Western

EAH Housing Plans $193M Kahului Civic Center Mixed-Use Complex in Hawaii

by Jeff Shaw November 17, 2023

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …

November 17, 2023

Industrial Market Reports Nevada Western Western Market Reports

Reno-Sparks Industrial Market is Stable, Despite 2023 Headwinds

by Jeff Shaw November 17, 2023

— By Nick Knecht, Vice President, DCG Industrial — The industrial real estate market in Northern Nevada demonstrated stability over the first three quarters of 2023. Sales performance year to date through the third quarter was steady, with industrial sales volume reaching $116 million. This represents a 42 percent increase compared to the same period in 2022. This should keep the market on track for a decent year, despite falling slightly short of its historical averages. Notably, the shift in buyer dynamics caused by the rise in interest rates, which have soared as high as 8 percent, has investors sticking to a more conservative approach to their underwriting. Owner-users have emerged as the primary drivers of sale activity, and were the buyers of all four closed sales in September. Prices are beginning to soften, and price reductions are occurring more frequently, which is expected to improve buying opportunities for investors over the next 12 to 18 months. Leasing activity has been concentrated in the 10,000- to 50,000-square-foot range, which captured 44 percent of the third quarter’s lease transactions, and similarly 38 percent in the 5,000- to 10,000-square-foot range. Lease rates have remained relatively stable since the first quarter, with Class A …

November 17, 2023

California Development Multifamily Student Housing Western

C.W. Driver Cos. Begins Construction of $55.7M Student Housing Complex in Northridge, California

by Amy Works November 16, 2023

NORTHRIDGE, CALIF. — C.W. Driver Cos. has started construction on a 198-bed student housing property at California State University, Northridge in the San Fernando Valley. Once completed for opening in fall 2025, the $55.7 million project will add two four-story buildings to the 365-acre campus. Located at 17950 Lassen St., Buildings No. 22 and No. 23 will total 60,290 square feet, of which 30,000 square feet will be housing space. The residential floors of each building will include dual-occupancy student rooms, with four students sharing each bathroom, and one suite-style living room per floor. Additionally, each building will have its own central elevator, building services and secure access. The non-residential floors will feature modern amenities and services, with Building No. 22 offering a student community space, study rooms and an expansive multi-purpose room, and Building No. 23 housing administrative offices and mail hub. A.C. Martin Partners is serving as architect for the project.

November 16, 2023

California Development Hospitality Western

Choice Hotels Breaks Ground on Three Everhome Suites Hotels in California’s Inland Empire

by Amy Works November 16, 2023

TEMECULA, ONTARIO AND SAN BERNARDINO, CALIF. — Choice Hotels International has broken ground on three Everhome Suites hotels in California’s Inland Empire region. The properties are slated to open in the second half of 2024 and early 2025. The properties include: Each hotel will feature apartment-style rooms with well-defined areas that separate work and relaxation spaces with ways for guests to customize the space. Amenities in the rooms will include fully equipped kitchens with full-size refrigerators, dishwashers, stovetops, microwaves, flatware, cookware and ample counter space; spa-style bathrooms with high-quality fixtures, large closets and additional open and closed storage; free Wi-Fi; pet-friendly options; and weekly housekeeping. Property amenities will include multi-purpose lobby and outdoor amenity areas; 24/7 Homebase Market with food, beverages and groceries; a 24/7 fitness center; and 24/7 guest laundry facilities. Choice Hotels also has six additional Everhome Suites project in various stages of development across Southern California.

November 16, 2023

Acquisitions California Restaurant Retail Western

JLL Capital Markets Negotiates $3.3M Sale of El Pollo Loco-Occupied Restaurant Property in San Rafael, California

by Amy Works November 16, 2023

SAN RAFAEL, CALIF. — JLL Capital Markets has brokered the $3.3 million sale of a single-tenant retail building located at 910 Anderson Drive in the Bay Area city of San Rafael. El Pollo Loco, a fast-casual restaurant chain, occupies the 2,626-square-foot building on a triple-net lease that is corporate guaranteed and has 13 years remaining on its term with options for extension. Eric Kathrein and Warren McClean of JLL Retail Capital Markets handled the transaction. The names of the seller and buyer were not released.

