LOS ANGELES — NorthMarq Capital Inc. arranges $250 million credit facility for an eight-property multifamily portfolio. The properties, which total 1,731 units, are located in California and Washington. Freddie Mac provided the financing. The undisclosed borrower utilized $150 million at closing and has the option to expand the facility to $250 million. The facility is priced over the Freddie Mac Reference Bill and can accommodate multiple tranches in 30-, 90-, 180- and 360-day increments. Michael Elmore of NorthMarq’s Los Angeles regional office arranged the financing.
TUCSON, ARIZ. — Tucson-based HSL Properties has acquired Skyline Gateway, a 246-unit multifamily community located at 4601 E. Skyline Dr. in Tucson. Chicago-based Equity Residential sold the property for $18.4 million. Built in 1985, the community comprises 14 three-story, garden-style buildings offering one- and two-bedroom units in six floorplans. The units feature air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators and a private balcony or patio. Community amenities include a clubhouse with kitchen, billiards, a heated swimming pool and spa, a tennis court, a fitness center, a putting green and barbeque areas. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.
SUNNYVALE, CALIF. — Michael Elmore of NorthMarq Capital Inc.’s Los Angeles regional office has arranged a $49.7 million first mortgage for Montclaire Apartments in Sunnyvale. The property offers 390 residential units. The financing, which was provided by Freddie Mac, was based on a 10-year term plus a 1-year extension with a 30-year amortization schedule.
GRASS VALLEY, CALIF. — Located at 224 Dorsey Dr. in Grass Valley, Springhill Garden I & II has sold for $7 million. The multifamily property offers 121 units. Al Inouye and Steven Nelson of Hendricks & Partners’ Sacramento, Calif., office negotiated the transaction.
LOS ANGELES — Hines has acquired an approximately 4.5 million-square-foot office portfolio from Cabi Developers, the U.S. arm of Mexico’s Gicsa, for approximately $1.4 billion. The portfolio consists of 31 properties comprising more than 50 buildings. The properties, which include the 243,000-square-foot Century Park Center in Los Angeles, are located in Los Angeles, Orange, Ventura and San Diego counties.
ALBUQUERQUE, N.M. — Towne Park Plaza LLC has purchased Towne Park Plaza, a 201,906-square-foot retail center in Albuquerque, for $20 million. Located at 300-370 Eubank Blvd., the multi-tenant property is occupied by Sam’s Club, Office Depot, PetSmart, Sally Beauty Supply and Game Stop. Scott Hook and Sam Medford of Marcus & Millichap represented the buyer; Hook also represented the seller, Southern California-based Towne Park Plaza LP, in the transaction.
SCOTTSDALE, ARIZ. — Summit Builders Construction Co. has broken ground for the development of Desert Foothills YMCA and Community Center, which will be located at the junction of Carefree Highway and 60th Street in Scottsdale. Situated on a 10.45-acre campus, the project consists of three components: the YMCA facility operated by the Valley of the Sun YMCA; a community center operated by Foothills Community Foundation; and a new Paradise Valley Community College facility, which will be operated by the Maricopa County Community College District. The 27,842-square-foot YMCA facility will feature a state-of-the-art fitness center, a Teen Center, racquetball courts, a gymnasium, an indoor rock-climbing wall and a covered 25-yard lap/play and fitness pool. The 20,513-square-foot community center and classroom building will feature a multi-purpose room, a caterer’s kitchen, a banquet room, a senior-living room, special function rooms, classrooms and administrative space. Completion is slated for third quarter 2009. Tempe, Ariz.-based Architekton is providing architectural services for the project.
VAN NUYS, CALIF. — Greg Harris of The Harris Group of Marcus & Millichap represented the seller, Sherman Way 70 LP, in the disposition of Windsor Village, a 70-unit multifamily community located at 14211 Sherman Way in Van Nuys. An undisclosed private investor acquired the property for $7.25 million or $103,571 per unit. The 58,239-square-foot property features six singles, 42 one-bedroom/one-bath units, 20 two-bedroom/two-bath units, a two-bedroom/two-bath townhome and a three-bedroom/two-bath townhome. The units feature dishwashers, gas stoves, wall air conditioning and ceiling fans. The community also features two swimming pools, a laundry facility, covered parking and controlled access.
MOAB, UTAH — Christian Child and Mike Francis of Marcus & Millichap’s Salt Lake City office represented the undisclosed seller in the disposition of La Quinta Inn & Suites in Moab. Located at 815 S. Main St., the three-floor hotel features 99 rooms, a continental breakfast area, a business center, a meeting room, an exercise room, guest laundry, vending machines and a swimming pool. The property was listed for $7 million; the acquisition price was not disclosed. The details regarding the seller and buyer were not released.
CORONA, CALIF. — Irvine, Calif.-based Timberline Commercial Real Estate in partnership with SE Corp. has developed a six-story, 160,000-square-foot office tower in Corona’s master-planned community of Dos Lagos. Located at 4160 Temescal Canyon Rd., the project is the first of three buildings planned for Lakeshore Plaza, which will ultimately total 473,000 square feet. The building features an advanced HVAC system, flexible and expandable telecommunications and efficient floorplans for easy expansion. Designed by Ronald Frink Architects, the property is currently completing the LEED registration and certification processes. Irvine-based Snyder Langston served as general contractor for the project.