Western

Mesa West Capital Provides $108M Acquisition Loan for Skywater at Town Lake Apartments in Tempe, Arizona

by Amy Works July 26, 2022

TEMPE, ARIZ. — Mesa West Capital has provided KB Investment & Development Co. with $108 million in first mortgage debt for its acquisition of an apartment community in Tempe. The five-year, floating-rate loan is for Skywater at Town Lake, located at 601 W. Rio Salado Parkway. Built in 2015, the five-acre property offers 328 apartments in a mix of studio, one-, two- and three-bedroom floor plans spread across five four-story, elevator-served buildings. Community amenities include a sundeck; swimming pool; top-floor resident clubhouse with a full kitchen, pool tables and wrap-around balcony; outdoor kitchen and entertainment space with firepits and games; two-story fitness center with a yoga studio and Peloton bikes; electric vehicle charging stations; bike/paddle board/kayak storage room; underground parking structure; and onsite coffee shop. At the time of closing, the property was 96.6 percent leased. Rocco Mandala of CBRE arranged the financing.

July 26, 2022

California Development Multifamily Western

Manhattan West, Local Development Plan Two Multifamily Properties in Los Angeles’ Echo Park

by Amy Works July 26, 2022

LOS ANGELES — Manhattan West Real Estate, a division of Manhattan West, and its joint venture partner Local Development plan to develop two multifamily properties totaling 102 units in Los Angeles’ Echo Park neighborhood. The partnership is currently pursuing development entitlements with the City of Los Angeles via its Transit Oriented Communities Affordable Housing Incentive Program for 801-809 N. Alvarado St. and 900-908 N. Alvarado St., which are situated one block apart from each other. Earlier this month, the joint venture acquired 900 Alvarado, which totals 15,000 square feet of land, for $4 million. In December 2021, it purchased 801 Alvarado, a 12,678-square-foot site, for $4.2 million. The existing vacant structures on the sites are scheduled for demolition in early September. Once entitlements are finalized, construction on both projects is slated to begin in late 2023, with completion targeted for approximately two years later. The properties will offer one-, two- and three-bedroom units with balconies in most units and a rooftop deck, among other amenities. The property at 900 Alvarado will feature 47 apartments over a fitness center and two-level, 48-car, subterranean parking garage. The 801 Alvarado property will offer 55 units over a two-level, 40-car, subterranean parking garage. Warren …

July 26, 2022

Loans Multifamily Seniors Housing Washington Western

JLL Capital Markets Arranges $29.6M Refinancing for Mirror Lake Village Seniors Housing Community Near Seattle

by Amy Works July 26, 2022

FEDERAL WAY, WASH. — JLL Capital Markets has arranged a $29.6 million refinancing for Mirror Lake Village, a Class A seniors housing community situated on three acres at 3100 9th Place in SW in Federal Way. Mirror Lake Village features 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. The community also features an outdoor courtyard with covered patio, common dining room, commercial kitchen, hair salon, theater, library and exercise room. Alanna Ellis of JLL Capital Markets represented the borrower, Mirror Lake Village LLC, in securing the financing through a regional bank together with retroactive C-PACE financing.

July 26, 2022

Company News Industrial Loans Multifamily Western

JB Capital, Taylor Street Partner on Commercial Real Estate Lending Fund

by Amy Works July 26, 2022

BELLEVUE, WASH. — JB Capital has partnered with Taylor Street for its Real Estate Lending Income Fund. The fund provides capital to professional owners, operators and developers of multifamily and industrial real estate assets in key markets across the United States. Under the partnership, JB Capital will leverage Taylor Street’s national real estate expertise, further allowing Taylor Street to serve its clients across to institutional alternative asset management. While the equity gap required to invest continues to increase, professionals are looking outside traditional sources of capital with equity and mezzanine structured solutions. The fund’s purpose is to continue JB Capital’s commitment to providing its investors with a high-yield debt investment that delivers consistent monthly income while minimizing the risk of loss of principal and maintaining near-term liquidity.

