Western

LAS VEGAS – The 360-unit Elysian at the District apartment community in Las Vegas has received $51 million in construction financing. The Class A community will be located in the Green Valley Ranch community of Henderson, a Las Vegas suburb. The property will be a joint development by The Calida Group and Cypress Equity Investments. The construction financing features a combination of a mezzanine loan and a senior loan obtained through an inter-creditor agreement with two separate providers. Funding was arranged by David Rifkind and Omer Ivanir of George Smith Partners.

PHOENIX — Meridian Capital Group, LLC, has provided $34 million in financing for nine multifamily and retail properties in Phoenix. The largest loan was the $9.5-million, cash-out refinancing of a multifamily property that paid off an existing CMBS loan while reducing the interest rate by more than 250 basis points. The smallest loan was the $900,000 in funding provided for a retail strip center in Tempe near the Arizona State University campus. The center is home to a restaurant and a sports bar. All of the loans featured five- or seven-year, non-recourse mortgages with fixed interest rates that ranged from 3.63 percent to 4.25 percent. The loans were all rate-locked at application. The mortgages carry 30-year amortization schedules and flexible pre-payment penalties. They were arranged by Seth Grossman, Kovi Elkus, Sarah Kuebler and Andy Strauss of Meridian.

DENVER – An unnamed national real estate investment and property management corporation has purchased a three-property boutique apartment portfolio in Denver for $22.3 million. The Boutique Apartments Portfolio totals 165 units throughout the city’s metro area. The portfolio buy includes the 71-unit Metropolis high-rise building nearthe University of Colorado Health Science Center redevelopment; the 60-unit Shambhala garden-style apartments in Denver’s Capitol Hill neighborhood; and the 36-unit Red Fort community in the city’s West Washington Park neighborhood. The properties were 97 percent occupied at the time of sale. This is the largest single-buyer portfolio acquisition in the history of central Denver, according to ARA, which represented the seller, Boutique Apartments. The transaction was executed by Terrance Hunt, Shane Ozment, Justin Hunt, Robert Bratley and Andy Hellman of the firm’s Colorado office.

LOS ANGELES – Private investors Bob Hart and Jay Schulman have purchased the 71-unit Villa Fontaine apartment complex in Los Angeles for $14.2 million. The community is located at 11850 Riverside Drive in the San Fernando Valley community of Valley Village. The complex received about $3 million in structural and other upgrades in the mid-90s. However, the community has not undergone a renovation in about 20 years. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyers and the sellers, the Lindquist and Morrow families, in this transaction.

SANTA MONICA, CALIF. – A 17-unit Santa Monica apartment building has sold to a private investor for $7.2 million. The community is located at 3104 4th Street near the beach and Abbott Kinney and Main Street districts. The seller was Margaret Shan. The transaction was executed by Collin Brashears, Mario Gandara, Tim Steuernol, Rob Zaharia, and Kevin Kawaoka of NAI Capital’s West L.A. office.

SAN FRANCISCO — A 12-unit apartment building in San Francisco has sold to a family limited liability investor for $6.4 million. The community is located at 1355 Bay Street in the Marina District. Clinton Textor and Sanford G. Skeie of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, a private investor, in this transaction.