UNIVERSITY PLACE, WASH. — Berkadia has secured $21.5 million in financing for the purchase of The Duo Apartments, a Class A multifamily community in University Place, a suburb of Tacoma. Located at 4201 Bridgeport Way West, The Duo Apartments features 104 studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet. Apartments offer washers/dryers, stainless steel appliances, faux wood flooring, designer finishes and patios or balconies. The pet-friendly community features a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad Williamson of Berkadia Miami, arranged the financing on behalf of the buyer, a private investor. The borrower acquired the asset for $30.5 million. Coral Gables, Fla.-based Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms.
HERRIMAN, UTAH — SRS Real Estate Partners has arranged the purchase of a newly constructed retail property, located at 5116 Denali Park Drive in Herriman, approximately 20 miles southwest of Salt Lake City. A Washington-based private investor in a 1031 exchange acquired the asset from a developer for $5.3 million. PetSuites, which opened in November 2023, occupies the 10,953-square-foot property. The tenant has a 20-year lease in place. PetSuites operates more than 80 locations nationally with services including daycare, boarding, grooming and training for pets. Susan Harris of SRS represented the buyer, while JLL represented the seller in the deal.
SAN FRANCISCO — Real estate development firm Greystar has delivered Academe at 198, a $282 million student housing property in downtown San Francisco. Located at 198 McAllister St. in the city’s Civic Center district, the mixed-use property is Phase I of the Academic Village expansion at UC Law San Francisco, formerly known as UC Hastings College of the Law. Academe at 198 spans 14 stories and features 656 units (667 beds) for students at UC Law SF, as well as faculty and staff. The property website also says students from nearby University of California San Francisco, San Francisco State University, University of San Francisco and University of the Pacific Dugoni School of Dentistry can apply for housing. The units come in a variety of layouts: efficiency (232 square feet); studio (275 square feet); one-bedroom (397 square feet); and two-bedroom (568 square feet). Monthly rental rates begin at $1,850 for an efficiency apartment, which is below market rates, according to the property website. In addition to housing, the 365,000-square-foot property includes 43,000 square feet of office and academic space that is leased and operated by UC Law, including an incubator space for start-up tech firms that doubles as event space called LexLab. …
— By Blake Bozett, founder and CEO, The Zett Group — The Boise metro (Boise, Eagle, Meridian, Garden City) is made up of 75 licensed assisted living facilities, 42 of which have more than 30 licensed beds. Of those 42 assisted living facilities, the ownership type is made up of: national owner/operator (18), local owner/operator (12), REIT (4), regional owner/operator (3), local development company (2), privately held real estate investment firm (1), 1031 investment platform (1) and non-profit (1). These ownership stats aren’t necessarily unique to other metros such as Seattle and Portland with institutional capital typically owning a large share of the buildings. What’s interesting to me on a micro level is that the single asset, one to two off owners are more interested in selling than years past. What started as a simple mom-and-pop operating business a few decades ago has turned into a sophisticated and challenging operating business with extreme expense, inflationary and regulatory pressures. Having come from the operations side of the business I’ve seen many of these challenges firsthand. Therefore, it no surprise why the local owner who has owned his/her assisted living facility for 20 years may have greater appetite for selling despite less …
IRVINE, CALIF. — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye has arranged an $82 million refinancing for The Cartwright, a multifamily property in the Orange County city of Irvine. The firm arranged financing on behalf of the first-time developer through a correspondent relationship with a life insurance company. The refinancing features a five-year term with interest-only payments for the full life of the loan. Built in 2021, The Cartwright features 272 affordable workforce apartments. The property is located at 17600 Cartwright Road.
