Wednesday, July 9, 2025
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Glendale-Plaza-Glendale-CA
CaliforniaLoansOfficeWestern

CBRE Arranges $145M Refinancing for Glendale Plaza Office Tower in California

by Amy Works

GLENDALE, CALIF. — CBRE has secured $145 million in refinancing for Glendale Plaza, a recently renovated, Class A office tower in Glendale. Located at 655 N. Central Ave., the 24-story, 542,000-square-foot tower was originally constructed in 1999 and is currently 77 percent leased to a mix of media companies, blue-chip financial services firms and law firms. The property includes an adjacent eight-level parking structure. Brad Zampa, Michael Walker and Greg Grant of CBRE’s Debt & Structured Finance group represented the borrower and building owner, DivcoWest, in the financing. The five-year, floating-rate loan was secured through a multinational investment banking company. DivcoWest acquired Glendale Plaza in 2017 and has invested more than $17 million into building upgrades, including the addition of an indoor/outdoor experience, common areas, event and conference space for tenants, a fitness area and modernization of the restrooms. The company is also planning to add a restaurant and café to the asset.

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Arboretum-South-Mountain-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Sares Regis Multifamily Buys Arboretum at South Mountain Apartments in Phoenix for $118.2M

by Amy Works

PHOENIX — Sares Regis Multifamily Value-Add Fund IV has acquired Arboretum at South Mountain, a multifamily property in the Ahwatukee Foothills Village region of Phoenix. Khosro Khaloghli sold the asset for $118.2 million, or $379,006 per unit. Built in 1999 on 12.5 acres, the 15-building property features 312 apartments with nine-foot ceilings, full-size washers/dryers and private balconies or patios. The community also offers a swimming pool and freestanding fitness center with pool views. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in transaction.

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Marina-Pacific-Long-Beach-CA
CaliforniaLoansRetailWestern

Gantry Secures $33.3M Refinancing for Marina Pacific Shopping Center in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — Gantry has arranged a $33.3 million refinancing for Marina Pacific Shopping Center, located on Pacific Coast Highway in Long Beach. George Mitsanas, Peter Hillakas and Austin Ridge of Gantry’s Los Angeles production office represented the borrower, a private investor, in the financing. Situated on 20 acres, the property features 296,958 rentable square feet of retail space in nine buildings. Anchor tenants include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theatres, LA Fitness and Howards Appliances.

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10300-W-Buckeye-Tolleson-AZ
AcquisitionsArizonaIndustrialWestern

Stos Partners Sells 227,000 SF Industrial Property in Tolleson, Arizona

by Amy Works

TOLLESON, ARIZ. — Stos Partners has completed the disposition of a single-tenant industrial facility located at 10300 W. Buckeye in Tolleson. An undisclosed institutional buyer acquired the property for $27.5 million. Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights, dock-high loading doors and a variety of high-quality amenities. Stos Partners originally purchased the facility in December 2020 for $16.3 million.

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Venice-Mar-Portfolio-Los-Angeles-CA
AcquisitionsCaliforniaMultifamilyWestern

LA Apartments Acquires Six-Property Multifamily Portfolio in Los Angeles’ Westside

by Amy Works

LOS ANGELES — LA Apartments has purchased Venice-Mar Vista Portfolio, a six-property apartment portfolio in the Westside region of Los Angeles. A family trust sold the asset for $30 million. Built between 1961 and 1971, the portfolio includes: 17 units at 11735 Culver Blvd. 14 units at 11964 Lindblade St. 10 units at 4316 Berryman Ave. 18 units at 2712 Abbot Kinney Blvd. 24 units at 711 and 715 Machado Drive 16 units at 450 S. Venice Blvd. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, and Peter Castleton of Voit Real Estate Services represented the seller and procured the buyer in the deal.

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The-Jack-74-S-Jackson-St-Seattle-WA
DevelopmentLoansOfficeWashingtonWestern

Urban Visions Receives $90M in Construction Financing for Office Development in Seattle

by Amy Works

SEATTLE — Urban Visions has obtained $90 million in construction financing for The Jack, an office development under construction at 74 S. Jackson St. in Seattle’s Pioneer Square. Slated for delivery in first-quarter 2023, The Jack will offer 146,000 square feet of office space in 20,000-square-foot flexible floorplates. The property will also feature 42 below-grade parking spots, onsite secure bike storage and a 17,000-square-foot outdoor terrace/roof deck. Olson Kundig designed the eight-story brick and glass building. Bruce Ganong, Kaden Eichmeier and Christopher DuCharme of JLL secured the construction financing, which an affiliate of Mack Real Estate Credit Strategies provided.

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The-Lennox-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Interwest Capital Group Sells Lennox Multifamily Community in Las Vegas for $38.5M

by Amy Works

LAS VEGAS — Interwest Capital has completed the sale of The Lennox, a multifamily property located at 430 E. Cactus Road in Las Vegas’ Silverado Rancho submarket. An undisclosed buyer acquired the asset for $38.5 million, or $385,000 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Constructed in 2015, The Lennox features 100 units in a mix of one-, two- and three-bedroom and penthouse floor plans. The community offers a fitness center, resident clubhouse, Wi-Fi lounges, resort-style pool and luxury home finishes.

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Lumen-Everett-WA
AcquisitionsMultifamilyWashingtonWestern

Castle Lanterra Properties Divests of 108-Unit Lumen Apartment Complex in Everett, Washington

by Amy Works

EVERETT, WASH. — New York-based Castle Lanterra Properties has completed the disposition of Lumen, a multifamily community in Everett. An undisclosed private investor acquired the asset for $36.7 million. Castle Lanterra originally purchased the property in 2018 for $22.6 million. The 108-unit property features fully equipped kitchens, upgraded cabinets/countertops, state-of-the-art appliances, washer/dryer connections and walk-in closets. Community amenities include a large rooftop deck, barbecue area, clubhouse, garage with ample parking and ground-floor retail space, which a Mexican restaurant currently occupies. Castle Lanterra completed interior renovations and unit upgrades, as well as an overhaul of the amenity space, which included adding a community room, expanding the fitness center and improving the rooftop deck.

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Normandie-Towers-Los-Angeles-CA
Affordable HousingCaliforniaLoansMultifamilySeniors HousingWestern

Grandbridge Funds $30.4M Loan for Affordable Seniors Housing Community in Los Angeles

by Amy Works

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”

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LoansMultifamilyWashingtonWestern

Ready Capital Closes $7.3M in Financing for Multifamily Property in Spokane Valley, Washington

by Amy Works

SPOKANE VALLEY, WASH. — Ready Capital has closed $7.3 million in financing for the acquisition, renovation and stabilization of an apartment community in Spokane Valley’s Dishman Hills submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan curing deferred maintenance, renovating unit interiors and building exteriors while performing various common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

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