HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
Western
PHOENIX — Steak 44 has signed a 10-year lease for a 7,700-square-foot restaurant space inside the Camelback Village in Phoenix. The space was previously occupied by Cork ‘N Cleaver Restaurant. The upscale steakhouse is scheduled to open by fall 2013. Steak 44 is operated by the Mastro family, which created the Mastro’s and Ocean Club restaurant chains. It also operates Michael Dominick’s Steakhouse at Scottsdale Quarter. Steak 44 was represented by Josh Gosnell of Commercial Properties. The landlord, Camelback and 44th OPCO LLC, was represented by Randy Banchik and Joe Hoye of Westwood Financial Corp.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
PHOENIX — Steak 44 has signed a 10-year lease for a 7,700-square-foot restaurant space inside the Camelback Village in Phoenix. The space was previously occupied by Cork ‘N Cleaver Restaurant. The upscale steakhouse is scheduled to open by fall 2013. Steak 44 is operated by the Mastro family, which created the Mastro’s and Ocean Club restaurant chains. It also operates Michael Dominick’s Steakhouse at Scottsdale Quarter. Steak 44 was represented by Josh Gosnell of Commercial Properties. The landlord, Camelback and 44th OPCO LLC, was represented by Randy Banchik and Joe Hoye of Westwood Financial Corp.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
LOS ANGELES – A $44-million acquisition loan has been provided for Midtown Shopping Center, a 185,000-square-foot retail center in Los Angeles. Notable tenants at the center include Ralphs, CVS and OSH. Financing was based on a three-year, interest-only term. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through its relationship with a non-recourse bridge lender. The borrower was a private Los Angeles-based investor.
CHANDLER, ARIZ. — The Fairways, a 352-unit apartment community in Chandler, has sold to the Bascom Group for $35.2 million. Bascom completed the acquisition in conjunction with its local affiliate, Bascom Arizona Ventures LLC. The community is located at 777 West Chandler Blvd. on the San Marcos Golf Resort. The seller, Situs Holdings LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.