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Irvine-High-School-Performing-Arts-Center-Irvine-CA

C.W. Driver Cos. Completes $35M Irvine High School Performing Arts Center in California

by Amy Works February 24, 2025

IRVINE, CALIF. — C.W. Driver Cos. has completed Irvine High School Performing Arts Center, a facility designed to inspire creativity and support the performing arts. The $35 million, 25,000-square-foot complex opened to the community in early February. The state-of-the-art venue features a 650-seat main theater equipped with advanced sound, lighting and rigging systems, providing students and the community with a professional-grade performance experience. Additionally, the center includes a Black Box theater, scene shop, dressing rooms and a modern lobby. The single-story complex consists of a steel and metal frame diaphragm building featuring a combination of metal panels, plaster and curtain wall system finishes. The ground-up construction began in January 2023. Ruhnau Clarke Architects served as architect for the project.

February 24, 2025

Acquisitions Loans Oregon Retail Western

Ethos Commercial Advisors Secures Acquisition Financing for Eastport Plaza Shopping Center in Portland

by Amy Works February 24, 2025

PORTLAND, ORE. — Ethos Commercial Advisors has arranged acquisition financing for Eastport Plaza, a neighborhood shopping center in Portland. Situated in Portland’s Jade District, the 275,518-square-foot property is anchored by Ross Dress for Less, LA Fitness, Dollar Tree, a Regal movie theater and an assortment of national and local tenants. The buyers successfully backfilled the former Joanne’s Fabric with a national tenant to occupy 28,000 square feet to bring the center to 95 percent occupancy. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the five-year, fixed-rate loan with a life insurance company. The loan featured a 66 percent loan-to-value ratio.

February 24, 2025

Acquisitions California Multifamily Western

CPP Acquires 60-Unit Sundance Apartments in Bakersfield, California

by Amy Works February 24, 2025

BAKERSFIELD, CALIF. — Community Preservation Partners (CPP), in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has acquired Sundance Apartments, an affordable housing complex in Bakersfield, with plans to renovate the asset. Located at 6000 White Lane in Bakersfield’s Spice Tract neighborhood, Sundance Apartments was originally built in 1981 and comprises 10 two-story buildings and a single-story building with a community room, laundry room and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5 million, which includes the purchase price of $20 million and estimated renovation costs of approximately $80,000 per unit. The property will receive significant renovations to improve energy efficiency and modernizations. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades will include the modernization of bath and kitchen surrounds and fixtures and replacement of unit flooring. Exterior improvements will include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room. CPP is partnering with LifeSTEPS to provide onsite adult education, health and wellness, and skill-building classes and services …

February 24, 2025

Affordable Housing California Development Multifamily Western

C&C Development Breaks Ground on 54-Unit Affordable Housing Complex in Buena Park, California

by Amy Works February 24, 2025

BUENA PARK, CALIF. — C&C Development and Riverside Charitable Corp. have broken ground on Lincoln Avenue Apartments, an affordable housing community in Buena Park. Consisting of four three-story buildings, Lincoln Avenue Apartments will offer 54 apartments for families and veterans in need. The project will include five units for student families, 11 units for veterans and 13 permanent supportive housing units for families and individuals with special needs. Units will range in size from approximately 500 square feet to 900 square feet and will be both ADA-accessible and adaptable. Additionally, units will incorporate sustainable design elements and practices, such as drought-tolerant landscaping and the installation of energy-efficient HVAC systems, water heaters and appliances. Onsite amenities will include a community room, laundry room, children’s tot lot, teen outdoor fitness area and a barbecue pavilion. Additionally, LifeSTEPS will offer onsite programming for adult education and after-school activities for children. Funding for the project was provided by several entities, including the City of Buena Park and CalOptima Health, which is providing an $8 million grant to support housing for Medi-Cal members.

