GRANT PASS, ORE. – Oak Grove Capital has originated $25 million in variable rate, permanent financing for three senior housing communities in Oregon and Montana. The financing was obtained through Freddie Mac’s Senior Housing Capped ARM program. The three communities are operated by Emeritus Corporation and owned by a joint venture between affiliates of Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The funds were used to refinance existing low-leverage mortgage debt on the three senior properties, which include the 61-unit Cambridge Place in Great Falls, Mont., the 82-unit Spring Village in Grants Pass, Ore., and an 88-unit assisted/independent/memory care facility in Redmond, Ore. This is a seven-year variable-rate loan with pre-payment flexibility. Lisa Lautner and Heidi Brunet of Oak Grove's Senior Housing and Healthcare Group originated the loans.
Western
COLORADO SPRINGS, COLO. – Advenir has purchased the 220-unit Briarglen Apartments in Colorado Springs for $16.35 million. It plans to invest $1.1 million in capital improvements for the apartment community. Briarglen was built in 1986 and partially renovated in 2007. It is currently 97 percent leased. This is Advenir's first Colorado-based acquisition. The multifamily real estate investment and management firm hopes to acquire 1,500 to 2,000 units in Denver and the surrounding area in the next 24 months. Advenir represented itself in the transaction, while Apartment Realty Advisors' Doug Andrews represented the seller, RedPeak Properties.
GILBERT, ARIZ. – Cassidy Turley BRE Commercial has sold the 120-unit Orion at Heritage Square Apartments in Gilbert to Clear Sky Capital Heritage Square L.P. for $7.5 million. It was purchased from Orion Pacific Note Investors LLC, an affiliate of Orion Residential Advisors LLC. Executive vice presidents David Fogler and Steven Nicoluzakis with Cassidy's Multi-Family Group performed the sales transaction.
PORTLAND, ORE. – NBS Real Estate Capital has closed four separate multifamily investments on behalf of the Morrison Street Funds. The total cost of these transactions was $69,105,000, which includes invested equity from Morrison, as well as partner equity and mortgage financing. The multifamily investments consist of the 217-unit, Class B Foothills Apartments in Denver; the 248-unit, Class B Berry Ridge Apartments in Gresham, Ore.; a 111-unit, Class A asset in Loveland, Colo.; and the 516-unit Class B/C Lantana Apartments in Las Vegas.
CARSON, CALIF. – Calko Transport has signed a five-year lease for a 135,727-square-foot industrial property inside the master-planned Watson Industrial Center in Carson. The building is located on about 10 acres and will serve as a third-party logistics site for the company's new corporate headquarters as it relocates from nearby Carson. Lee & Associates' Don Smith and NAI Capital's Kent Choi represented Calko. Watson Land Company was represented in-house by Lance Ryan and Mike Bodlovich.
PHOENIX – CB Richard Ellis has welcomed brokerage sales professionals Mark Krison, Luke Denmon and Scott German to its Critical Environment Practice. Krison specializes in office and flex-industrial; Denmon specializes in mission-critical data center space and project management; and German specializes in corporate client leases and relocations. CBRE's Critical Environment Practice focuses on project and facility management as it relates to 24/7 data centers and other mission-critical facilities.
ANAHEIM, CALIF. – Cypress Office Properties has purchased the two-building, 103,000-square-foot Anaheim Crossroads office plaza for $5.1 million in a loan-to-own transaction. It was purchased from a special servicer. Cypress has taken possession of the property through a deed in lieu with the previous ownership. Anaheim Crossroads is a Class B, atrium-style property that is 15 percent leased. CBRE’s Paul Jones and Louay Alsadek represented the buyer in the note purchase.
SUNNYVALE, CALIF. – Adesto Technologies has leased 20,000 square feet at 1250 Borregas Ave. in Sunnyvale. The technology company was previously located at 1221 Innsbruck Drive, also in Sunnyvale, but moved to the Class A office building to maximize its space and support its R&D needs. Adesto will relocate this September. CresaPartners' Sushma Malhotra represented the tenant, while the landlord, Dollinger Properties, represented itself in this transaction.
STERLING, COLO. – NorthMarq’s Denver regional office has arranged $1,133,000 in permanent financing for the 39,868-square-foot Applewood Shopping Center in Sterling. Situated on 4.17 acres, the property was built in 1976 and underwent a renovation in 2008. NorthMarq’s John M. Stewart, senior vice president, and Brock Yaffe, senior investment analyst, arranged the financing for the borrower.
SANTA ANA, CALIF. – Marcus & Millichap Capital Corporation has arranged $7,175,000 in financing for a 60-unit apartment community in Santa Ana. This is a five-year, fixed-rate loan with a 4.65 percent interest rate and a small sliding prepay. It also contains a 30-year amortization schedule and a 77 percent loan-to-value. M&M's Michael Derk, a senior director and vice president of capital markets, arranged the financing.