SANTA MONICA, CALIF. — MEI Real Estate Services has secured $11.5 million in construction financing for a mixed-use development in Downtown Santa Monica. The project will contain 40 high-end residential suites situated above more than 8,500 square feet of retail. The project is slated for completion in late 2012. MEI secured the financing on behalf of a private investor.
PHOENIX — NAI Horizon has completed a 55,089-square-foot office lease at Foothills Corporate Center I for CyraCom International. This brings the Class B center to full occupancy. CyraCom’s seven-year lease will begin on June 1. The company operates language interpretation call centers for the healthcare field. Jeff Adams, senior vice president at NAI Horizon, represented CyraCom. Cushman & Wakefield’s Dave Seeger, Karsten Peterson and Mark Gustin represented the landlord.
BELLEVUE, WASH. — Walker & Dunlop has provided an $18,150,000 permanent loan for the 195-unit Edgewood Park apartment community. The loan is a Freddie Mac capped adjustable-rate mortgage with a seven-year term and a 30-year amortization. It was underwritten to a 60 percent loan-to-value with a 1.15x debt-service coverage ratio. Michael Taylor of Newmark Realty Capital originated the loan. Jay Thomas, a vice president at Walker & Dunlop and a member of the firm’s multifamily finance underwriting department, headed up the Walker & Dunlop team.
SAN DIEGO — Barnhart Balfour Beatty has completed the Naval Special Warfare Combatant-Craft Crewman Training Facility, which is located on the Naval Amphibious Base in Coronado, CA. The $9.4-million project provides training and boat support facilities for the Special Warfare Combatant-Craft Crewman, a component of Naval Special Warfare. The facility consists of a 21,100-square-foot main building that features classrooms, offices, a medical exam room, a conference room, locker rooms, laundry facilities, and weapons parts and storage rooms. The 14,700-square-foot boat storage high bay area provides storage facilities and boat maintenance space for Navy vessels. The facility was designed to Anti-Terrorism Force Protection standards. It has achieved LEED-Silver certification from the U.S. Green Building Council.
ST. GEORGE, UTAH — Marcus & Millichap Capital Corporation has arranged a $7,451,409 construction loan and long-term commitment for an assisted living facility. This is a two-year construction loan with a 75 percent loan-to-value, long-term loan that should commence upon occupancy. The St. George area has not had a new assisted living facility open for many years, according to Jeffrey Meierhofer, an associate director in Marcus & Millichap’s Salt Lake City office, who helped arrange the financing.
PHOENIX — Cassidy Turley BRE Commercial has sold 177 partially completed lots that reside on 62.75 acres within Artesa, a master-planned subdivision. The lots were purchased for $3.18 million by Crown-Phoenix Artesa I, LLC, a subsidiary of New York-based Petrus Partners, which plans to hold the lots for investment. Will French and Brian Rosella of Cassidy Turley BRE Commercial’s Land Services Group represented the seller, the FDIC.
DENVER — Hodges Ward Elliott has represented the seller in the disposition of the JW Marriott Cherry Creek. The recently renovated Marriott was sold to DiamondRock Hospitality for $72.6 million. The 11-story, 196-room hotel opened in Denver’s Cherry Creek neighborhood in 2004.
LA JOLLA, CALIF. — Love Funding has closed a $3.83-million loan refinancing for Seasons at La Jolla, an assisted living facility. The transaction was secured through the FHA’s 223(a)(7) LEAN loan program, which is a streamlined refinance of an existing HUD loan. With this type of financing in place, the borrower was able to secure a 4.75 percent, fixed interest rate with a 32-year term. Artin Anvar, a vice president at Washington, D.C.-based Love Funding, secured the transaction for the 27-bed facility.
GRANADA HILLS, CALIF. — Marcus & Millichap Real Estate Investment Services has brokered the sale of an $11.74-million shopping center. Built in 1959, the center is located at 17020 Chatsworth St. Tenants include Walgreens, Staples and El Pollo Loco. Marcus & Millichap’s Brandon Michaels, vice president investments in the firm’s Encino branch, represented the seller, an out-of-state owner.
CHANDLER, ARIZ. — Simon Property Group’s Premium Outlets division has partnered with Gila River Indian Community's Wild Horse Pass Development Authority to build the Phoenix Premium Outlets. Phase I of the project will contain about 360,000 square feet and 90 outlets. Construction is expected to commence in early 2012 in anticipation of a spring 2013 opening.