Western

SAN DIEGO — Holliday Fenoglio Fowler (HFF) has arranged a $7.25 million refinancing for the majority of the Schiefer & Sons Building in downtown San Diego. Bank of America provided the 10-year, fixed-rate loan. The loan proceeds will be used to refinance existing debt. The property features 15,221 square feet of office and retail space. Located at 815 J St., the building is divided into six office units and two ground-level retail spaces. Kevin MacKenzie and Greg Brown of HFF secured the financing for the borrower, Capital Real Estate Ventures Inc.

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The San Diego retail market had another positive quarter, which built on the strength of the local economy. Strong job growth and low unemployment led to positive net absorption and a spike in sales activities. The unemployment rate decreased across the board. San Diego posted a 4.9 percent rate, a post-recession low for overall unemployment. This is the first time San Diego unemployment has been sub-5 percent since the beginning of 2008. Local San Diego retail employment has been steadily increasing by 2.4 percent over the past five years, according to CBRE Econometric Advisors. Annual growth for the next five years, however, is expected to be relatively flat. Despite the lack of space, there have been a few construction deliveries. Most of the current retail construction in San Diego is from mixed-use development and property renovations. Westfield plans to spend $500 million to expand its center at UTC. It will also spend $300 million in Carlsbad where it plans intends to transform an indoor mall into an open-air center. Regional malls are leading the trend, and smaller centers like Flower Hill Promenade and Del Mar Heights Town Center are keeping up with them. One of the most significant signings this …

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CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.

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PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.

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PLEASANT HILL, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has arranged $9 million in non-recourse financing for the refinance of Regency Plaza in Pleasant Hill. The center features 36,597 square feet of retail space. CBRE arranged the 10-year, fixed-rate financing at a 74 percent loan-to-value on behalf of the client, a private high-net-worth real estate investor. A foreign bank provided the capital. Michael Walker of CBRE secured the financing for the borrower.

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CERRITOS, CALIF. — A private exchange buyer has acquired Carmenita Corporate Plaza, a 68,779-square-foot office building in Cerritos, for an undisclosed sum. The plaza is located at 13340 183rd St. It is fully leased to Infinity Property & Casualty Corporation. CBRE’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an affiliate of Cohen Asset Management.

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