November 16, 2023

California Industrial Loans Western

PSRS Arranges $11.7M Refinancing for Industrial Property in El Segundo, California

by Amy Works November 16, 2023

EL SEGUNDO, CALIF. — PSRS has arranged $11.7 million in refinancing for an industrial building on Allied Way in the Los Angeles suburb of El Segundo. The freestanding, single-tenant building features 35,890 square feet of industrial space on 1.7 acres of land. The property includes 11,000 square feet of office space on the first and second floors, equating to one third of the overall net rentable area. Michael Thorp and Ari Zeen of PSRS secured the loan, which features a 10-year term and 25-year amortization with a “significant amount” of cash-out proceeds for the undisclosed borrower. A life insurance company provided the financing.

November 16, 2023

Acquisitions Colorado Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 79,605 SF Self-Storage Facility in Aurora, Colorado

by Amy Works November 16, 2023

AURORA, COLO. — Marcus & Millichap has arranged the sale of a StorQuest-managed self-storage facility situated on the southeast side of the E-470 loop in Aurora. A local private equity group sold the asset to an out-of-state firm for an undisclosed price. The 79,605-square-foot asset features a multi-story, climate-controlled building and 11 single-story buildings offering a total of 261 climate-controlled units and 353 non-climate-controlled units. The facility offers 24-hour video surveillance, interior and exterior lighting, secure digital keypad ingress/egress, a leasing office with conference room, prominent storage and wide drive aisles. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.

November 16, 2023

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Western

It’s Not Déjà Vu: Loan Workouts Return

by Sarah Daniels November 16, 2023

Following the financial markets crash 15 years ago, banks and other lenders began working with commercial real estate (CRE) borrowers who had run into trouble. Solutions included loan extensions, loan sales, recapitalizations and foreclosures. Today lenders are pulling out the playbook again. “We have seen a huge number of loan workout deals come across our desk,” says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “Any lender that holds loans on their books is seeing the same thing.” Back in 2008, dodgy and highly leveraged residential and CRE loans — along with the emergence of exceedingly risky debt derivatives created by Wall Street — eventually crashed, causing the credit market to collapse. Today credit is still available, but the cost of it has spiked over the last 18 months. Consequently, many commercial properties owners have seen values plummet, making it difficult to find refinancing. The Federal Deposit Insurance Corp.’s (FDIC) imminent auction of Signature Bank’s $33 billion in commercial property loans and other assets is expected to attract bids as much as 40 percent below face value, according to The Wall Street Journal. That’s just the latest gloomy bellwether regarding CRE values and underscores the predicament …

November 16, 2023

Colorado Loans Multifamily Western

JLL Arranges $99M Refinancing for The Fitzgerald Apartment Community in Denver

by Amy Works November 15, 2023

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, an 11-story multifamily property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital for the borrower, Greystar. Built in 2022, The Fitzgerald features 282 studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio; onsite retail collection; coworking spaces; private meeting rooms; and a pool deck, spa and a social lounge with barbecues, fire pits and TVs. The Fitzgerald is located at 1840 Market St.

November 15, 2023

Development Multifamily Oregon Student Housing Western

CRG, Kenter Capital Break Ground on 302-Bed Chapter at Eugene Student Housing Development Near University of Oregon

by Amy Works November 15, 2023

EUGENE, ORE. — A joint venture between CRG and Kenter Capital has broken ground on Chapter at Eugene, a 302-bed development located near the University of Oregon campus in Eugene. The project is scheduled for completion in September 2024. Upon completion, the community will offer 119 units in a mix of studio, two-, three-, four- and five-bedroom configurations. Units will feature bed-to-bath parity, contemporary furniture and smart televisions. Shared amenities are set to include a 5,000-square-foot rooftop deck with a dog run; dining areas and fire pits; a 12th-floor lounge with a demonstration kitchen and study rooms; state-of-the-art fitness center and yoga room; resident storage; and a coffee lounge. The community will also offer 50 parking spaces and bicycle storage. The development team for the project includes Jackson Main Architecture and John Hyland Construction Inc. Pre-leasing for the property is currently underway.

November 15, 2023

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