Western

Belmont Village Senior Living Breaks Ground on 177-Unit Project in San Ramon, California

by Amy Works February 9, 2023

SAN RAMON, CALIF. — Belmont Village Senior Living, in partnership with Sunset Development, has broken ground on Belmont Village San Ramon. Located at 6151 Bollinger Canyon Road within the Bishop Ranch neighborhood of San Ramon, the 175,320-square-foot community will feature a heated saltwater pool, putting green, farm-to-table gardening areas, al fresco dining, outdoor yoga lawn and group fitness space, and a dog park. Slated for completion by fall 2024, Belmont Village San Ramon will feature 177 studio, one- and two-bedroom residences for independent living, assisted living and memory care needs. The property will offer residents concierge and transportation services, valet parking, onsite physiotherapy, a fitness center, art studio, screening room, club lounge, full-service salon and spa, personal wine storage and multiple dining venues. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing secured the non-recourse construction financing for the project on behalf of a joint venture between Belmont Village Senior Living and Harrison Street Real Estate Capital. The project team includes W.E. O’Neil Construction and HKIT Architecture.

February 9, 2023

Arizona Development Industrial Western

Panattoni Plans 1 MSF Yuma Industrial Park in Arizona

by Amy Works February 9, 2023

YUMA, ARIZ. — Panattoni Development has unveiled plans to develop a 1 million-square-foot industrial park at 36th Street and South Avenue 4E in Yuma. The initial phase of Panattoni’s Yuma Industrial Park is slated to include four buildings ranging from 234,000 square feet to 279,000 square feet each. The buildings will feature two grade-level doors, 49 rear-load, dock-high doors and 32-foot clear heights.

February 9, 2023

Colorado Loans Multifamily Western

JLL Provides $31.2M Refinancing for Epoque Golden Multifamily Community in Colorado

by Amy Works February 9, 2023

GOLDEN, COLO. — JLL Capital Markets has arranged a $31.2 million refinancing for Epoque Golden, an apartment property at 1175 Newstar Way in Golden. Eric Tupler and Tony Nargi of JLL Capital Markets secured the five-year, fixed-rate loan through Freddie Mac Multifamily for the borrower team, including Forum Real Estate Group. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan. Constructed in 2019, Epoque Golden features 120 studio, one-, two- and three-bedroom apartments with open-concept floor plans, quartz countertops, full-size washers/dryers, private balconies and walk-in closets. Community amenities include a resort-style swimming pool, fitness center with outdoor yoga terrace, landscaped courtyard with fire pits and grilling area, a speakeasy, private dining room, work-from-home space, electric vehicle charging station and golf and ski storage.

February 9, 2023

Acquisitions Affordable Housing Arizona Multifamily Western

Northmarq Brokers Sale of Sahuarita Mission Apartments in Green Valley, Arizona

by Amy Works February 9, 2023

GREEN VALLEY, ARIZ. — Northmarq has arranged the sale of Sahuarita Mission, a multifamily community located at 1091 W. Beta St. in Green Valley. Sahuarita Mission Owner LLC (FSO Capital Partners) sold the asset to Cypress, Calif.-based WNC Apartment Ventures for $8.8 million, or $169,231 per unit. Built in 2000, Sahuarita Mission is an affordable multifamily community with four two- and three-story buildings on 2.9 acres. The fully occupied property features 52 two- and three-bedroom units, ranging in size from 822 square feet to 1,013 square feet, with walk-in closets, balcony or patio, plush carpet and automatic dishwashers. Community amenities include a clubhouse, children’s playground, picnic area with grill, laundry facilities and on-site leasing office. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq Phoenix’s investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Christopher Gitibin, Brad Burns and Tyler Woodard of Northmarq’s debt and equity team secured a $5.9 million loan for the buyer through Northmarq’s relationship with Freddie Mac.

