TEMPE, ARIZ. — Ready Capital Structured Finance has provided $10.9 million to refinance a 212-unit apartment community in Tempe. The community is situated in the North Tempe/University submarket. In addition to refinancing the property, the funds will allow the undisclosed borrower to renovate the exterior and unit interiors as leases expire. The non-recourse, interest-only loan features a one-year term and two extension options. It includes a facility that can provide future funding for capital expenditures. Ready Capital closed the bridge loan with a flexible prepayment provision that will allow the loan to be eventually refinanced under HUD’s 223(f) program.
MESA, ARIZ. — SVN | Desert Commercial Advisors has arranged the $7 million sale of Village Grove Plaza, an 82,373-square-foot shopping center located in Mesa. Beau Flahart, Rommie Mojahed and Mary Nollenberger of SVN represented the buyer, Zach Bonsall with Cole Valley Partners LLC, in the transaction.
NAMPA, IDAHO — CareTrust REIT Inc. has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa. The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized. Construction of the 52,000-square-foot began last week, for scheduled completion in mid-2017. CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.
LOS ANGELES — Fazoli’s signed nine multi-unit and single-unit franchise agreements in July to develop 22 new restaurants nationwide. Fazoli’s will develop new restaurants out West in Southern California and Sioux Falls, S.D. It will also debut new outlets in Memphis, Tenn.; McAllen, Texas; Chicago; Dothan, Ala.; Snellville, Ga.; Hazard, Ky.; and Central Indiana. This announcement comes on the heels of significant growth for Fazoli’s, including 13 consecutive quarters of same-store sales growth — with franchisees boasting a 5.1 percent year-over-year, same-store sales increase in July. In 2011, Fazoli’s underwent a major brand overhaul with the introduction of real plateware and silverware in lieu of foam plates and plastic cutlery. As part of the brand refresh, earlier this year Fazoli’s began remodeling some of its locations with a new, contemporary look and feel. In addition, the company introduced an upgraded menu. With nearly 220 restaurants in 24 states, Fazoli’s claims to be America’s largest Italian fast-casual chain.
AUBURN, WASH. — Domino’s Pizza has opened its 13,000th store in the world, located in Auburn, outside of Seattle. The new store features the pizza theater design, which includes a comfortable lobby, open-area viewing of the food preparation process and the ability to track carryout orders electronically on a lobby screen. The store also features energy-efficient electric bikes and a Domino’s DXP, the company’s new specialized delivery car.
SAN MATEO, CALIF. — New York Life Real Estate Investors has provided $48 million in financing to the owners of a 181,219-square-foot office building in San Mateo. The Class A building is located at 777 Mariners Island Blvd. The mortgage loan has a seven-year term. Financing was provided on behalf of a fund managed by Wafra Investment Advisory Group.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million. The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC. The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed. The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility. CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.
YORBA LINDA, CALIF. — Thorofare Capital has funded a $15 million floating-rate commercial mortgage for a 60,740-square-foot retail property in Yorba Linda. Kevin Miller and Felix Gutnikov of Thorofare arranged the acquisition, CapEx and TI/LC facility financing for the undisclosed borrower.
LOS ANGELES — Benchmark Contractors, a subsidiary of Morley Builders, has completed the construction of Blossom Plaza, located at the intersection of Broadway and College Street in downtown Los Angeles. Situated directly north of the Gold Line’s Chinatown Station, the plaza serves as the main pathway through Blossom’s Cultural Plaza and commercial arcade. Blossom features 237 apartment units in three five-story structures with 19,000 square feet of retail space over parking for 453 cars. Forest City developed the project, which Johnson Fair and Togawa Smith Martin designed. The project is targeting LEED Gold certification.
SAN DIEGO — The ONE Group is opening its San Diego version of STK at Andaz San Diego, located at 600 F St. in downtown San Diego. Occupying the space of the long-shuttered Katsuya, the modern steakhouse/club will feature an updated design and menu options from the brand’s original STK concept. The restaurant will feature a variety of food offerings, ranging from shellfish platters and raw bar dishes to various steaks, and entertainment including nightly DJs.