FRESNO, CALIF. – The 190-unit Willow Lakes Apartment Homes in Fresno has received a $6.6-million loan. The community is located at 190 N. Willow Ave. It was built in 1987. The three-year, interest-only loan was arranged by Lanford Tobe of Johnson Capital's Sacramento office. It was provided by Streamline Realty Funding under its bridge program. The non-recourse financing includes two one-year extension options. It represents 85 percent of the purchase price, with an interest rate in the low 5 percent-range.
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SAN FRANCISCO — Emerald Fund has received a $58.8-million FHA section 221(d)(4) mortgage for the 101 Polk Apartments project in Downtown San Francisco. The community will be located on its namesake, 101 Polk Street, in the Civic Center/Mid-Market District. The area features notable tech companies, including Twitter, Dolby Laboratories, Yammer and Zoosk. The new project will contain 162 Class A units, including 19 affordable residencies. The loan was provided by RED Mortgage Capital LLC, the mortgage banking arm of RED Capital Group.
LOS ANGELES — Universal Music Group (UMG) has leased 146,636 square feet at LNR Warner Center in the Los Angeles submarket of Woodland Hills. The seven-building campus is located at 21301 Burbank Blvd. The 10-year lease is estimated at a reported $46 million. UMG will occupy the top four floors of the five-story building. This is the largest relocation lease by square footage in the San Fernando Valley so far this year, according to CBRE, which represented UMG. The music company plans to consolidate its two existing Woodland Hills offices. The new lease will commence this February. UMG’s Santa Monica offices will not be affected by the relocation. The company was represented by CBRE’s Paul Stockwell, Josh Leibowitz and Jeremy Charles. Hines was represented in-house by Todd Later and Eric Lyon.
LAFAYETTE, COLO. – The 254-unit Prana Apartment Homes in Lafayette has received a $34.5-million refinance. The community is located at 550 Viridian Drive. It sits adjacent to the Exempla Good Samaritan Medical Center and Kaiser’s Rock Creek Medical Offices in southeastern Boulder County. The funds will be used to replace a HUD loan that had a much higher rate. That loan was closed to prepayment until last month.The new 10-year loan features a fixed interest rate of 4.74 percent. It also contains five years of interest-only amortization and some cash-out proceeds above the existing loan balance. HFF’s Josh Simon, Eric Tuplerand Chad Murraysecured the new Fannie Mae loan for LLJ Stratford Prana LLC.
CHANDLER, ARIZ. – Oregon Pacific Investment and Development Company has acquired the 252-unit Pinnacle Queen Creek apartment complex in Chandler for $33.3 million. The community is located at 800 W. Queen Creek Road. It was built in 1999. David Fogler and Steven Nicoluzakis of Cassidy Turley represented the seller, Pinnacle at Queen Creek LLC, in this transaction. The company is controlled by The Northwestern Mutual Life Insurance Company and Essex Property Trust.
RENO, NEV. — The Alexander at South Virginia, a 350-unit apartment complex in Reno, has received a $33.2-million loan. The community is located at 11380 S Virginia Street. It is 96 percent occupied. The 10-year, fixed-rate permanent financing was used by RPM Company to acquire the property. The full-term, interest-only loan was arranged by David Bleiweiss and Anthony Ansevin of Berkadia Commercial Mortgage’s Orange County office through Freddie Mac.
SAN JOSE, CALIF. – Spansion has leased 154,600 square feet within two buildings at Ridder Park Technology Center in North San Jose. The new lease will include 124,592 square feet at 1001 Ridder Park Drive and 30,041 square feet at 1717 Fox Drive. Other notable tenants at the center include Ex’pression Center for New Media and the County of Santa Clara. The landlord, Hines Development, was represented by Steve Horton and Kelly Yoder of Cassidy Turley and CBRE’s Jeff Houston and Sherman Chan. Hines sold the building to Cole Capital earlier this year.
SALT LAKE CITY — Gold’s Gym Express and ULTA Beauty and Cosmetics have signed on as tenants at Brickyard Plaza in Salt Lake City. Brickyard Plaza is a 306,000-square-foot community shopping center at the corner of 1300 East and 3300 South. Gold’s Gym Express will occupy a 23,000-square-foot space that will open this September. ULTA will absorb a 10,000-square-foot space that was formerly occupied by Shoe Carnival. They will join other notable tenants at Brickyard Plaza, including TJ Maxx, Home Goods, Kohl’s, Ross, Office Max, Dress Barn, Rue 21, Sally Beauty and Tuesday Morning. The landlord, Yacoel Properties LLC, was represented by Chris Hatch and Joe Mills of Mountain West Retail-Investment and Newmark Grubb ACRES.
CAMARILLO, CALIF. — Gold Coast Health Plan has leased 33,671 square feet of office space in Camarillo. The property is located at 711 E. Daily Drive in the Ventura County submarket. The public entity, which is governed by the Ventura County Medi-Cal Managed Care Commission, will be relocating from a 16,000-square-foot office in nearby Oxnard. Gold Coast was represented by CBRE’s Michael Slater and Tom Dwyer. The landlord was not named.
MEDFORD, ORE. — The 30-unit Cedarwood Apartment complex in Medford has sold to Orchard Park Apartments LLC for $2.2 million. The community is located at 427 NE Thurston Ave. It was built in 1977 and recently renovated. The LLC was represented by Wade Six of VI Commercial Real Estate LLC. The seller, Cedarwood Holdings LLC, was represented by Ron Ross and Terry O’Neil of Compass Commercial.