February 9, 2023

California Loans Retail Western

PSRS Arranges $16.3M Refinancing for Eastlake Village Center Retail Space in Chula Vista, California

by Amy Works February 9, 2023

CHULA VISTA, CALIF. — PSRS has secured a $16.3 million non-recourse loan for the refinancing of a 43,471-square-foot retail space at Eastlake Village Center in Chula Vista. James Mulvihill and Kevin Mulvihill of PSRS arranged the loan, which a life insurance company provided. PSRS will service the mortgage as part of its $6.6 billion loan serving portfolio.

February 9, 2023

Acquisitions Arizona Hospitality Western

Holualoa Cos., LaPour Partners Sell AC Hotel Phoenix Biltmore by Marriott for $67.8M

by Amy Works February 8, 2023

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of the AC Hotel Phoenix Biltmore by Marriott in Phoenix. Nella Invest bought the asset for $67.8 million, or $423,750 per room. Located at 2811 E. Camelback Road, the five-story hotel features 160 rooms in a mix of traditional rooms and suites. Amenities include AC Kitchen & Lounge, a fitness center, business center, outdoor pool, sundry shop, guest laundry and more than 5,000 square feet of meeting space. The hotel was developed as part of a mixed-use project along with the Camelback Collective Office Building, which sold in July 2022. Co-developers Holualoa and LaPour Partners purchased the site in October 2016. Melvin Chu, John Strauss and Ben Geelan of JLL Hotels & Hospitality represented the seller, with Halo Hospitality and DCA Partners as advisors to the buyer. Azul Hospitality Group operates the hotel.

February 8, 2023

Development Hospitality Loans Utah Western

Sonnenblick-Eichner Co. Arranges $50M Construction Loan for The Lionsback Resort in Moab, Utah

by Amy Works February 8, 2023

MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.

February 8, 2023

California Development Hospitality Western

Paladin Equity Capital Acquires Land Parcel in San Bernardino for Everhome Suites Hotel Development

by Amy Works February 8, 2023

SAN BERNARDINO, CALIF. — Paladin Equity Capital has purchased a 1.7-acre land site at 898 E. Harriman Place in San Bernardino from Los Angeles-based NHOS Enterprises. The buyer plans to develop an Everhome Suites extended-stay hotel on the site. Slated to break ground in summer 2023, the 60,000-square-foot hotel will feature 117 apartment-style guest rooms with fully equipped kitchens and customizable space, including workstations, full-size closets, additional storage and spa-like bathroom. Onsite amenities include public spaces, a fitness center and a 24/7 self-service marketplace with a variety of food and beverage options. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented the seller, while Kevin Barry of Irish Commercial Brokerage represented the buyer in the transaction.

February 8, 2023

Acquisitions Multifamily Washington Western

Green Leaf Capital Partners Buys 151-Unit Broadstone Sky Apartments in Seattle

by Amy Works February 8, 2023

SEATTLE — Green Leaf Capital Partners has purchased Broadstone Sky, a mid-rise apartment community at 4745 40th Ave. S.W. in Seattle. David Young, Corey Marx, Chris Ross, Jordan Louie and Michael Lyford of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the deal. Terms of the transaction were not released. Completed in 2016, Broadstone Sky features 151 one- and two-bedroom units with an average size of 706 square feet, stainless steel appliances, quartz countertops, full-size washers and dryers, oversized windows and vinyl plank flooring. Community amenities include a 24-hour athletic center, rooftop deck, entertaining kitchen, resident lounge, two outdoor barbecue areas and an on-site coffee and wine shop.

February 8, 2023

Acquisitions Colorado Multifamily Western

Capstone Brokers $3.2M Sale of Multifamily Complex in Pueblo, Colorado

by Amy Works February 8, 2023

PUEBLO, COLO. — Capstone has arranged the sale of a multifamily complex located at 1411-1434 Anita St. in Pueblo. The assets traded for $3.2 million. The names of the seller and buyer were not released. The 24-unit portfolio consists of six duplexes and three quadraplexes. The duplexes were built in 1994 and feature two-bedroom/one-bath units, while the quadraplexes were built in 1993 and feature 1,050-square-foot three-bedroom/two-bath units. Lee Wagner of Capstone represented the seller and buyer in the deal. Ari Schriger of WCW Commercial arranged financing for the value-add acquisition.

February 8, 2023

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