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.
Western
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.
SAN FRANCISCO — The Obvious Corporation has signed an eight-year lease for 75,000 square feet at 760 Market Street in San Francisco. The corporation was started by Evan Williams, who had previously founded Blogger and Twitter. His newest venture will occupy a three-level space at the office building. The landlord is Thor Equities.
PORTLAND, ORE. — NLD Title has purchased 22 single-tenant office properties that are currently leased to AmeriTitle. The properties are mostly located in Oregon and Idaho. AmeriTitle, which is wholly owned by JELD-WEN, will continue to occupy the buildings under a long-term lease agreement. NLD plans to put some of the properties back on the market. NLD was represented by the Silver Group.
SAN LUIS, ARIZ. — The San Luis Shopping Center, a 40,256-square-foot, multi-tenant shopping center in San Luis, has sold to an entity of SimonCRE for $2.2 million. The center is located on the U.S. border with Sonora, Mexico. It is shadow-anchored by a Super Wal-Mart and boasts a 61 percent occupancy rate. Other notable tenants include Dollar Tree, Rue 21, The Shoe Depot and Sally Beauty Supply. The seller, CRM Mid-Atlantic Properties, was represented by Andrew Fosberg and Steve Fernandez of CBRE’s Phoenix office.
GLENDALE, CALIF. — MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has purchased a 67,518-square-foot land parcel in Glendale. The company plans to develop 245 apartment units on the site, which is located at 610 N. Central Ave. Construction is set to commence in April. It should be completed by the first quarter of 2015. Craig Stevens and Tyler Stevens of Lee & Associates-LA North/Ventura represented both the buyer and the seller in this transaction.
SAN FRANCISCO — The Obvious Corporation has signed an eight-year lease for 75,000 square feet at 760 Market Street in San Francisco. The corporation was started by Evan Williams, who had previously founded Blogger and Twitter. His newest venture will occupy a three-level space at the office building. The landlord is Thor Equities.
PORTLAND, ORE. — NLD Title has purchased 22 single-tenant office properties that are currently leased to AmeriTitle. The properties are mostly located in Oregon and Idaho. AmeriTitle, which is wholly owned by JELD-WEN, will continue to occupy the buildings under a long-term lease agreement. NLD plans to put some of the properties back on the market. NLD was represented by the Silver Group.