WHEAT RIDGE, COLO. – The 308-unit Kipling Village Apartments in Wheat Ridge has received a $12.2-million refinance. Wheat Ridge is a Western suburb of Denver. The non-recourse, cash-out refinance loan was provided by George Smith Partners (GSP) on behalf of Kipling Village, LLC. It features a 3.96 percent fixed interest rate for 10 years with a 30-year amortization schedule. The loan was executed by Fannie Mae.
Western
LOS ANGELES — Milano Lofts, a 131,433-square-foot, mixed-use facility in Downtown Los Angeles, has sold to Equity Residential for an undisclosed sum. The Art Deco-style community is located at 609 S. Grand Ave. It contains 99 luxury residential units atop more than 6,000 square feet of ground-floor retail space. The space is occupied by Industriel and Yorkshire Grill restaurants. Milano was fully occupied at the time of sale. Janet Neman and Bryan Glenn of Charles Dunn Company represented both the buyer and the seller, Grand Pacific Lofts, LP, in this off-market transaction.
SCOTTSDALE, ARIZ. — Meritage Homes has leased 57,784 square feet at Raintree Corporate Center in Scottsdale. The Class A office building is located at 8800 E. Raintree Drive. The company will be relocating from the southeast corner of 85th Street and Perimeter Drive. This new lease will bring Raintree to nearly 90 percent occupancy. The landlord, iStar Financial, was represented by Brad Anderson, Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
LAS VEGAS — Cohen Financial has secured $119 million in debt and equity financing for 427 condominium units at Veer Towers in Las Vegas. The 670-unit twin towers are located within CityCenter, a joint venture between MGM Resorts International and a subsidiary of Dubai World. The units were purchased last month from the developer. The structured financing was secured by Kevin O’Grady and Eric McGlynn of Cohen Financial’s Miami office. They worked on behalf of Pordes Residential and obtained financing from an affiliate of Ladder Capital Finance Holdings, LLLP.
ENCINO, CALIF. – A three-property multifamily portfolio that is located within Los Angeles’ San Fernando Valley has received a $25.8-million loan. The portfolio includes a 100-unit multifamily mid-rise property in North Hollywood that received an $11.1-million refinance; a 74-unit multifamily property in Sherman Oaks that received a $9.1-million refinance; and two 18-unit multifamily properties in Sherman Oaks that each received a $2.8-million refinance. The loan features a 30-year term, a 3.5 percent interest rate and a 30-year amortization schedule with a 75 percent loan-to-value. It was arranged by Danny Abergel of Marcus & Millichap Capital Corporation’s Encino office.
LOS ANGELES — Beverly La Jolla Tower, a 38,667-square-foot office building in Los Angeles, has sold to Beverly Quest LLC for $14.3 million. It is located at 8201 Beverly Blvd. The tower was initially built in 1964 and modernized in 1990. Beverly Quest was represented by Steven Rayan of South Park Group. The seller, Aptium Oncology, was represented by Martin McDermott of Avison Young.
SAN FRANCISCO – A 5,770-square-foot retail building that is known by its locale, 33 Grant Avenue, has changed hands in San Francisco. The purchase price was not disclosed. The building resides within the city’s Union Square neighborhood. It is fully leased to two tenants, including Steve Madden and Archer, a luxury hair salon. The seller, City Center Realty Partners, LLC, was represented by HFF’s Nicholas Bicardo and Mark Damiani.
LAS VEGAS — Cohen Financial has secured $119 million in debt and equity financing for 427 condominium units at Veer Towers in Las Vegas. The 670-unit twin towers are located within CityCenter, a joint venture between MGM Resorts International and a subsidiary of Dubai World. The units were purchased last month from the developer. The structured financing was secured by Kevin O’Grady and Eric McGlynn of Cohen Financial’s Miami office. They worked on behalf of Pordes Residential and obtained financing from an affiliate of Ladder Capital Finance Holdings, LLLP.
ENCINO, CALIF. – A three-property multifamily portfolio that is located within Los Angeles’ San Fernando Valley has received a $25.8-million loan. The portfolio includes a 100-unit multifamily mid-rise property in North Hollywood that received an $11.1-million refinance; a 74-unit multifamily property in Sherman Oaks that received a $9.1-million refinance; and two 18-unit multifamily properties in Sherman Oaks that each received a $2.8-million refinance. The loan features a 30-year term, a 3.5 percent interest rate and a 30-year amortization schedule with a 75 percent loan-to-value. It was arranged by Danny Abergel of Marcus & Millichap Capital Corporation’s Encino office.
LOS ANGELES — Beverly La Jolla Tower, a 38,667-square-foot office building in Los Angeles, has sold to Beverly Quest LLC for $14.3 million. It is located at 8201 Beverly Blvd. The tower was initially built in 1964 and modernized in 1990. Beverly Quest was represented by Steven Rayan of South Park Group. The seller, Aptium Oncology, was represented by Martin McDermott of Avison Young.