housing Western

Ziegler Closes $41.1M Bond Financing for Seniors Housing Property in Metro Portland

by Amy Works June 5, 2018

LAKE OSWEGO, ORE. — Ziegler has closed $41.1 million in fixed-rate bond financing for Mary’s Woods at Marylhurst Inc. Mary’s Woods is an Oregon nonprofit corporation operating a seniors housing community located in Lake Oswego, approximately eight miles south of Portland. The community consists of 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites. The community is situated on a 36-acre site, which Mary’s Woods leases from the Sisters of the Holy Names of Jesus and Mary, an Oregon nonprofit corporation. The borrower plans to use the proceeds to finance a portion of an expansion project; pay a portion of the interest on the bonds; fund a debt service reserve fund; and pay certain costs of issuance of the bonds. The bonds will be issued with a combination of temporary and permanent series, consisting of $16.7 million in tax-exempt serial and term bonds, amortizing over a 34-year period ending May 15, 2052.

June 5, 2018

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