BOZEMAN, MONT. — George Smith Partners has secured a $46 million construction loan for the phased development of 400 apartment units located within an Opportunity Zone in Bozeman. The borrower is Roundhouse Development. Jonathan Lee and Paul Monsen of George Smith Partners secured the financing for the borrower. For the first 268 units, the loan is priced at a sub 3 percent rate. Construction of the first phase is expected to finish in late 2023, at which time the construction on the remaining 132 units will begin.
HENDERSON, NEV. — Nicola Wealth Real Estate has purchased Ampac Industrial Park I and II in Henderson. Terms of the transaction were not released. The asset comprises seven small- to medium-bay modern industrial buildings totaling 175,818 square feet on 17 acres, inclusive of four acres of surplus land currently utilized as yard storage. The portfolio is located 12 miles southeast of Las Vegas, featuring close proximity to interstates 215 and 515. Rebecca Perlmutter Finkel of CBRE led the team that handled the deal.
EVERETT, WASH. — Marcus & Millichap has arranged the sale of a retail center located at 811 S.E. Everett Mall Way in Everett. A limited liability company sold the asset to an undisclosed buyer for $5.8 million. Trader Joe’s, Dollar Tree, T-Mobile and Olympic Hot Tub occupy the 24,800-square retail property. Trader Joe’s has been at this location for more than 25 years and recently extended its lease. Clayton Brown and Ruthanne Romero of Brown Retail Group of Marcus & Millichap’s Seattle office represented the seller in the deal.
BARSTOW, CALIF. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has arranged the $5.5 million ground-lease sale of a retail building located at 2620 Fisher Blvd. in Barstow. Starboard Realty Advisors sold the asset to a Los Angeles-based private investor. Raising Cane’s Chicken Fingers occupies the property, which is situated on 1.25 acres and features a double drive thru. The building was constructed in 2020 and the restaurant opened for business in May 2021. The asset has a 15-year, corporate-guaranteed ground lease in place, providing the buyer with a stabilized investment and no landlord responsibilities. Matthew Mousavi and Patrick Luther of SRS NNLG represented the seller, while Pablo Rodriguez of Newmark represented the buyer in the deal.
PORTLAND, ORE. — PCCP has provided a $51 million senior loan to ColRich Multifamily for the purchase of Twenty Twenty, a seven-story apartment community located at 2020 N.E. Multnomah St. in Portland. Built in 2019, the property features 162 apartments in a mix of 18 studio units, 90 one-bedroom units and 53 two-bedroom units with a variety of den, penthouse and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers and fireplaces and balconies in select units. Community amenities include two decks with grills, firepits and a Zen garden; a fitness center; bike lounge with repair station; pet lounge; and individual lockers. Additionally, the property sits above a two-level, subterranean parking garage. At the time of sale, the property was 67 percent leased. The asset was originally built as for-sale condominiums but was repositioned as a multifamily property.
RIALTO, CALIF. — The Voit Co. has broken ground on Renaissance Commerce Center, a speculative industrial property located at 1993, 2033 and 2133 W. Casmalia St. in Rialto. Totaling 87,189 square feet, the single-tenant industrial asset will feature a 34,015-square-foot building, a 28,837-square-foot facility and a 24,337-square-foot property. Each building will offer state-of-the-art amenities, including dock-high doors, 26- to 28-foot clear heights, ample parking and designated office space within each building. Completion is slated for first-quarter 2022. Juan Gutierrez and John Viscounty of Voit Real Estate Services will represent The Voit Co. in lease or sale of the property.
SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.
PHOENIX, SCOTTSDALE AND NOGALES, ARIZ. — Tower Capital has arranged acquisition financing for four multifamily properties in Arizona. The company facilitated a $7 million bridge loan for the purchase and rehabilitation of the Portofino, a 66-unit urban multifamily property in Phoenix. Originally a Best Western Inn & Suites, the hotel was converted into a multifamily property offering 65 one-bedroom/one-bath units and one two-bedroom/one-bath unit. Community amenities include on-site tenant storage and a community pool. The undisclosed borrower, which acquired the property in an off-market transaction, plans to implement a capital improvements program. Tower Capital secured $5.4 million in acquisition financing to an undisclosed borrower for the acquisition of Hayden Apartments, a two-story, 25-unit, garden-style property in Scottsdale. The five-year, interest-only loan carries a 3.2 percent fixed interest rate and 65 percent loan-to-value ratio. The apartment community was built in 1977 and renovated in 2020. Tower Capital facilitated $5.1 million in acquisition financing for the Filmore Apartments, a 41-unit property in Phoenix. The undisclosed borrower intends to capitalize the property by bringing the below-market rents up to market. The company also arranged $3.8 million in acquisition financing for Santa Carolina Apartments in Nogales. Built in 2005 on 6.2 acres, the two-story …
CONCORD, CALIF. — The Levin Johnston Group of Marcus & Millichap has arranged the sale of Bloomfield Apartments in Concord. The property traded for $5.5 million. Located at 1655 Bloomfield Lane, the property features 15 apartments and is located less than one mile from the Concord BART station. Adam Levin and Robert Johnston handled the transaction.
TACOMA, WASH. — Davis Property & Investment has purchased the former Tacoma News Tribune headquarters building, situated on 13 acres at 1950 State St. in central Tacoma, for $15.5 million. The name of the seller was not released. The 248,000-square-foot building was constructed and occupied by the newspaper in 1974. The property consists of 60 percent quasi-specialized industrial space and 40 percent office space with a grand lobby featuring a Chihuly sculpture and on-site conference, cafeteria and fitness facilities. The newspaper vacated the building in 2019 when the owner McClatchy Co. decided to outsource printing of the newspaper and move the offices to downtown Tacoma. Davis Property & Investment plans to redevelop the property and construct a 248,000-square-foot warehouse and distribution building to be named Tacoma Central Logistics. With groundbreaking slated for this month, the property is scheduled for delivery in second-quarter 2022. Tacoma Central Logistics will feature 36-foot clear heights, double-loaded dock-high access, 130- to 150-foot truck courts, multiple access points and secured trailer parking/outside storage. The project team includes Ronhovde Architects as architect, AHBL and Barghausen Engineering as engineer and Poe Construction. Neil Walter Co. will handle leasing of the project.