MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
Western
SCOTTSDALE, ARIZ. — McCormick Place, a 74,474-square-foot office building in Scottsdale, has sold to Scottsdale Healthcare Corporation for $14.95 million. An adjacent, free-standing, covered parking garage was also included in the acquisition. The vacant building is located at 8125 N. Hayden Road. The building previously served as Medicis Pharmaceutical Corporation’s corporate headquarters until 2008. Scottsdale Healthcare plans to relocate its corporate headquarters here in 2013. The company was represented by Luke Walker and David Carder of CBRE’s Phoenix office, along with Patti Gentry of Arizona Commercial Advisors. The seller, a Northern California real estate investment company, was represented by Jerry Noble, Pat Devine and Greg Mayer out of the same office.
LOS ANGELES – Three new culinary concepts have signed onto FIGat7th in Downtown Los Angeles. They include Sprinkles Cupcakes, Mendocino Farms and THE MELT. They will join fellow restaurants such as Juicy Lucy, Loteria Grill, Oleego, Morton’s The Steakhouse, California Pizza Kitchen and Starbucks at the shopping and dining establishment. All three concepts are scheduled to open in December. FIGat7th is owned by Brookfield Office Properties. The company was represented by Kevin Dee and Ted Slaught, the center’s exclusive retail-leasing agents.
DENVER – A pair of Denver office buildings received $59 million in financing. The buildings are cross-collateralized, and were acquired by Broadreach Capital Partners in 2007. They include One Union Square, a 188,707-square-foot office building at 143 Union Blvd. in Lakewood’s Union Corridor, and a 277,710-square-foot office building at 303 E. 17th Ave. in Downtown Denver The funds include a $49 –million, first-mortgage loan provided by Mesa West, and $10 million in mezzanine debt provided by Investcorp. The funds were used to remove the existing debt and to fund future leasing costs to stabilize the properties, according to Ronnie Gul, a Mesa West principal who originated the financing, which was arranged by Brad Zampa of Newmark Knight Frank Cornish & Carey Capital Group.
MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
SCOTTSDALE, ARIZ. — McCormick Place, a 74,474-square-foot office building in Scottsdale, has sold to Scottsdale Healthcare Corporation for $14.95 million. An adjacent, free-standing, covered parking garage was also included in the acquisition. The vacant building is located at 8125 N. Hayden Road. The building previously served as Medicis Pharmaceutical Corporation’s corporate headquarters until 2008. Scottsdale Healthcare plans to relocate its corporate headquarters here in 2013. The company was represented by Luke Walker and David Carder of CBRE’s Phoenix office, along with Patti Gentry of Arizona Commercial Advisors. The seller, a Northern California real estate investment company, was represented by Jerry Noble, Pat Devine and Greg Mayer out of the same office.
LOS ANGELES – Three new culinary concepts have signed onto FIGat7th in Downtown Los Angeles. They include Sprinkles Cupcakes, Mendocino Farms and THE MELT. They will join fellow restaurants such as Juicy Lucy, Loteria Grill, Oleego, Morton’s The Steakhouse, California Pizza Kitchen and Starbucks at the shopping and dining establishment. All three concepts are scheduled to open in December. FIGat7th is owned by Brookfield Office Properties. The company was represented by Kevin Dee and Ted Slaught, the center’s exclusive retail-leasing agents.
LOS ANGELES — Capital Foresight has received a $23.8-million acquisition loan to purchase the 132-unit Santa Fe Lofts in Downtown Los Angeles. The total purchase price for the apartment community was $35 million. The seller was The Kor Group. The loan features an interest rate of 2.5 percent with two years of interest-only. It was arranged by Brian Eisendrath with CBRE’s Debt and Equity Finance group through Fannie Mae.
CHANDLER, ARIZ. – Chandler Corporate Center, a 67,500-square-foot, Class A office building, has received $6.4 million in acquisition financing. The building is fully occupied by three tenants. Financing was arranged by Tim Storey and George Mitsanas of Newmark Realty Capital through a life insurance company.
FARFIELD, CALIF. – An 8,996-square-foot building in Farfield that is net leased to Beverages & More (BevMo!) has sold to a private investor for $3.1 million. It is located at 1545 Holiday Lane. The buyer was represented by Jacob Levy of Marcus & Millichap’s San Francisco office.