Western

Gantry Arranges $14M Refinancing for Two Flex Properties in Silicon Valley

by Amy Works April 24, 2024

SUNNYVALE AND MOUNTAIN VIEW, CALIF. — Gantry has arranged a $14 million permanent loan to refinance a cross-collateralized pair of flex industrial facilities in Silicon Valley. The properties — located at 1250-1252 Borregas Ave. in Sunnyvale and 161 E. Evelyn Ave. in Mountain View — offer a total of 60,000 square feet. At the time of financing, both assets were fully occupied. Murphy Osborne and Andrew Ferguson of Gantry’s San Francisco office secured the financing on behalf of the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features 25-year amortization and prepayment options throughout the life of the loan.

April 24, 2024

Acquisitions Multifamily Washington Western

Cushman & Wakefield Brokers $3.1M Sale of James Bon Apartments in Seattle

by Amy Works April 24, 2024

SEATTLE — Cushman & Wakefield has arranged the sale of James Bon Apartments, a multifamily building at 8541 Phinney Ave. N. in Seattle’s Phinney Ridge neighborhood. A local apartment operator acquired the property from a local family investor for $3.1 million, or $258,000 per unit. Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter and Matt Kemper of Cushman & Wakefield represented the buyer and seller in the deal. Originally constructed nearly 45 years ago, James Bon offers 12 apartments, an on-site laundry facility and secured access at two entry/exit points.

April 24, 2024

Acquisitions Arizona Loans Multifamily Western

IPA Brokers Sale of Hangar at Thunderbird Multifamily Property in Glendale, Arizona for $69M

by Amy Works April 23, 2024

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Hangar at Thunderbird, a multifamily community in Glendale. P.B. Bell sold the asset to Decron Properties for $69 million, or $259,398 per unit. Completed in 2023, Hangar at Thunderbird features 266 apartments with nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. The garden-style, controlled-access community offers a swimming pool, spa, adjacent outdoor game patio and shaded community playground with evening lighting. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $40 million in acquisition financing.

April 23, 2024

Acquisitions California Loans Multifamily Western

Interstate Equities Sells Majority Stake in The Gates at Marina Apartments in Marina, California

by Amy Works April 23, 2024

MARINA, CALIF. — Interstate Equities Corp. (IEC) has finalized the recapitalization of The Gates at Marina, an apartment community in Marina. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its onsite management. IEC acquired The Gates in January 2021 for $39.3 million, and the recapitalization values it at $45 million. Located at 299 Carmel Ave., The Gates at Marina offers 136 units in predominantly a mix of two- and three-bedroom units with balconies or patios, plus updated kitchens, bathrooms, flooring and appliances. Scott MacDonald and Jason Parr of Berkadia led the marketing efforts, while Hank Workman of Berkadia placed the debt.

April 23, 2024

Build-to-Rent Development Loans Nevada Single-Family Rental Western

Leggera Development Receives $11.5M Joint Venture Equity for Five Ridges Build-to-Rent Project in Sparks, Nevada

by Amy Works April 23, 2024

SPARKS, NEV. — Berkadia has arranged $11.5 million in joint venture equity for Five Ridges, a townhome-style build-to-rent development in Sparks, just east of Reno. Leggera Development is the developer for the project. Situated on 6.1 acres at 545 Highland Ranch Parkway, Five Ridges features 83 three-bedroom/2.5-bath units ranging in size from 1,494 square feet to 1,969 square feet. The community is situated within a 422-acre master-planned community comprising 1,246 residential units across 10 villages, including single-family detached homes, townhomes, multifamily, commercial properties, and two community parks with 100 acres of open space and 10 acres of amenitized community gathering areas. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital, along with Jared Glover of Investment Sales at Berkadia Nevada, represented Leggera Development. Berkadia arranged the equity through a global investment manager.

April 23, 2024

Acquisitions Arizona Healthcare Western

Golden Parachute Properties Buys 11,200 SF Medical Office Space in Tucson, Arizona

by Amy Works April 23, 2024

TUCSON, ARIZ. — Golden Parachute Properties has acquired 11,200 square feet of medical office space at 6452 E. Carondelet Drive in Tucson. AM Properties LLC sold the asset for $3.2 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Matt Bollinger and John Allen Smith with Smith & Bollinger-Long Realty Co. represented the buyer in the transaction.

April 23, 2024

California Loans Multifamily Western

PSRS Arranges $1.4M Refinancing for Palm Street Apartments in San Luis Obispo, California

by Amy Works April 23, 2024

SAN LUIS OBISPO, CALIF. — PSRS has arranged $1.4 million in refinancing for Palm Street Apartments, a multifamily asset in the Central Coast city of San Luis Obispo. Jonny Soleimani and Thomas Rudinsky of PSRS secured the seven-year loan through a bank. Situated on 0.33 acres, Palm Street Apartments offers 11 apartments and on-site parking.

April 23, 2024

Acquisitions California Loans Retail Western

PSRS Arranges $54M Acquisition Financing for Esplanade Shopping Center in Oxnard, California

by Amy Works April 22, 2024

OXNARD, CALIF. — PSRS has arranged $54 million in financing for the acquisition of Esplanade Shopping Center, a grocery-anchored shopping center in Oxnard, approximately 70 miles west of Los Angeles. Kostas Kavayiotidis, Mike Davis and Matthew Farzinpour of PSRS provided the undisclosed borrower with a seven-year loan, including four years of interest-only payments. A life insurance company provided the financing. Walmart, The Home Depot, TJ Maxx, Nordstrom Rack, Bob’s Discount Furniture, Dick’s Sporting Goods, In-N-Out Burger, Chipotle Mexican Grill and BJ’s Restaurant are tenants at the 357,000-square-foot open-air shopping center.

April 22, 2024

Hospitality Loans Utah Western

Driftwood Capital Receives $33M Refinancing for Sheraton Park City Hotel in Utah

by Amy Works April 22, 2024

PARK CITY, UTAH — Driftwood Capital has secured $33 million in refinancing for the Sheraton Park City, a hotel at 1895 Sidewinder Drive in Park City, a resort destination renowned for its ski slopes east of Salt Lake City. Michael Weinberg, Scott Wadler, Alec Fox and Edmund Aramayo of Berkadia arranged the five-year, fixed-rate CMBS loan through Goldman Sachs Bank USA. Originally constructed for the 2002 Winter Olympics, Sheraton Park City features 200 guest rooms, an indoor atrium pool with hot tub and sauna, a game room, coffee shop and Timbers Restaurant & Bar with outside covered patio and fire pits. The hotel also offers more than 12,000 square feet of meeting and event space with indoor and outdoor options and shuttle services to historic Main Street and area ski resorts.

April 22, 2024

Acquisitions Arizona Multifamily Western

CSLC Housing Acquisitions Buys Arcadia Gardens Apartment Building in Phoenix for $14.7M

by Amy Works April 22, 2024

PHOENIX — CSLC Housing Acquisitions has purchased Arcadia Gardens, a multifamily property in Phoenix. An entity controlled by Phoenix-based Rincon Partners sold the asset for $14.7 million. Originally built in 1969 as a hotel, the 76-unit property was readapted to multifamily use in 2016 and is currently 95 percent leased. Arcadia Gardens features a new resort-style swimming pool, outdoor fire pit, barbecue area, fitness center, two-story clubhouse, event and business center, Wi-Fi café/bar, pet park, putting green, gated entry, covered parking and modern laundry facilities. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix handled the transaction.

April 22, 2024

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