LOS ANGELES – Subsidiaries of Senior Housing Realty Trust (SHRT) have received a $635.6-million Fannie Mae credit facility. The new credit facility refinanced a 12-property senior care community portfolio throughout California, Arizona, Oregon and Georgia. The new structure provides a 10-year, fixed-rate, interest-only loan with releases, additions and substitutions. It also has the capacity to expand with additional fixed or floating debt. The facility was closed by Keybank Real Estate Capital. SHRT is a Maryland REIT that is owned by an affiliate of Senior Resource Group LLC (SRG). It received the new credit facility with its institutional partners. The firm also led an $84-million syndicated credit facility secured by a senior housing community in Los Angeles in 2013 that was owned by a predecessor SRG joint venture. When SHRT acquired the senior housing community in late 2014, that credit facility was expanded to $86 million. The $86-million Keybank credit facility was then refinanced by this new Fannie Mae credit facility.
LAS VEGAS — The 288-unit Villa Serena apartment complex in the Las Vegas submarket of Henderson has sold to a joint venture between the Bascom Group and funds managed by Oaktree Capital Management for an undisclosed sum. The community is located at 325 North Gibson Road. Villa Serena was built in 1996. It is located near Union Village, a 155-acre site that is classified as the first integrated health village in the world. Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the unnamed seller on the transaction.
SAN JOSE, CALIF. — The 86-unit Latitude 37 apartment building in San Jose has received $20.6 million in financing. The community is located at 1255 Babb Court. The seven-year loan carries a floating rate and a 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles office through the firm’s seller-servicer relationship with Freddie Mac.
TUCSON, ARIZ. – Sonora Quest Laboratories has renewed its lease for 2,393 square feet of office space in Tucson. The space is located at 1440 W. Valencia Road. The transaction was executed by Rick Kleiner and Tom Knox of Cushman & Wakefield | PICOR.
LOS ANGELES – The San Fernando Valley is set to receive its first Dunkin’ Donuts. The donut chain will open a new outpost at the corner of Ventura Boulevard at Balboa Boulevard in the Los Angeles submarket of Encino. The transaction was executed by Illi Commercial Real Estate.
PHOENIX — Palm Glen Shopping Center, a 175,686-square-foot shopping center in Phoenix, has sold to Primestor Development for $14.3 million. The center is located at 3500 W. Glendale Ave. It is anchored by Food City. Notable tenants include Wells Fargo, Dollar Tree and Title Max. The center is set to undergo a renovation this year. The property was listed by Jason Gribin of Wilson Retail Group.
PHOENIX – The 468-unit Willow Springs Apartments in Phoenix has sold to Resort on 27th LLC for $13.2 million. The Class C community is located at 4715 N. 27th Ave. It was built in 1986. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team represented both the buyer and seller, MLCFC 2007-7 North 27th Avenue LLC, in this transaction.
TEMPE, ARIZ. – A 350-unit self-storage facility in Tempe has sold to SmartStop Self Storage for $4.4 million. The facility is located at 3803 South Priest Drive. It is currently 89 percent leased. The property was built in 2005. It will be re-branded under the SmartStop Self Storage trade name.
SALT LAKE CITY – Spring Mobile has leased 21,538 square feet of office space at Gateway Tech Center in Salt Lake City. The space is located at 155 North 400 West. Spring Mobile was represented by Chris Falk of Newmark Grubb ACRES. The landlord, KBSIII, was represented by CBRE’s Nadia Letey.
BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the $29.3 million sale of a 222,000-square-foot, Class B shopping center in Bakersfield. Rosedale Village is located at Rosedale Highway and Calloway Road. Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented the buyer, JH Real Estate Partners. The team also represented the seller, Standard Management. Faris Lee Investments is a retail advisory and investment sales firm.