SAN JOSE, CALIF. — Forbright Bank has provided a $44.2 million HUD-insured loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the Silicon Valley city of San Jose. Further details about the property were not released. Provided under the HUD 232/223(f) program, the 35-year, fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022.
TUCSON, ARIZ. — Desert Christian Schools Inc. has sold a property located at 10129 E. Speedway Blvd. in Tucson, to Richard and Connie Luebke for $1.5 million. The 17,865-square-foot building was subsequently donated to Habitat for Humanity. Rob Tomlinson of Cushman & Wakefield | PICOR handled the transaction.
Chan Zuckerberg Initiative Signs 225,000 SF Lease to Anchor Elco Yards Development in Silicon Valley
REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco. Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026. CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ. Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement. “We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub …
EL CENTRO, CALIF. — CBL Properties has completed the all-cash, $38.1 million disposition of Imperial Valley Mall in El Centro. The property served as collateral under CBL’s nonrecourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing was reduced to $680.3 million. The name of the buyer was not disclosed.
SEATTLE — Staypineapple has obtained $29.5 million in refinancing for The Maxwell Hotel, a 139-key boutique hotel in Seattle’s Queen Anne neighborhood. Adrienne Andrews and Jessica Mehra of JLL’s Hotels & Hospitality Group Debt Advisory team secured the 10-year, fixed-rate loan through a regional credit union for the borrower. Opened in 2010, the five-story property features spacious guest rooms with modern amenities, an indoor pool, fitness center and an onsite restaurant and bar, as well as 1,600 square feet of meeting space. The Maxwell Hotel is located at 300 Roy St., near the Seattle Center, Space Needle and Climate Pledge Arena.
TEMPE, ARIZ. — Creation has started construction of Source Logistics Center, a Class A industrial facility in Tempe. The company acquired the 15-acre site at the southeast corner of Warner Road and Hardy Drive in partnership with CrossHarbor Capital Partners as investor. The 144,885-square-foot project will feature a clear height of 32 feet, abundant power and 6 acres of contiguous yard space allowing for flexible storage or excess passenger vehicle, trailer or box-truck parking. The property also offers access to Interstate 10 and Loop 101, as well as Union Pacific rail spur capabilities. LGE Design Build is serving as architect and general contractor for Source Logistics Center, which is slated for completion in mid-2026. Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE are handling leasing efforts for the project.
RIVERSIDE, CALIF. — Innovative Housing Opportunities (IHO) has opened The Aspire, an affordable residential community in Riverside. Situated at the corner of Third Street and Fairmount Boulevard, The Aspire features 33 fully furnished units for transitional age youth, including young people aging out of the foster care system. The furnished one-bedroom units are approximately 450 square feet and include a patio or deck. Community amenities include an interior courtyard, roof terrace, communal living room and public art. Additionally, The Aspire is in a walkable neighborhood close to transit, employment, recreation, retail and cultural options. The Aspire will offer onsite education services and programs, provided by the California Family Life Center. Riverside Community College District is also offering academic, career and financial aid counseling, as well as job placement assistance. The $25 million development was funded with Housing Authority funds from the City of Riverside, project-based housing choice vouchers from Riverside County and California’s Housing and Community Development/Multifamily Housing Program.
PHOENIX — MAG Capital Partners has purchased an industrial building located at 2848 Sweetwater Ave. in northwest Phoenix for an undisclosed price. Sunrun and Kaboomracks fully occupy the 39,950-square-foot building, which is situated on 3.1 acres. Phil Haenel and Foster Bundy of Cushman & Wakefield represented the seller, a private investor, in the deal.
— Scott Hintze and Marti Weinstein of Diversified Partners Commercial Real Estate — Phoenix’s retail development market is seeing a surge in optimism as the city benefits from a growing economy and a shift in political leadership. With the new administration coming into power, the outlook for the Phoenix retail market has become increasingly positive, promising a wave of new projects and investment opportunities in the coming years. The city’s rapid population growth, expanding infrastructure and bustling job market have positioned Phoenix as one of the most attractive cities in the U.S. for retail development. The new administration has brought a renewed focus on urban development, job creation and business-friendly policies, which is expected to help stimulate both demand for retail spaces and the construction of new commercial properties. Government support, including incentives for developers and tax breaks for businesses, is anticipated to foster a thriving retail sector that will benefit both local residents and national retailers looking to expand into the area. Several projects we have been working on have seen unprecedented demand from tenants. We recently completed a 25,000-square-foot building across from Gilbert Mercy Hospital that includes a two-story Starbucks, the first in the market. In addition to …
LOS ANGELES — A partnership between the City of Los Angeles, the Port of Los Angeles, Jerico Development and The Ratkovich Co. has received $61.5 million for the recapitalization of West Harbor, a waterfront retail development at 612-1422 S. Harbor Blvd. in Los Angeles’ San Pedro neighborhood. The recapitalization will fund the completion and stabilization of the dining, entertainment and retail project, which is adjacent to the Port of Los Angeles and more than 80 percent pre-leased. Spanning 42 acres, West Harbor offers over one mile of water frontage, 117,205 square feet of leasable building area and 204,000 square feet of ground area, as well as a proposed 6,200-seat amphitheater. West Harbor is slated to open in phases beginning in late 2025. Bill Fishel, Wyatt Strahan, Alethia Halamandaris, Broderick Flagg and Anna Sporrong of Newmark arranged the financing that was structured with both a senior loan and subordinate C-PACE financing, which will fund sequentially behind the existing C-PACE lender. The new lender for the project is Oceanview Life and Annuity Co., an affiliate of Bayview Asset Management.