February 24, 2025

Acquisitions Company News New York Northeast Top Stories Utah Western

Apollo Agrees to Acquire Bridge Investment Group for $1.5B

by Taylor Williams February 24, 2025

NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …

February 24, 2025

The Wellness Village in Mead Valley, California

California Development Healthcare Top Stories Western

PMB Tops Out $580M Behavioral Health Campus in Mead Valley, California

by Channing Hamilton February 21, 2025

MEAD VALLEY, CALIF. — Local developer PMB, in partnership with the Riverside University Health System, has topped out The Wellness Village in Mead Valley, a $580 million behavioral health campus located about 25 miles south of San Bernadino, Calif. Upon completion, the campus will serve as a mental health urgent care and crisis residential program for children under the age of 13. The Wellness Village will provide a range of services, including urgent behavioral health treatment, supportive housing and outpatient care. The facility will also house primary and specialty medical care practices, as well as dental services, substance use disorder treatment and an on-site pharmacy. More specifically, Wellness Village will include: Additionally, the property will offer amenities designed to promote community interaction and holistic recovery, such as green spaces and gardens, sports courts, an activity lawn, public market/café and community meeting space for local events and activities. Construction on The Wellness Village is slated to complete in 2026. Boulder Associates is the project architect, while Snyder Langston is the design-builder. PMB Real Estate Services will serve as the property manager. Financing sources for the development include Morgan Stanley, JLL, Kensington Advisors, P3 Foundation, Advocates for Human Potential Inc. and the …

February 21, 2025

California Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $81M Refinancing for Enclave Heritage Flats in Chula Vista, California

by Amy Works February 21, 2025

CHULA VISTA, CALIF. — Walker & Dunlop has arranged an $81 million loan for the refinancing of Enclave Heritage Flats, a low-rise apartment complex in Chula Vista. Located at 1800 Santa Carolina Road, Enclave Heritage Flats offers 312 one-, two- and three-bedroom floor plans. Amenities at the pet-friendly community include a fitness center, resort-style swimming pool and movie screening theater. Gregory Richardson of Walker & Dunlop Capital Markets, along with Andrew Yaroma, Kimberly Schmitz and Terri Magnani of Walker & Dunlop Investment Partners, arranged the loan for the borrower, Baldwin and Sons LLC.

February 21, 2025

Acquisitions Arizona Hospitality Western

Marcus & Millichap Brokers Sale of 149-Key Courtyard Airport Tucson in Arizona

by Amy Works February 21, 2025

TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Courtyard by Marriott Airport Tucson, a hotel located at 25050 E. Executive Drive in Tucson. Terms of the transaction were not released. Built in 1988 and renovated in 2021, Courtyard Airport Tucson offers 149 guest rooms, an outdoor pool, a fitness center, business center, an on-site bistro and meeting space. The three-story hotel is located less than one mile from Tucson International Airport. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the undisclosed seller and secured the undisclosed buyer in the transaction. Allan Miller and Chris Gomes, also of Marcus & Millichap, assisted with the deal. Ryan Sarbinoff is the firm’s broker of record in Arizona.

February 21, 2025

Colorado Loans Multifamily Western

Inland Mortgage Capital Originates $18.3M Bridge Loan for Multifamily Property in Colorado

by Amy Works February 21, 2025

EVANS, COLO. — Inland Mortgage Capital has originated and closed an $18.3 million nonrecourse bridge loan for a multifamily community in Evans. Located two miles from the University of Northern Colorado, the 192-unit property primarily serves as a student housing community. At the time of financing, the community was 86 percent leased. The undisclosed borrower plans to use the capital for interior and exterior renovations, including upgraded flooring, cabinets and appliances in each unit. All common area amenities will also be updated, including a new clubhouse, resort-style pool, pickleball court, 24-hour fitness center, an outdoor gaming area, two dog parks and a pet spa.

February 21, 2025

Acquisitions Multifamily Washington Western

Kidder Mathews Arranges $42.6M Sale of Metro on First Apartments in Seattle

by Amy Works February 21, 2025

SEATTLE — Kidder Mathews has arranged the $42.6 million sale of Metro on First, a multifamily property in Seattle’s Queen Anne neighborhood. Dylan Simon, Jerrid Anderson and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily team represented the seller, a large institutional owner, and sourced the undisclosed buyer in the deal. Located at 215 First Ave. W., Metro on First offers 106 studio, one- and two-bedroom units. Originally built in 2001, the 72,194-square-foot property has undergone substantial interior renovations in recent years.

February 21, 2025

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