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Pacific-Vista-Lake-Forest-CA
AcquisitionsCaliforniaOfficeWestern

Prologis Acquires Pacific Vista Office Campus in Orange County for $96M

by Amy Works

LAKE FOREST, CALIF. — Prologis has purchased Pacific Vista, a corporate office campus at 25500-25550 Commercentre Drive in Lake Forest. An undisclosed party sold the asset for $96 million. Situated on 24.4 acres, Pacific Vista consists of five two-story buildings featuring a 322,262 square feet of Class A office space. At the time of sale, the property was leased to seven long-term tenants. Jason Ward of Cushman & Wakefield represented the buyer, while John Harty, Jeffrey Cole, Nico Napolitano and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.

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Affordable HousingArizonaLoansMultifamilySeniors HousingWestern

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Amy Works

TUCSON, MESA AND PHOENIX, ARIZ. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, located at 8111 E. Broadway Blvd. in Tucson, features 612 independent living and assisted living units in a mix of studio, one- and two-bedroom floor plans with a private balcony or patio. Community amenities include central dining, transportation services, recreational venues, swimming pools, a fitness center and laundry facilities. Twenty percent of the units must be rented to residents with incomes at or below 50 percent of the area median income (AMI) and 46 of the units are targeted to households at or below 80 percent AMI. The remainder of the units are rent restricted to 30 percent to 80 percent of AMI. Fellowship Square Historic Mesa, located at 35 …

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23rd-East-Spring-Street-Seattle-WA
Affordable HousingDevelopmentMultifamilyWashingtonWestern

Africatown, Community Roots Break Ground on Affordable Housing Development in Central Seattle

by Amy Works

SEATTLE — Africatown Community Land Trust (ACLT) and Community Roots Housing (CRH) have broken ground on 23rd and East Spring Street in Seattle’s Central District. Situated on a half-acre site, the seven-story building will feature 126 affordable housing units, including 59 studio apartments for households earning up to 50 percent of the area median income (AMI). Additionally, the community will feature 36 one-bedroom and 31 two- and three-bedroom units for households earning up to 60 percent of AMI. The landlord will provide heat, hot water, potable water, sewer and trash collection for the residents. The building’s ground floor will contain space for ACLT’s new headquarters, an affordable commercial kitchen to be used by local culinary entrepreneurs, a community room and bike storage. The design team includes GGLO, DREAM Architects and David Baker Architects. The general contractor group is a joint venture between Absher and MAD Construction, which is an African American-owned general contractor. In addition, 30 percent of the total value of the mechanical, electrical and plumbing work has been awarded to Adept Mechanical & General Contracting, an African American-owned subcontractor. KeyBank Community Development Lending and Investment is providing $37.4 million of construction financing and $14.2 million of permanent financing, …

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CaliforniaDevelopmentMultifamilyWestern

Stockbridge Real Estate, Cityview Buy South Bay X Multifamily Development in Gardena, California

by Amy Works

GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.

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47560SF-OakRidge-Biz-Center-Vista-CA
AcquisitionsCaliforniaIndustrialLee & AssociatesWestern

Lee & Associates Brokers $11.7M Sale of Industrial Building in Vista, California

by Amy Works

VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.

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Gregg Gerken TD Bank Affordable Housing quote
Affordable HousingFeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasWestern

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

by Sarah Daniels

The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …

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AcquisitionsCaliforniaOfficeWestern

Parallel Capital Sells Shoreline Square Office Tower in Long Beach for $85.5M

by Amy Works

LONG BEACH, CALIF. — Parallel Capital Partners has completed the disposition of Shoreline Square, an office tower in downtown Long Beach. Shoreline Square Holdings LLC acquired the asset for $85.5 million. Located at 201 E. Ocean Blvd., the 20-story tower features 410,920 square feet of office space. At the time of sale, the property was 92 percent leased to a diverse tenant mix, with 52 percent of the rent roll including U.S. government and municipal tenants. Current tenants include U.S. Customs, California State Land Commission, Department of Defense, California Coastal Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Additional tenants include Jersey Mike’s Subs, Comeria Bank, Café 301 and Corporate Concierge. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction.

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ColoradoLoansMultifamilyWestern

Essex Financial Arranges $29.2M in Financing for Two Multifamily Properties in Northern Colorado

by Amy Works

LONGMONT AND LOVELAND, COLO. — Essex Financial Group has secured two permanent loans totaling $29.2 million to refinance two multifamily properties. Both loans were sourced from the same national life insurance company. The loans are low-leverage and feature full-term interest-only payments. The borrower is M. Timm Development. Located in Longmont, Grandview Meadows Apartments features 144 units across six three-story buildings totaling 142,308 square feet. The property is the first phase of a four-phase multifamily development, which will total 508 units. Built in 2001, the community features one-, two- and three-bedroom layouts, a clubhouse, pool, fitness center, playground and business center. Essex sourced an $18 million loan for the stabilized property. The second loan was for Thompson Valley Apartments, a 104-unit multifamily asset in Loveland. Essex secured $11.2 million to refinance the property, which features one-, two- and three-bedroom units. The community was built in 2000. Alex Riggs and Blaire Butler of Essex Financial Group originated the loans, which Essex Financial Services will service.

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Varenita-Simi-Valley-CA.jpg
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Griffin Living Opens 102-Unit Seniors Housing Community Near Los Angeles

by Amy Works

SIMI VALLEY, CALIF. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy and a variety of retail shops, services and restaurants. Griffin believes placing residents at the heart of a vibrant community center allows them to maintain independence as they age. “Our residents may not be able to go into the world as easily as they once did, so at Varenita, we bring the world to them,” says Paul Griffin, CEO of Griffin Living. “Traditional senior living is modeled on the idea that older residents want peace and quiet,” continues Griffin. “It can have an unintended effect of isolating them.”

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