RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
Western
PHOENIX — A 29-acre parcel of land in Southwest Phoenix has sold to McClain Foods Services for $7 million. It is located at the Southwest corner of 75th Avenue and Interstate 10. The company plans to develop a 200,000-square-foot freezer/cooler facility on the site. Construction is scheduled for 2013. McClain was represented by Stein Koss and Mike Quint of Lee & Associates, along with Jackson & Cooksey. The seller, EJM Development Co., was represented by Rick Robertson and Allen Lowe.
DENVER — MIG Real Estate, LLChas purchased the 168-unit Churchill Downs apartments in Denver for an undisclosed sum. The unnamed seller was represented by Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment and Jason Wine ofApartment Realty Advisors(ARA). MIG represented itself in this transaction. The property will be managed by Alliance Residential.
BULLHEAD CITY, ARIZ. – A five-building medical office campus is set to break ground within Bullhead City’s master-planned community of Fox Creek. The five-acre project will contain five buildings, each consisting of 7,500 square feet. A $17-million assisted living facility is scheduled to be built adjacent to the campus. The 95,300-square-foot facility, named Joshua Springs, will contain 74 assisted living units and 30 memory care beds. Brookfield Communities is developing the medical office campus, which will break ground early this year. It had previously sold the land where Joshua Springs will be developed to Strata Management. Joshua Springs will be built by Seabold Construction and designed by John Lape. The facility will break ground next month. It is scheduled for completion in the first half of 2014.
SPARKS, NEV. — The Waterford Apartments, a 240-unit apartment community in Sparks, has sold to a California-based apartment investment firm for $17.1 million. The community is located at 800 Nichols Blvd. The selling group was led by Silverwing Development’s J. Carter Witt III and represented by Kenneth Blomsterberg of Marcus & Millichap.
SEATTLE — Dexter Station, a 340,000-square-foot office building, is set to begin construction in Seattle’s South Lake Union district. It will be located at 1101 Dexter Ave. Construction will commence Feb. 1, and is scheduled for completion in the first quarter of 2015. It is being developed by a joint venture between Capstone Partners and Stockbridge Capital Group. The project, which is aiming for LEED-Silver certification, will be the first speculative office development in the Puget Sound region since 2008. Dexter Station will be built by JTM Construction and designed by LMN Architects and CPL. Stuart Williams, Laura Ford and Joe Gowan of Jones Lang LaSalle will serve as the property’s leasing agents.
DENVER — MIG Real Estate, LLC has purchased the 168-unit Churchill Downs apartments in Denver for an undisclosed sum. The unnamed seller was represented by Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment and Jason Wine of Apartment Realty Advisors (ARA). MIG represented itself in this transaction. The property will be managed by Alliance Residential.
BULLHEAD CITY, ARIZ. – A five-building medical office campus is set to break ground within Bullhead City’s master-planned community of Fox Creek. The five-acre project will contain five buildings, each consisting of 7,500 square feet. A $17-million assisted living facility is scheduled to be built adjacent to the campus. The 95,300-square-foot facility, named Joshua Springs, will contain 74 assisted living units and 30 memory care beds. Brookfield Communities is developing the medical office campus, which will break ground early this year. It had previously sold the land where Joshua Springs will be developed to Strata Management. Joshua Springs will be built by Seabold Construction and designed by John Lape. The facility will break ground next month. It is scheduled for completion in the first half of 2014.
SPARKS, NEV. — The Waterford Apartments, a 240-unit apartment community in Sparks, has sold to a California-based apartment investment firm for $17.1 million. The community is located at 800 Nichols Blvd. The selling group was led by Silverwing Development’s J. Carter Witt III and represented by Kenneth Blomsterberg of Marcus & Millichap.
SEATTLE — Dexter Station, a 340,000-square-foot office building, is set to begin construction in Seattle’s South Lake Union district. It will be located at 1101 Dexter Ave. Construction will commence Feb. 1, and is scheduled for completion in the first quarter of 2015. It is being developed by a joint venture between Capstone Partners and Stockbridge Capital Group. The project, which is aiming for LEED-Silver certification, will be the first speculative office development in the Puget Sound region since 2008. Dexter Station will be built by JTM Construction and designed by LMN Architects and CPL. Stuart Williams, Laura Ford and Joe Gowan of Jones Lang LaSalle will serve as the property’s leasing agents.