LAS VEGAS – The 414-unit Avanti Apartments in Las Vegas has received $20 million in first-mortgage refinancing. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq Capital arranged this financing on behalf of Fairfield Clairmont I LLC, through the firm’s relationship with a life insurance company. NorthMarq’s Gardiner Champlin, Marty Meagher, Eric Flyckt, Paul Fearey, Marcy Olson and Thomas Powell all collaborated to arrange the financing.
Western
COLUMBIA CITY, WASH. – The 124-unit GreenHouse Apartment building has debuted in Columbia City. The community is located at 3701 South Hudson Street. About half of the units were leased prior to its official opening. Residents will begin moving in this weekend. GreenHouse is the first new market-rate apartment development to be built in Columbia City since 1969, according to its developer, Harbor Urban, LLC. The community is just blocks from Columbia City LINK Light Rail Station, making it a transit-oriented development. The complex is striving for a LEED-Gold certification. It was built by Exxel Pacific and designed by Runberg Architecture Group.
KENT, WASH. — CenterPoint Corporate Park in Kent has sold to Fountainhead Northwest for $46.25 million. The 435,937-square-foot office campus is located on 72nd Avenue South. Mike George and Nick Fletcher of NAI Puget Sound Properties represented the seller, a joint venture between AEW and Unico Properties, in the transaction.
SACRAMENTO, CALIF. — Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
CAMERON PARK, CALIF. — The 239-unit Ponte Palmero continuing care retirement community in Cameron Park has received $35.7 million in first mortgage financing. The 26-acre community contains 100 assisted-living, 104 independent-living and 35 memory-care units. The loan was originated by KBS Strategic Opportunity REIT. It features a floating interest rate with an initial rate of no less than 11 percent. The floating rate will increase annually to no less than 18 percent during the third year of its term. It matures in October 2015.
TEMPE, ARIZ. – The 408-unit Tempe Groves complex has sold to Fairfield Residential for an undisclosed sum. The property is located at 909 West Grove Parkway within the master-planned community of Elliot Groves, which is in Tempe. The seller, a nationwide multifamily investment and development firm, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
MURRAY, UTAH — Parley’s Partners has begun construction on Birkhill on Main, a new $45-million mixed-use development in Murray. It will be located at 4255 South Main Street. The project will include 311 luxury apartment homes, as well as a three-story office building upon build-out. Phase I will feature 137 units, including 41 market-rate and 96 affordable housing units in a five-story building. Phase II, set to commence in June 2013, will add 65 more units. Phases III and IV will include 109 additional units and a 35,400-square-foot office building, respectively. The first three phases are expected to be complete by 2016, with Phase I wrapping up in March 2013. Phase IV’s completion will be based upon pre-leasing. The eco-friendly, transit-oriented project is being built by Kier Construction and designed by KTGY Group.
RIVERSIDE, CALIF. – Spectra Premium has signed a 52-month lease for 85,000 square feet at the Meridian Business Park. It is located at 14530 Innovation Drive in Riverside. The auto parts distributor will use the Class A building for its West Coast distribution operations. Spectra was represented by Ryan Miller of Voit’s Inland Empire office. The landlord, GE Capital Real Estate, was represented by Walt Chenoweth, Frank Geraci, Juan Gutierrez and Patrick Wood of the same office.
BUENA PARK, CALIF. – Home Design Outlet Center has leased an 18,179-square-foot industrial building in Buena Park. The outlet center plans to use the space as a product showroom and West Coast distribution center. Home Design was represented by Chuck Wilson and Brian Chastain of Colliers International. The landlord, RREEF, was represented by CBRE’s Laird Perkins.
SAN DIEGO — Regency Centers Corporation has purchased Balboa Mesa Shopping Center, a 189,321-square-foot, infill shopping center in San Diego, for $59.5 million. The Vons-anchored center is located at Balboa Avenue and Genesee Avenue. It is 95 percent leased. Other notable anchors include Kohl’s and CVS/pharmacy. The seller was Balboa Realty LLC.