Western

Link Senior Development, Insight Senior Living Launch Ativo Senior Living Brand with Three Communities Planned

by Amy Works August 14, 2020

PORTLAND, ORE. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest. The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout the Southwest. “This relationship between Insight Senior Living and Link Senior Development was forged based on our mutual enthusiasm for the health, well-being, and happiness of our vibrant senior population,” says Ron Ziebart, president and CEO Link Senior Development. Insight Senior Living specializes in new-development senior living communities, providing consulting during development and pre-opening and management services after opening. Link Senior Development focuses exclusively on the development and management of seniors housing.

August 14, 2020

Acquisitions California Company News Restaurant Retail Western

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

by Amy Works August 13, 2020

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.

August 13, 2020

Arizona Development Multifamily Seniors Housing Western

Gardner Capital Opens Affordable Seniors Housing Community with On-Site Food Pantry in Phoenix

by Amy Works August 13, 2020

PHOENIX — Gardner Capital has completed construction of El Caro Apartments, a 102-unit affordable senior apartment complex in Phoenix. The property also features a food pantry on-site. Gardner Capital worked with the City of Phoenix Housing Department and the Arizona Department of Housing, as well as financial partners Citibank and Enterprise Community. Kitchell served as the general contractor. “We recognized the dual needs for seniors housing and food pantries when developing this site with the aim of creating comfortable, flexible living spaces while reducing food insecurity in the Phoenix area,” says Michael Gardner, president and CEO of Gardner Capital.

August 13, 2020

Colorado Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Provides $16.4M HUD Financing for Colorado Skilled Nursing Portfolio

by Amy Works August 13, 2020

ROCKY FORD, PAONIA AND GLENWOOD SPRINGS, COLO. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility within 80 miles. Paonia Health Care Center is a skilled nursing and memory care facility built in 1984. Glenwood Springs Health Care is the sole skilled nursing facility in its area, located less than a mile from its local medical center, Valley View Hospital.

August 13, 2020

Acquisitions Arizona Industrial NAI Self-Storage Western

NAI Horizon Arranges $8.3M Sale of American Self Storage & Mail Center in Chandler, Arizona

by Amy Works August 13, 2020

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of American Self Storage & Mail Center, a self-storage facility located at 12220 E. Riggs Road in Chandler. Apache Junction-based Lawhead Family LLC sold the asset to Phoenix-based 535 Wilmot Investors for $8.3 million. Totaling 59,239 square feet, American Self Storage & Mail Center offers 652 units in a mix of drive-up and climate-controlled options, as well as RV parking and six commercial retail store tenants. Denise Nunez and Victoria Filice of NAI Horizon represented the seller in the transaction.

August 13, 2020

Acquisitions California Retail Western

Hanley Investment Negotiates $3.8M Sale of Four-Tenant Retail Building in Inland Empire

by Amy Works August 13, 2020

LAKE ELSINORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail building within Lake Elsinore Marketplace, a shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to a Torrance-based private investor for $3.8 million. Built in 2006 at 29261 Central Ave., the 7,203-square-foot pad building is fully occupied. Tenants include Navy Federal Credit Union, iBrows Threading Salon, Submarina and Juice It Up!. Anchors at the larger, 144,034-square-foot Lake Elsinore Marketplace include Costco, Lowe’s Home Improvement Warehouse, Grocery Outlet, PetSmart and Dollar Tree. Kevin Fryman and Bill Asher of Hanley represented the seller in the deal.

August 13, 2020

California Content Partner Features Lument Multifamily RED Capital Group Western Western Feature Archive

San Francisco Multifamily Trends: The Downside of Demand Inelasticity

by Sarah Daniels August 13, 2020

In economics, the sensitivity of aggregate demand for a product or service to changes in price is defined as its “elasticity.” The elasticity of demand for nonessential goods or goods with a number of ready substitutes is high. Even a small increase in price will produce a large decrease in demand. Conversely, a relatively large price change in the cost of an essential or prized luxury good for which few substitutes exist may have little effect on demand for it. San Francisco real estate is a highly inelastic good. The Bay Area’s potent combination of natural beauty, sublime climate and unique culture make it one of the most coveted destinations in the world. By the same token, its compact size, high population density, seismic risks and antipathy to development constrain supply. For all practical purposes, housing prices are limited by the income that residents can expect to earn rather than the normal interplay of producers and consumers. The innovation and wealth creation generated by the high tech industry added a complex new variable to the equation. More wealth was created during the last 10 years in the 40 miles that lie between the Golden Gate and San Jose than in …

August 13, 2020

Acquisitions Arizona Multifamily Western

Taurus Investment Enters Phoenix Multifamily Market with $25.9M Acquisition of Avenel on 16th Apartments

by Amy Works August 12, 2020

PHOENIX — Boston-based Taurus Investment Holdings has entered the Phoenix multifamily market with the acquisition of Avenel on 16th Apartments. The recently repositioned property is located near 16th Street and Indian School Road in Phoenix’s East Camelback/Uptown submarket. Phoenix-based Rincon Partners sold the asset for $25.9 million. Built in 1980 and 1984, Avenel on 16th features 200 units in a mix of studio, one- and two-bedroom layouts. The seller recently spent over $4 million on capital improvements and interior renovations at the property. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix investment sales team represented both parties in the transaction. Additionally, Bryan Mummaw of NorthMarq arranged an $18.8 million Freddie Mac loan for the acquisition on behalf of the buyer.

August 12, 2020

Arizona Industrial Loans Western

JLL Secures $16.1M Refinancing for Seven-Building Industrial Portfolio in Metro Phoenix

by Amy Works August 12, 2020

PHOENIX, GLENDALE AND CHANDLER, ARIZ. — JLL Capital Markets has arranged $16.1 million in financing for a seven-building light industrial distribution and manufacturing portfolio in metro Phoenix. The borrower is a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital. Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes of JLL Capital Markets secured the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility. The portfolio is situated on 16.1 acres at 10950 W. Northview Ave. in Glendale, 235 E. Pima St. in Phoenix, and 481 N. Dean Ave., 5740 W. Oakland St. and 5753, 5763 5773 W. Erie St. in Chandler. At the time of financing, the portfolio was 54.6 percent leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.7 million across the portfolio.

August 12, 2020

Loans Multifamily Utah Western

Gantry Arranges $9.8M in Financing for The Lake Apartments in Coeur d’Alene, Idaho

by Amy Works August 12, 2020

COEUR D’ALENE, IDAHO — Gantry has secured $9.8 million in permanent financing for The Lake Apartments, a newly constructed multifamily community located in Coeur d’Alene. Demetri Koston and Joyce Chen of Gantry arranged the 12-year, fixed-term, Fannie Mae refinancing, which includes a $1.5 million cash-out. The name of the borrower was not released. Delivered this year, The Lake Apartments features three interconnected buildings offering a total of 46 apartments in a mix of studio, one-, two- and three-bedroom units.

August 12, 2020

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