DANA POINT, CALIF. — Burnham Ward Properties, a partner in Dana Point Harbor Partners (DPHP), has started construction of the landside portion of the commercial core revitalization at Dana Point Harbor in Dana Point, a coastal city in Orange County. The five-phase, 120,000-square-foot landside portion will include a three-level parking structure, underground utility infrastructure upgrades, landscaping and site work updates, an added pedestrian pathway and new extension of the road leading into the Harbor, Golden Lantern. The 984-stall parking structure will include 93 boater-dedicated spaces and boater-service amenities, including restrooms, showers, changing rooms, a corral of service carts to aid boaters carrying supplies to boats, and a valet drop point for boaters. Additionally, the new structure will feature electric vehicle charging stations, an increase in parking spaces and convenience for sportfishing, whale watching and Catalina Express customers departing from Dana Wharf. Phases I and II are slated for completion in 12 months. Following the completion of the first two phases, construction will begin on Phase III of the commercial core, which includes development along the waterfront. Phase III is scheduled to begin in March 2025. The final phases will include redevelopment of the buildings within The Wharf. Main features of the …
LOS ANGELES — Avison Young has arranged the $23.5 million sale of a seniors housing facility located at 6700 Sepulveda Blvd. in the Van Nuys neighborhood of Los Angeles. Boca Raton, Fla.-based Pinnacle Holdings of Florida sold the asset to an entity of California Healthcare & Rehabilitation Center, which currently operates the property. Situated on two acres, the 49,818-square-foot facility features 201 beds for seniors. Peter Sherman and Keith O’Donnell of Avison Young represented the seller in the off-market deal.
NEWPORT BEACH, CALIF. — JLL Capital Markets has arranged the recapitalization of Lido Marina Village, a 3.1-acre mixed-use shopping center in Newport Beach. The firm represented the existing ownership, DJM Capital and Arc Capital Partners through a partnership with Belay Investment Group, in the transaction that added Redwood West to the partnership. Built in 1971 and renovated in 2016 and 2022, Lido Marina Village features 77,922 square feet of retail space, 28,694 square feet of office space and a 47-slip marina. Current tenants include Nobu, Zinque, Malibu Farm, Circle Hook Fish Co., Aesop, Warby Parker, Elyse Walker, Faherty, Curl Fitness, Eberjay and LoveShackFancy. The property is currently 100 percent occupied. As part of the transaction, Arc Capital Partners and Belay Investment Group exited the original partnership. JLL also secured an undisclosed amount of financing through a life insurance company for the transaction. Bryan Ley, Geoff Tranchina, Gleb Lvovich, Tim Kuruzar and Daniel Tyner led the JLL Capital Markets investment sales advisory team. Jeff Sause, John Marshall and Alex Olson led the JLL Capital Markets debt advisory team.
MESA, ARIZ. — Mesa South Center LP has received $8 million in financing for the acquisition for Mesa South Shopping Center at 1230 S. Gilbert Road in Mesa. The borrower purchased the asset from an undisclosed seller for $15 million. Mesa South Shopping Center features 133,663 square feet of retail space that was 85.3 percent occupied at the time of sale. Current tenants include Big 5 Sporting Goods, Harbor Freight Tools and Dollar Tree. The property was originally built in the 1980s but has undergone renovation, including recent capital investments to the parking lot. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance secured the 10-year loan through a correspondent life insurance company. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the sale transaction, while Maha Odeh-Arnold of Regal Properties represented Mesa South Center LP.
BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have broken ground on One Beverly Hills, a $2 billion mixed-use project in the Los Angeles suburb of Beverly Hills, according to Foster + Partners, the project’s master architecture and planning firm. One Beverly Hills will be a 17.5-acre “urban resort” that will feature two new condominium towers, an eight-acre botanical garden and a 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condos and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June 2021, the Beverly Hills City Council approved a historic development agreement in which the developers would pay the City of Beverly Hills a $100 million public benefit fee in lieu of including an affordable housing component in the project. Alagem Capital and Cain will pay the fee over the course of eight years, according to the Beverly Hills Courier. Specific plans for One Beverly Hills were unveiled shortly thereafter, at which time the development team said it was targeting a 2026 delivery. One Beverly Hills’ hotel-condo tower will include a private …