GLENDALE, ARIZ. — Saddle Creek Logistics Services has signed a deal to occupy a 570,080-square-foot industrial building in Glendale. The tenant is a third-party logistics company specializing in designing and delivering omnichannel logistics solutions for manufacturers, retailers and ecommerce companies. Ladson Montgomery, Rob Stephens and Chase Gabriel of Newmark represented the tenant in the deal. The name of the landlord was not released. The 620-foot-deep building features 40-foot clear heights, 87 dock-high doors, four large grade-level doors, 190-foot concrete truck courts, 132 trailer parking stalls with 89 future trailer stalls, and 356 auto parking stalls. The building also offers clerestory windows, energy-efficient LED lighting, an ESFR fire sprinkler system, two existing groundwater wells in the business center and heavy industrial zoning.
— By Scott Romick — The Western region is going through a lot of changes when it comes to the office market. Downtown San Francisco, in particular, was a large tech hub with so much infrastructure prior to the pandemic, but it’s currently become more of a ghost town. Because hybrid and remote work is common now, many of the workers who are back to the office have moved to local submarkets that offer faster commutes, more efficiency, affordability and other key factors. Southern California, on the other hand, is a growth market. Suburban areas like the San Fernando Valley’s Sherman Oaks — which has become more active than the West Valley — continues to expand its population. This helps the office market as well as existing and new retailers. Even pockets like Encino, Studio City and Burbank have become more populous, attracting a young workforce given their proximity to local restaurants, coffee shops and parks. Unfortunately, Downtown Los Angeles is still struggling to recover as a central business district, Century City is rebounding slowly and Santa Monica is shifting in its downtown area, given the nature of office structures and their footprints. Hybrid & Regionalized Real Estate The hybrid work …
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern
How to Maximize Agency Financing for Affordable Housing
There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …
HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the development. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of ‘Aiea Sugar Mill, Aloha Iā Halewilikō fulfills a part of the ‘Aiea Town Center Master Plan. The project is within walking distance to public transportation. A total of 13 units will be set aside for households with incomes at or below 30 percent of the area median income (AMI), 75 units for households with incomes at or below 50 percent of AMI, and 51 units for households with incomes at or below 60 percent of AMI. EAH is partnering with Lanakila Pacific, a local nonprofit services organization, which will provide access to its Meals on Wheels program. In Hawai‘i, EAH Housing currently manages 23 properties with over 2,700 units. The …
LAS VEGAS — Gantry has secured a $17 million fixed-rate refinancing for the first phase of Silverado Commerce Center, an industrial property in southwest Las Vegas. The borrower is a private real estate investor, which developed the property. Proceeds of the loan will pay off the developer’s construction loan. Chris Funai of Gantry arranged the 10-year loan, which features a fixed rate and a 30-year amortization schedule. One of Gantry’s correspondent life company lenders provided the funds. The property features two industrial buildings totaling 141,000 square feet. At time of financing, the asset was fully occupied by multiple tenants.
LAS VEGAS — Chicago-based Newcastle Properties has purchased a retail center located at the northeast corner of Lake Mead Boulevard and Tenaya Way in Las Vegas’ Summerlin area. Terms of the transaction were not released. Whole Foods Market, Five Guys Burgers and Fries, Blaze Pizza, Firehouse Subs and FedEx Office are tenants at the 90,373-square-foot shopping center.
VANCOUVER, WASH. — HDA Partners has purchased Y Plaza, a shopping property in Vancouver, from Slosar Properties for $3.6 million. Located at 14602-14612 NE Fourth Plain Blvd., Y Plaza features 22,200 square feet of retail space. Deborah Ewing of Fuller Group Commercial Real Estate Services represented the seller, while Eric Garske of Marcus & Millichap represented the buyer in the deal.
VISTA, CALIF. — Voit Real Estate Services has negotiated the acquisition of a retail building at 825 Civic Center Drive in Vista, approximately 40 miles north of San Diego. Newport Beach-based Union Bank of California sold the asset to Vista-based Moonlight Cultural Foundation for $2 million. The buyer, a local theatre production company, will use the 6,360-square-foot building for youth training and prop storage. Peter Kies of Voit Real Estate Services’ Carlsbad office represented the seller, while Cushman & Wakefield represented the buyer in the transaction.
LOS ANGELES — Cityview has completed The Parker, an apartment property in the Pico-Robertson community of West Los Angeles. The transit-oriented development features 123 studio, one- and two-bedroom apartments, including 13 affordable units, and 4,000 square feet of retail space. Located at 5935 W. Pico Blvd., The Parker also offers a rooftop pool courtyard with daybeds, lounge chairs, firepits and landscaping; an open-air cinema with a projector and amphitheater seating; a ping pong table; lounge chairs; and festival lights. Other community amenities include a fitness center with a yoga area, treadmills, ellipticals, stationary bikes and weights; an outdoor training deck with battle ropes, a boxing bag and rock-climbing wall; coworking space; an outdoor dining room; barbecue grilling stations; and a built-in pizza oven. The pet-friendly property also features a dog playground with agility equipment and a dog wash and spa. Apartments feature stainless steel appliances, luxury vinyl plank flooring, smart thermostats, keyless entry and quartz countertops. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.
SEATTLE — Kidder Mathews has negotiated the sale of Seventh and James Apartments, a multifamily asset in Seattle’s First Hill neighborhood. A large institutional owner sold the property to an undisclosed buyer for $26.9 million. Located at 600 7th Ave., Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction.