PORTLAND, ORE. — Ready Capital has closed a $7.5 million acquisition loan for a 26,000-square-foot creative office property in Portland. The asset is situated in the Pearl District. The non-recourse, floating-rate bridge loan will fund the acquisition, renovation and stabilization of the asset. Further details were not disclosed.
SACRAMENTO, CALIF. — Demmon Partners has acquired The Falls at Arden apartments in Sacramento for an undisclosed sum. The 272-unit community is located at 2345 Northrop Ave. The Falls at Arden was built in 1986. It includes studio to two-bedroom units that are currently 95 percent occupied. The asset has received $3.6 million in improvements since March 2016. Jason Parr of Cushman & Wakefield represented the seller, FPA Multifamily, in this transaction.
CALGARY, ALBERTA AND SAN DIEGO — Brookfield Residential Properties Inc., the residential development arm of private equity firm Brookfield Asset Management, has closed on its acquisition of OliverMcMillan, a San Diego-based developer of large-scale mixed-use properties. Details of the acquisition were not disclosed, but on a conference call Wednesday (Feb. 7), Brookfield Residential chairman and CEO Alan Norris stated that the acquisition encompasses “certain assets” of OliverMcMillan. According to a release from Brookfield Residential, OliverMcMillan will continue to design and build mixed-use developments and will also continue to manage its existing real estate assets. “We simply could not have found a better long-term home,” says Dene Oliver, CEO of OliverMcMillan, in a prepared statement about the merger with Brookfield Residential. OliverMcMillan has several mixed-use projects under development across the country, including the second phases of River Oaks District in Houston and Buckhead Atlanta in Atlanta’s Buckhead district. As part of the merger, Brookfield Residential is acquiring the future pipeline of these two projects but not the operations of the existing assets, according to a source familiar with the acquisition. The second phase of Buckhead Atlanta includes 315,000 square feet of office space, according to the OliverMcMillan website. The project’s first …
CARLSBAD, CALIF. — A majority of commercial real estate investors indicate that they are in a buying mode in 2018 and are particularly focused on properties in the value-add space, according to a survey conducted by Real Capital Markets (RCM). The National Investor Sentiment Report and follow-up interviews were completed in early January by RCM, a Carlsbad-based online technology platform for buying and selling commercial real estate. RCM surveyed more than 250 investors active in all property types across the United States to gauge their investment strategies and outlook for the year ahead. More than 75 percent of respondents classified their investment strategy as buy, or buy but trending toward hold, according to the survey. “Investors across the country continue to see great opportunity and benefit in commercial real estate investing,” says Steve Shanahan, executive managing director of RCM. “Regardless of the product type or whether the strategy is core or value-add, the focus is on finding assets that can deliver strong yields that outpace other investment options.” Of the respondents, a majority (58 percent) characterized themselves as value-add investors. In other words, they are looking for growth through renovation or repositioning properties to enhance value. These types of properties are …
LOS ANGELES — G.H. Palmer has received $233.6 million in cash-out refinancing for two Los Angeles multifamily assets. Those assets include The Medici at 725 S. Bixel St. and Orsini I at 505 N. Figueroa St. The Medici features studio to three-bedroom floor plans with a 24-hour doorman, complimentary tanning salon, private one-acre park, jogging track, two tennis courts, a putting green, golf driving cages, and several pools and spas. Orsini I features studio to two-bedroom apartments with complimentary yoga classes, a regulation-size indoor basketball court, a movie theatre, karaoke lounge, virtual bowling and golf, a heated swimming pool and spa, private dry saunas and steam rooms, and a rooftop pool and spa overlooking skyline views. The 10-year, non-recourse loan closed at 4.02 percent and was sized at 60 percent of value. Gary M. Tenzer of George Smith Partners was able to arrange the loan with interest-only payments for the entire 10-year term.
EMERYVILLE, CALIF. — HFF has arranged an $83.5 million loan for Emeryville Public Market, a 141,420-square-foot shopping center in the San Francisco Bay Area community of Emeryville. Peter Smyslowski of HFF arranged the five-year, floating-rate loan through ACORE Capital on behalf of the borrower, a partnership between City Center Realty Partners LLC and Angelo, Gordon & Co. Proceeds of the loan will be used to retire an existing Bank of America loan, complete construction of an additional 26,350 square feet of retail space, add a 300-stall parking structure and expand an on-site public park. Emeryville Public Market is home to tenants including Guitar Center, Urban Outfitters and a food hall. The property was originally constructed in 1920, but underwent expansions and renovations in 1988 and 2017.
LOS ANGELES — Ready Capital has closed an $8.8 million loan for the purchase of a 43-unit multifamily property in Hollywood. The community is situated in the Larchmont/East Hollywood neighborhood. The non-recourse, senior, floating-rate bridge loan will be used to acquire, renovate and stabilize the asset.
BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin, Colorado and Utah area, will operate the property. Copper Ridge Health & Rehab Center will be Eduro’s first Montana community.
LOS ANGELES — The Anti-Recidivism Coalition (ARC) has leased 12,633 square feet of creative office space at ROW DTLA. The space is located at 1320 E. 7th St. The support network for formerly incarcerated young men and women and advocate for fairer criminal justice policies will relocate from the nearby Perch Building. The lease is for 66 months. The landlord is Alameda Square Owner LLC.
GLENDALE, COLO. — A joint venture between M & J Wilkow and a fund managed by DRA Advisors LLC has acquired Cherry Creek Corporate Center, a 238,302-square-foot office tower in Glendale, for an undisclosed sum. The 12-story tower is located at 4500 Cherry Creek Drive South. Cherry Creek Corporate Center was built in 1978 southeast of Denver. It recently underwent a $15 million renovation. Amenities include a newly renovated lobby and updated common areas, as well as a fitness center. The property is 85 percent occupied. M & J Wilkow Properties will manage the asset and carry out additional building improvements and amenity enhancements.