SCOTTSDALE, ARIZ. — A joint venture between Optima and DeBartolo Development received $49.8 million in first mortgage debt to refinance the 206-unit Optima Sonoran Village in Old Town Scottsdale. The community is located at 6895 East Camelback Road. CBRE’s Rocco Mandala arranged the financing, and Mesa West Capital provided the funding.
SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.
ANAHEIM, CALIF. — Kisco Senior Living has announced plans for a $16 million expansion to Emerald Court, a 194-unit independent living and assisted living community in the Los Angeles suburb of Anaheim. The expansion will add a two-story, 58-unit assisted living building as well as a new bistro, fitness center and several landscaped courtyards. In addition to the new construction, Kisco will renovate and expand the common areas and residences of the existing buildings. Kisco plans to break ground on the expansion in June of this year. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.
PROVO, UTAH — Berkadia has arranged the sale of University Villa Apartments, a 125-unit student housing property located three blocks from the Brigham Young University campus in Provo, for an undisclosed price. The buyer intends to complete major renovations on the complex, which was originally built in 1965. James Wadsworth and Greg Barratt of Berkadia represented the seller, a California-based entity, in the transaction. The complex offers two- and three-bedroom units with fully equipped kitchens, high-speed Internet, cable, air conditioning and outdoor storage. Community amenities include a recreation room, swimming pool and hot tub, laundry facility and a barbecue area.
TACOMA, WASH. — Franke Tobey Jones, a 20-acre, 90-year-old, nonprofit continuing care retirement community in the Point Defiance neighborhood of Tacoma, has announced a three-phase expansion. The community currently serves 190 residents with independent living, assisted living, memory care and skilled nursing services. The nonprofit also operates the Point Defiance Ruston Senior Center, a Senior University Program and the M.J. Wicks Family Wellness center. Between its projects, Franke Tobey Jones provides continuing education, fitness classes and social events to residents and non-residents alike. Initial plans for the community’s expansion include three phases over the next five to eight years. Phase I will include a new health center, memory care community and independent living apartments featuring views of the Puget Sound. Phase II will include new independent living apartment building with an enhanced wellness center, auditorium, bistro, game room, lounge, business/computer room, library and rooftop deck. The building is meant for aging in place, allowing for assisted living services to be delivered without relocation. Phase III will include a renovation of the historic original building and another building on the campus. When all three phases are complete, Franke Tobey Jones will be able to house over 280 seniors with a full spectrum …
POWAY, CALIF. — The Heritage Group has arranged the $6 million sale of Old Poway Village, a 27,453-square-foot retail and office property located in the San Diego suburb of Poway. The center features four multi-tenant retail and office buildings, home to tenants including the Poway Chamber of Commerce, Pomerado News, Countryside Barn, Lily Café, Hagan Chiropractic, San Diego Pond & Garden and Poway Pilates. Old Poway Village Center LLC acquired the property in a 1031 Exchange. Mark Hoekstra and Rocco Cortese of The Heritage Group represented the buyer in the transaction. The Heritage Group will also manage and lease the property.
LOS ANGELES — An undisclosed buyer has purchased an 18,885-square-foot distribution and logistics building in the Los Angeles submarket of Inglewood for $5.1 million. The building is situated on Aviation Boulevard. The listing initially began as a lease before converting to a sale. Izzy Eichenstein and Todd LaPlante of CBRE’s LAX Industrial Team executed the transaction.
SAN DIEGO — The Coseo Family Trust has purchased a 26,500-square-foot office property in San Diego for $3.7 million. The building is located at 17075 Camino San Bernardo, within the 4S Ranch Business Park. It was built in 1999. The trust plans to reposition the property before re-leasing. Richard Lebert and Matt Zimsky of Colliers International represented the buyers. JLL’s Tony Russell, Jay Alexander and Tim Olson represented the seller, Wheat Accessories.
HANFORD, CALIF. — Passco Cos. has secured four national retail tenants for Hanford Mall located at 1675 W. Lacey Road in Hanford. The four new tenants are Buffalo Wild Wings, Five Guys, Dunkin’ Donuts and Pieology. Construction for Buffalo Wild Wings, Five Guys and Pieology is underway with planned openings this summer, while Dunkin’ Donuts is set to start construction soon. Kohls, Forever 21, Sears, JC Penney and Cinemark 8 anchor the property.
CARSON, CALIF. — HFF has secured $83.2 million in first lien financing for South Bay Pavilion, a 1.2 million-square-foot super regional mall in the Los Angeles suburb of Carson. James Fowler of HFF worked on behalf of the borrower, Vintage Real Estate, to secure the three-year, floating-rate loan through PCCP. The loan will be used to continue the borrower’s redevelopment, repositioning and expansion of the mall. The 95 percent leased center is home to more than 60 tenants including Cinemark Theatre, Ikea, Old Navy, Olive Garden, Buffalo Wild Wings, Big 5 Sporting Goods, Panera Bread, 24 Hour Fitness, Chili’s Grill & Bar and The Children’s Place. The current expansion plan includes adding several new fashion and restaurant tenants.
