Western

CBRE Secures $90M in Financing for San Diego Office, R&D Campus

by Jeff Shaw November 29, 2016

SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has secured approximately $90 million in acquisition and repositioning financing for an eight-building office and R&D campus in San Diego. The property is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. Financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners. CBRE tailored the balance-sheet financing with a base term of three years and the ability to extend the loan as long as seven years. The non-recourse financing included capital toward the purchase of the property, as well as funding to perform capital improvements to reposition the buildings and amenities. The funds will also cover tenant improvements and leasing commissions. CBRE structured a prepayment provision that will allow Swift to sell individual buildings or refinance with long-term debt. CBRE closed the financing with Acore Capital, a domestic advisor of debt investments that worked on behalf of a Japanese Life Insurance Company.

November 29, 2016

Multifamily Washington Western

Priderock Buys Arcadia Townhomes in Federal Way for $68.5M

by Jeff Shaw November 29, 2016

FEDERAL WAY, WASH. — Priderock has purchased the 309-unit Arcadia Townhomes in the Seattle submarket of Federal Way for $68.5 million. The community is located at 1300 S.W. Campus Drive. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool, hot tub, biking and walking paths. JLL’s David Young and Corey Marx represented the seller, a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, in this transaction.

November 29, 2016

Anita May Rosenstein Campus, Hollywood, Calif.

California Multifamily Western

Planning Board Approves LGBT Center Campus Expansion in LA

by Jeff Shaw November 29, 2016

LOS ANGELES — The Los Angeles City Planning Commission has unanimously approved plans for the Los Angeles LGBT Center’s new Anita May Rosenstein Campus in Hollywood. Slated for opening in early 2019, the campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground-floor retail space. Architecture firm KFA, in collaboration with design firm Leong Leong, is the architect for the development. The project will tie together The Village at Ed Gould Plaza, creating one large campus. Currently, The Village includes two theaters, two gallery spaces, offices for AIDS/LifeCycle and community meeting space. The campus expansion will also free up space at the Center’s McDonald/Wright building, which can then be fully dedicated to medical and mental health care, addiction recovery services, HIV/STD testing and treatment and other medical services. The project will now seek approval from the Los Angeles City Council. The Los Angeles LGBT Center was founded in 1969 and claims to serve more people in the LGBT community than any other organization in the …

November 29, 2016

California Retail Western

CBRE Arranges $42.1M Sale of Southgate Plaza in Sacramento

by Jeff Shaw November 29, 2016

SACRAMENTO, CALIF. — CBRE has arranged the $42.1 million sale of Southgate Plaza, a 339,369-square-foot shopping center in Sacramento. Tenants at the center include Walmart Neighborhood Market, 99 Ranch Market, 99 Cents Only, Ross Dress for Less, Baskin-Robbins, Sally Beauty and Payless Shoe Source. CBRE’s Philip D. Voorhees, Jimmy Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read represented the seller, Wrightwood Financial, and the buyer, a subsidiary of NewMark Merrill Cos. LLC, in this transaction.

November 29, 2016

Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $15.1M in Financing for The Palazzo in Phoenix

by Jeff Shaw November 29, 2016

PHOENIX — Cushman & Wakefield has arranged $15.1 million in acquisition and renovation financing for The Palazzo, a 359-unit continuing care retirement community in Phoenix. The renovations will modernize the community and change the unit mix among the continuum of care. The firm’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer arranged the financing on behalf of a joint venture between Westport Capital Partners and Integro Healthcare Consulting. PNC Bank provided the capital. Integro will operate the community after the acquisition.

November 29, 2016

California Multifamily Western

StarPoint Properties Buys Apartment Building in Claremont for $15.7M

by Nellie Day November 28, 2016

CLAREMONT, CALIF. — StarPoint Properties has purchased the 75-unit Indian Hill Villas apartment building in Claremont for $15.7 million. The community is located at 510 S. Indian Hill Blvd. It is a few minutes from the Claremont Colleges. Indian Hill Villas was originally built in 1971. It is set to undergo a $2.1 million renovation. Stewart Weston and John Montakab of Institutional Property Advisors represented StarPoint in this off-market transaction.

November 28, 2016

California Loans Multifamily Seniors Housing Western

Harborview Closes $16.2M Construction Loan for Seniors Housing in Nipomo

by Nellie Day November 28, 2016

NIPOMO, CALIF. — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed a $16.2 million construction loan for a 110-bed assisted living and memory care facility in Nipomo. The city is situated along the California coast between Los Angeles and San Francisco. Avi Begun, senior originator with Harborview, closed the transaction. The borrower and facility name were not disclosed.

November 28, 2016

California Loans Retail Western

Cohen Financial Secures $8.9M Loan for Town Center Square in Rancho Cucamonga

by Nellie Day November 28, 2016

RANCHO CUCAMONGA, CALIF. — Cohen Financial has secured an $8.9 million loan for Town Center Square, a 60,553-square-foot shopping center located roughly 40 miles outside downtown Los Angeles in Rancho Cucamonga. The property is fully leased to tenants including Aldi, Office Max and Barnes & Noble. Cathy Bronkema of Cohen Financial secured the fixed-rate, non-recourse, 15-year term loan with a flexible prepayment structure and 25-year amortization schedule. A private balance-sheet lender provided the financing, which was used to payoff an existing bridge loan.

November 28, 2016

Colorado Multifamily Western

Inspire Communities Buys Candlewood Park MHC in Clifton

by Nellie Day November 28, 2016

CLIFTON, COLO. — Inspire Communities has purchased the 431-site Candlewood Park MHC in Clifton for an undisclosed sum. The all-age manufactured housing community is located at 424 32 Road, adjacent to Grand Junction. KeyBank Real Estate Capital provided financing for the deal. Inspire Communities represented itself in this transaction. Jeff Mueller of Mueller & Hoffman represented the seller. Inspire Communities also recently purchased the 477-site Whisper Creek RV Resort in Fort Myers, Fla. “These investments fit our criteria for acquiring market-leading manufactured housing communities where we can add homes and improve operations,” says Erik Rollain, Inspire Communities’ CIO. “We are excited to acquire our second RV resort and we hope to make additional investments in Florida and in Colorado.”

November 28, 2016

Arizona Retail Western

Armstrong Development Properties to Develop Retail Strip Center in Peoria

by Nellie Day November 28, 2016

PEORIA, ARIZ. — Armstrong Development Properties is developing a 10,000-square-foot retail strip center in Peoria. The center will be located at 7473 W. Bell Road. A fuel station was recently demolished on the 1.3-acre site to make way for the five-tenant strip center. Café Rio, Smashburger and Mad Greens have already signed onto the project. Construction commenced in mid-September, with an expected completion date of June 2017.

November 28, 2016

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