FRESNO, CALIF. — Cohen Financial has arranged a $17.9 million loan for the acquisition of Torrey Ridge apartment complex, which is located at 222 S. Clovis Ave. in Fresno. The multifamily property features 418 units. Mark Strauss and Kevin Greenberg of Cohen Financial secured the 7-year, fixed-rate loan at 80 percent loan-to-value with a 30-year amortization schedule. Wells Fargo Multifamily Capital funded the loan through its Fannie Mae program for Real Estate Opportunity Capital Fund.
SAN FRANCISCO — The first phase of a 2-year renovation project commences in August at Moscone Center, San Francisco's largest convention facility. The $55 million project includes cosmetic improvements to the main exhibit halls, A, B and C, and minor HVAC work in the North meeting rooms. The second phase, which will begin in December, include cosmetic upgrades to selected restrooms and the renovation of meeting rooms in Moscone North. Built in 1981 and most recently expanded in 2003, the 20-acre convention complex consists of three main buildings — Moscone North, South and West — totaling more than 2 million square feet and offering 740,000 square feet of meeting and exhibition space. The renovation project is being funded by the City of San Francisco, providing $35 million, and the San Francisco Tourism District Management Corp., which is providing $20 million. Jones Lang LaSalle's Project and Development Services group has been selected to manage the project.
NORTH HOLLYWOOD, CALIF. — Los Angeles-based 6101 Clybourn LP has acquired Provence Way Apartments in North Hollywood for $7.6 million. Located at 6101-6125 Clybourn Ave., the 88-unit property offers 27 one-bedroom/one-bath units and 67 two-bedroom/one-bath units. Additionally, the property features a playground, barbecue grills and landscaped courtyards. Darin Beebower of Madison Partners represented the buyer and the seller, Valley Associates, in the transaction. Brian Eisendrath of CB Richard Ellis Capital Markets secured 10-year, fixed-rate financing through Freddie Mac for the buyer.
SIMI VALLEY, CALIF. — Walker & Dunlop has provided a $49.8 million loan for the refinancing of the Villas – Overlook at Wood Ranch, which is located in Simi Valley. Built in 1986, the 504-unit garden-style apartment community consists of 31 two-story residential buildings on a total of 23.15 acres. Community amenities include three swimming pools, three spas, two tennis courts, a fitness center, a putting green, three laundry facilities and a parking garage. At the time of closing, the property was 94.3 percent occupied. The 7-year loan has a 30-year amortization schedule. The loan was underwritten to a 59.7 percent loan-to-value with a 1.21x debt-service coverage ratio. Additionally, the loan retired $36 million in variable tax-exempt bond financing and a Freddie Mac conventional supplemental loan. Verne Murray and Jeffrey Burns of Walker & Dunlop originated the loan.
OAKDALE, CALIF. — Carlsbad, Calif.-based Chelsea Investment Corp. has acquired Oak Ridge, a multifamily property located at 10 Willowwood Dr. in Oakdale. The 41-unit apartment community sold for $2.65 million. The seller was Oakdale Company, a California General Partnership of Sacramento, Calif. Steven Nelson and Al Inouye of Hendricks & Partners' Sacramento office brokered the transaction.
SAN DIEGO — San Diego-based Westcore Properties has completed the disposition of retail movie theatre properties to Knoxville, Tenn.-based Regal Entertainment Group for $29.14 million. The assets include UA Berkeley, a seven-stadium, 21,895-square-foot movie theatre located at 227 Hattuck Ave. in Berkeley, Calif.; UA Haggerty, a 14-stadium, 57,822-square-foot movie theatre at 3033 Springvale Drive in Walled Lake, Mich.; and Snowden Square, a 14-stadium, 58,250-square-foot theatre located at 9161 Commerce Centre in Columbia, Md. Westcore Properties originally acquired the properties in 2003.
PORTLAND, ORE. — San Francisco-based Playa Properties has purchased a 17-unit multifamily community in Portland. Located at 600-610 SE Cesar Chavez Blvd., the property sold for $1.7 million with a cap rate of 6.75 percent. The property was constructed in 1943. The seller was Paradise 39 Grape. Grayson Pounder of Hendricks & Partners' Portland office negotiated the transaction on behalf of the buyer.
BURBANK, CALIF. — Casden Properties has opened Empire Landing, a transit-oriented development in Burbank’s media and entertainment district at the corner of Buena Vista Street and Empire Avenue. The property offers 276 one- and two-bedroom and townhome luxury residences. Units feature patios, gourmet kitchens, stainless steel appliances, limestone-finished fireplaces, soaking tub, walk-in closets, and in-unit washers and dryers. The community features a 5,500-square-foot clubhouse, a state-of-the-art fitness center, a swimming pool and 1,000-square-foot of retail space. The property was designed by Johannes Van Tilburg of Van Tilburg, Banvard & Soderbergh. The project is within walking distance of the Bob Hope Airport Metrolink station, the 900,000-square-foot Burbank Empire Center and a 2-acre park.
CARSON, CALIF. — MV Transportation Inc. has a 10-year lease for a 5.5-acre site at 21222 S. Wilmington Ave. in Carson. The lease is valued at $5.5 million. MV Transportation plans to use the property, which includes a 22,000-square-foot maintenance and office building and a 5-acre secured, lit and paved yard, to service the Los Angeles Metropolitan Transit Authority contract for the South Los Angeles region beginning in October. Newport Beach, Calif.-based Hager Pacific Properties and SoCal Industrial Partners own the property. Frank Hillebrand and John Lassiter of Lee & Associates represented Hager Pacific in the transaction; Jeff Smart, Kyle Degener and the Reitz-Biondi-Kim team of Grubb & Ellis represented MV Transportation.
SORRENTO VALLEY, CALIF. — San Diego-based Chembridge Corp. has acquired unit 206 at Venture Sorrento Valley Office Park, which is located at 11189-11199 Sorrento Valley Road in Sorrento Valley. The 4,992-square-foot flex condominium property sold for $998,400. Phillip Linton of Cassidy Turley BRE Commercial represented the buyer and the undisclosed seller in the transaction.