LOS ANGELES AND GARDEN GROVE, CALIF. — Boston-based Love Funding has secured a $6.23 million loan for the refinancing of two assisted-living facilities in California. The properties are Summerville at Valley View, an 81-unit facility in Garden Grove; and Summerville at Tarzana, an 87-unit facility in Los Angeles. Leonard Lucas of Love Funding’s Boston office originated the transaction. Lucas represented the owner of the facilities, which are under a long-term lease to an unrelated operator.
FORT COLLINS, COLO. — Bulls Capital Partners LLC has provided a $2.68 million loan to Willow Grove Ltd. for the refinancing of Willow Grove Apartments. Located in Fort Collins, the 72-unit garden apartment complex features a mix of one- and two-bedroom units, a pool, a spa and a fitness center. Mark Van Kirk of Bulls Capital Partners originated the loan; Tom Sibbald of Shield Street Corp. represented the borrower in the transaction.
If there’s any good news to be had in today’s challenging economic climate, perhaps it’s that now is an opportune time to be an apartment investor in metropolitan Phoenix. While the credit crunch has undeniably put a dent in sales activity — the difference between $52 million so far this year compared to $600 million for all of 2008 and $3.5 billion during 2007 — interest from well-capitalized private investors hunting for bargains among the rising selection of lender-owned properties for sale may provide a boost moving forward. The number of distressed properties has crept into the double digits since early 2009. Offerings in good locations, where the pricing reflects the market correction, can easily garner 15 to 20 offers, on par with bidding activity occurring even during the best of economic times. Active investors are primarily individuals and private capital sources searching for positive leverage and high returns. Meanwhile, REITs and advisors looking to firm up balance sheets, developers needing to pay off maturing construction loans, and lenders hoping to unload distressed properties make up the bulk of sellers. Another piece of good news: tighter lending requirements, coupled with a downturn in population and job growth, have effectively put …
SACRAMENTO, CALIF. — Vincent Aicale and Pedro Arroyo of Arroyo & Coates brokered the $11.15 million disposition and acquisition of Arden Howe Plaza, a 59,082-square-foot shopping center located in the Arden submarket of Sacramento. Located off the corner of Arden Way and Howe Avenue, the property features 30,297 square feet of retail space and 28,880 square feet of commercial flex space. At the time of acquisition, the property was 96 percent occupied by Round Table Pizza, Wells Fargo, Mexicana Airlines and Brook Furniture. The buyer and seller were not disclosed.
RANCHO CUCAMONGA, CALIF. — Towne Park Plaza L.P. has acquired a 25,002-square-foot retail space at Day Creek Village, a grocery-anchored shopping center located at 12223-12273 Highland Ave. in Rancho Cucamonga, for $11 million. Tenants included in the sale are Starbucks Coffee, Wells Fargo, The UPS Store and Supercuts. Scott Hook of Marcus & Millichap represented the buyer; Jeff Conover of Faris Lee Investments represented the seller, Newport Beach, Calif.-based Day Creek Investors LLC, in the transaction.
LIVERMORE, CALIF. — Darim Vision Corp. has purchased a 3,600-square-foot freestanding office building in Montevina, a 250,000-square-foot Class A office and R&D complex in Livermore. Darim plans to move its United States-based headquarters to the new building. Located at 3110 Constitution Dr., the property sold for approximately $1.21 million $337 per square foot. John Hone of Cornish & Carey Commercial represented the buyer; Hone, Jim Peterson and Andrew Zink of Cornish & Carey Commercial represented the seller, ExTerra Realty Partners, in the transaction.
THORNTON, COLO. — The Denver office of NorthMarq Capital has arranged an approximately $1.52 million permanent loan for Handy Storage, a 234-unit self-storage facility located at 2045 Coronado Parkway North in Thornton. The 33,500-square-foot property consists of seven single-story buildings. Terms of the loan include a 6.95 percent fixed rate and a 30-year amortization. Dale Stewart of NorthMarq’s Denver office secured the financing on behalf of the undisclosed borrower.
LOVELAND, COLO. — Springfield, Mo.-based John Q. Hammons Hotels & Resorts has completed the development of Embassy Suites® — Loveland Hotel, Spa & Conference Center, which is located at 4705 Clydesdale Parkway in Loveland. The eight-story hotel offers 263 suites, 80,000 gross square feet of meeting space, a fitness center, an indoor pool, a sundeck, restaurants, and a full-service spa. The hotel will be managed by John Q. Hammons Hotels & Resorts.
CLACKAMAS, TIGARD AND CEDAR HILLS, ORE. — NBS Financial Services has secured $25 million for three apartment communities in metro Portland. The 235-unit Squire’s Court Apartments in Clackamas received a $10.5 million loan; Riverwood Heights Apartments, a 240-unit complex in Tigard, received $10 million; and the 124-unit Cedar Square Apartments in Cedar Hills received $4.5 million. State Farm Life Insurance Co. provided financing for all the loans, which were arranged by Blake Hering Jr. of NBS Financial.
WASHINGTON AND NEVADA — Marcus & Millichap has brokered two multifamily sales in Wenatchee, Wash., and Las Vegas. In Wenatchee, Marc Cunningham of Marcus & Millichap represented the undisclosed seller in the disposition of Yakima Court Properties, a 15-unit property located at 527 Yakima St., to an undisclosed buyer for $795,000. In Las Vegas, Luis Velazqeuz of Marcus & Millichap represented the undisclosed buyer in the $300,000 acquisition of Cottage Park, a 10-unit apartment community located at 1014 N. 4th St. in Las Vegas. The seller was not disclosed.