Western

Grandbridge Facilitates $24.3M in Acquisition Financing for Two Seniors Housing Communities in Portland

by Nellie Day May 11, 2017

PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.

May 11, 2017

California Loans Multifamily Seniors Housing Western

Meridian Arranges $39M Refinancing for Two Skilled Nursing Facilities in Southern California

by Nellie Day May 11, 2017

SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.

May 11, 2017

California Life Sciences Office Western

Pacific Biosciences Leases Space at Menlo Park Labs

by Nellie Day May 11, 2017

MENLO PARK, CALIF. — Pacific Biosciences of California has leased space at the 180,000-square-foot Menlo Park Labs life science building. The space is located at 1305 O’Brien Drive. The structure was formerly an Office Max distribution facility. Other tenants at the lab include Refuge Biotechnologies and AccuraGen. The space will serve as Pacific Biosciences’ corporate headquarters. The firm leased the space through 2027. The landlord is Tarlton Properties.

May 11, 2017

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Provides $5.1M in Financing for Development of Independent Living Community in Arizona

by Nellie Day May 11, 2017

GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.

May 11, 2017

Retail Washington Western

Nordstrom Names New Chief Financial Officer

by Nellie Day May 11, 2017

SEATTLE — Seattle-based Nordstrom Inc. has hired Anne Bramman as chief financial officer (CFO), effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison Corp. where she has served as senior vice president and CFO since 2015. She has an extensive financial leadership background in a variety of industries, including retail. Mike Koppel retired as the company’s CFO on May 1, 2017, after 16 years and will continue to support Nordstrom in a consulting and advisory role through the end of the year. Nordstrom Inc. is a fashion specialty retailer. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 353 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico; 220 Nordstrom Rack stores; two Jeffrey boutiques; and two clearance stores.

May 11, 2017

Arizona Office Western

Healthcare Trust of America Acquires Medical Office Portfolio in SoCal, Arizona for $150M

by Nellie Day May 10, 2017

SCOTTSDALE, ARIZ. — Healthcare Trust of America has purchased an 11-property medical office building portfolio based in Southern California and Arizona for $150 million. The portfolio contains a total of 592,000 square feet. The assets are 83 percent leased. They are primarily situated on the Dignity Health campuses. The acquisition includes McAuley Medical Center on the St. Joseph’s Hospital and Medical Center campus in downtown Phoenix.

May 10, 2017

California Multifamily Student Housing Western

QuadReal Invests $600M in Student Housing JV with CA Student Living, GI Partners

by Nellie Day May 10, 2017

SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing. The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline. Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.

May 10, 2017

Industrial Nevada Western

VanTrust Starts Construction of Additional Northgate Distribution Building in North Las Vegas

by Nellie Day May 10, 2017

NORTH LAS VEGAS, NEV. — VanTrust Real Estate has commenced construction on a new building at Northgate Distribution Center in North Las Vegas. The 170-acre site is located at 4410-4490 Nexus Way. This is the fifth of eight buildings VanTrust intends to erect on the site, which will eventually feature 3.2 million square feet of distribution space. This building is scheduled for completion by December. Martin Harris Contracting is building the property, which HPA Architecture designed.

May 10, 2017

California Hospitality Western

Homewood Suites by Hilton Opens in Redondo Beach

by Nellie Day May 10, 2017

REDONDO BEACH, CALIF. — The 184-unit Homewood Suites by Hilton has opened in Redondo Beach. The hotel is located at 2430 Marine Ave. The new property offers studio, one- and two-bedroom accommodations with fully equipped kitchens and separate living and sleeping areas. The hotel also provides complimentary breakfast, an evening social Monday through Thursday, Wi-Fi and grocery shopping service. Common-area amenities include an outdoor pool, whirlpool, sports court, fire pit, grill area and fitness center. The property also offers 1,157 square feet of flexible space for meetings and social events. Mogul Capital developed the property, which Evolution Hospitality manages.

May 10, 2017

Arizona Loans Multifamily Seniors Housing Western

Harborview Arranges Sale, $37.4M HUD Financing for Three-Property Seniors Housing Portfolio Near Phoenix

by Nellie Day May 10, 2017

PHOENIX — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged the sale of three seniors housing properties near Phoenix. The portfolio includes two skilled nursing facilities and an independent and assisted living facility. The names of the properties, buyer and seller were not disclosed. In connection with the transaction, Harborview arranged $37.4 million in HUD financing for the buyer. The loan features a 35-year term at a fixed rate. Eli Kutner originated the loan, along with the firm’s principals Ephraim Kutner and Jonathan Kutner.

May 10, 2017

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