July 26, 2022

Development Multifamily Student Housing Washington Western

Landmark Properties to Break Ground on 500-Bed Student Housing Community Near University of Washington

by Amy Works July 25, 2022

SEATTLE — Landmark Properties is set to break ground on The Mark at Seattle, a 500-bed student housing development located near the University of Washington campus. The Athens, Georgia-based company recently closed on the acquisition of the development site for the project at 1200 NE 45th St. in Seattle. The community will offer a mix of one- to five-bedroom fully furnished units. Shared amenities will include a 24-hour study lounge, computer lab, fitness center, club room, rooftop deck with a swimming pool and a sauna, alongside 3,300 square feet of ground-floor retail space. Landmark Construction will serve as general contractor for the duration of the project, which is scheduled for completion ahead of the fall 2025 semester. This is Landmark’s second project in the Seattle area, with The Standard at Seattle currently under construction. “Landmark is excited to start our second project at the University of Washington,” says Wes Rogers, Landmark president and CEO. “This location was particularly attractive as it is in the heart of the University District neighborhood and is just steps from campus. Given the high barriers to entry in this market and strong fundamentals at the University of Washington, this project fits our investment criteria perfectly.”

July 25, 2022

Acquisitions Industrial Washington Western

Colliers Brokers $106.1M Sale of Two Industrial Buildings in Kent, Washington

by Amy Works July 25, 2022

KENT, WASH. — Colliers has arranged the sale of two industrial properties in Kent. Holman Logistics sold the assets to Lift Partners for $106.1 million. Matt McGregor and Bill Condon of Colliers represented both parties in the off-market transaction. Totaling 381,790 square feet, the buildings are located at 22434 and 22408 76th Ave. South. The properties feature a mix of dock-high and grade-level loading doors, 200,000 square feet of excess yard and rail access to the Burlington Northern Santa Fe line. The buyer has agreed to a 12-month leaseback of the properties with the seller, which will continue to operate in the current buildings while it completes construction and relocation plans for new facilities in Fredrickson and Sumner.

July 25, 2022

Hospitality Loans Washington Western

Arriba Capital Arranges $63.9M Construction Loan for AC Hotel by Marriott in Downtown Seattle

by Amy Works July 25, 2022

SEATTLE — Arriba Capital has closed an $63.9 million syndicated construction loan for the development of an AC Hotel by Marriott in downtown Seattle. The borrower is a privately held hospitality management and development group based in the Southeast. Situated in the South Lake Union neighborhood, the hotel will feature 200 guest rooms.

July 25, 2022

Acquisitions Nevada Office Western

Dornin Investment Group Sells Marnell Corporate Center 3 Office Building in Las Vegas for $23.2M

by Amy Works July 25, 2022

LAS VEGAS — Dornin Investment Group has completed the sale of Marnell Corporate Center 3 (MCC3), a three-story, Class A office building in Las Vegas. A private investor acquired the asset for $23.2 million, or $325 per square foot. Located at 6725 Via Austi Parkway, MCC3 features 71,378 square feet of multi-tenant office space. The seller originally purchased the building in early 2014 for $222 per square foot as part of a portfolio that consisted of three multi-tenant office buildings totaling 176,960 square feet, all located within the master-planned Marnell Corporate Center. This is the third and final disposition of the portfolio. Marlene Fujita Winkel, Charles Moore and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal. Charles Van Geel, also of Cushman & Wakefield, provided leasing advisory for the property.

July 25, 2022

Development Multifamily Oregon Seniors Housing Western

Anthology, Formation Plan 206-Unit Seniors Housing Community in Beaverton, Oregon

by Amy Works July 25, 2022

BEAVERTON, ORE. — Anthology Senior Living, the dedicated seniors housing platform of CA Ventures, has entered a joint venture partnership with Formation Development Group to build Anthology of Beaverton, a 207,169-square-foot senior living community in Beaverton. Situated on a 5.5-acre parcel outside of Portland, Anthology of Beaverton will feature 206 luxury independent living, assisted living and memory care units. The community is located near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks and Macy’s, in addition to other shopping and dining locations. Major employers within close proximity include Nike World Headquarters and Intel. While development costs were not disclosed, CBRE arranged a $49.7 million construction loan for the project. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing led the team on the floating-rate financing, which features partial interest-only payments through a national bank. The transaction marks the beginning of Anthology’s strategic alliance with Formation as a general partner investor. Anthology and Formation plan to further bolster their partnership through the co-sponsorship and development of future projects together. In addition to serving as development partner, Anthology will manage the property, expanding its owned/operated portfolio to 39 senior living communities across the U.S. Anthology expects to …

July 25, 2022

California Development Mixed-Use Top Stories Western

Lendlease Breaks Ground on $1.1B Mixed-Use Tower in San Francisco

by Taylor Williams July 25, 2022

SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …

July 25, 2022

Newer Posts

Older Posts