TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.
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MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.
HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.
MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.
LOS ANGELES – A 15-property portfolio that spanned from California to Hawaii has received $97 million in permanent financing. The 381,372-square-foot portfolio contained a mix of retail, office and mixed-use properties that were located between San Diego and Santa Barbara counties in California, and in Honolulu. The loan featured a 17-year term and a 17-year amortization schedule. The long-term, fixed-rate, non-recourse financing was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital’s Los Angeles office. It was provided by a correspondent life insurance company.
SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.
DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Streetin the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.
LOS ANGELES – A 15-property portfolio that spanned from California to Hawaii has received $97 million in permanent financing. The 381,372-square-foot portfolio contained a mix of retail, office and mixed-use properties that were located between San Diego and Santa Barbara counties in California, and in Honolulu. The loan featured a 17-year term and a 17-year amortization schedule. The long-term, fixed-rate, non-recourse financing was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital’s Los Angeles office. It was provided by a correspondent life insurance company.
SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.