Western

JRK Property Holdings Buys Harrison Glendale Apartment Property in California for $90.7M

by Amy Works March 16, 2021

GLENDALE, CALIF. — JRK Property Holdings has acquired The Harrison Glendale, an apartment community located at 318 W. Wilson Ave. in downtown Glendale. A Las Vegas-based developer sold the asset for $90.7 million in an off-market transaction. Built in 2018, The Harrison Glendale features 164 apartments in a mix of studio, one- and two-bedroom layouts spread across two five-story LEED-certified buildings. The community offers a central courtyard with a resort-style pool, park and barbecue area. Additionally, the property features 15,100 square feet of ground-floor retail space occupied by CVS/pharmacy; a two-level, 239-stall subterranean garage; a two-level fitness center; yoga studio; club room; and dog run. The property also offers a rooftop deck with fire pits, barbecues and bar. At the time of sale, the asset was 96 percent leased. Dean Zander, Stewart Wilson and Chris Tresp of CBRE Los Angeles represented the seller in the deal. Robert Falese of Berkadia arranged acquisition financing with agency debt through Freddie Mac’s Green Advantage program for the buyer.

March 16, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Starts Construction of Two Adjacent Multifamily Communities in Simi Valley

by Amy Works March 16, 2021

SIMI VALLEY, CALIF. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive. Vintage at Sycamore will feature 99 apartments for seniors earning 50 percent to 70 percent of the area’s median household income. The property will offer one-bedroom units featuring energy-efficient appliances, a patio or balcony and laundry rooms on each of the three floors. The $32 million community will feature a clubroom, fitness center, computer center with WiFi and printers, swimming pool, an outdoor seating area with barbecues and a pet area. Completion of Vintage at Sycamore is slated for late 2021. County of Ventura, Calif., contributed a $3.5 million subsidy for the project. The Landing at Arroyo will offer 212 one-, two-, and three-bedroom apartments with stainless steel appliances, a kitchen island, in-unit washers/dryers, high-end flooring …

March 16, 2021

Acquisitions Colorado Multifamily Western

Cityview Acquires Interest in 350-Unit DECO Apartments in Denver

by Amy Works March 16, 2021

DENVER — Cityview has purchased Dinerstein Cos.’ interest in DECO, an apartment community located in the University Park region of Denver. A transit-oriented property with immediate access to light rail, the five-story development offers 350 units in a range of open floor plans. The property originally opened for leasing in fourth-quarter 2019. Westhome, Cityview’s property management division, manages the asset. Terms of the acquisition were not released. Situated on 3.5 acres, the property features a mix of studio, one-, two- and three-bedroom floor plans with to up 11-foot ceilings, vinyl wood flooring, stainless steel appliances, in-unit washers/dryers, designer cabinetry, quartz countertops, dual vanity baths, walk-in closets and keyless door entry. Community amenities include an on-site ski simulator and gear lounge equipped with ski and boot lockers, as well as space for snowboards, mountain bikes and kayaks; and a rooftop deck with outdoor seating, a fireplace, television, drink ledge and ski gondola. Additional amenities include a dog park and spa; business center with coffee bar and two-sided fireplace; co-working area with individual conference rooms; workstations; a library; mail room with automated package retrieval system; club room with commercial kitchen; and a fitness center with cardio and weight equipment, massage room and …

March 16, 2021

Acquisitions California Healthcare Seniors Housing Western

CareTrust REIT Purchases Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 16, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 16, 2021

Development Loans Multifamily Oregon Seniors Housing Western

Live Oak Provides $28.5M Construction Financing for Seniors Housing Expansion in Salem, Oregon

by Amy Works March 16, 2021

SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.

March 16, 2021

Affordable Housing Build-to-Rent Finance Insight Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels March 16, 2021

NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

March 16, 2021

Banner-Gateway-Medical-Center-Gilbert-AZ

Arizona Development Healthcare Western

McCarthy Building Cos. Starts Construction of 351,000 SF Banner Gateway Medical Center Tower in Gilbert, Arizona

by Amy Works March 15, 2021

GILBERT, ARIZ. — McCarthy Building Cos. has broken ground on the $243 million expansion and renovation of Banner Gateway Medical Center Tower and Emergency Department in Gilbert. The 351,000-square-foot expansion nearly doubles the size of the medical center campus, which is located at 1900 N. Higley Road. The expansion includes a five-story, 208,500-square-foot patient tower offering 109 patient beds with the ability to increase capacity by an additional 72 to 358 total beds once the shell space is built out. The project also includes a three-level, 85,000-square-foot expansion to the diagnostics and treatment building on the campus’ west side, including an expansion to the Emergency Department, as well as a two-level expansion to the existing diagnostics and treatment building on the campus’ east side. The expansion addresses the need for women and infant care, including labor, delivery, postpartum and new neonatal intensive care unit, as well as creating additional space for inpatient cancer care by Banner MD Anderson Cancer Center. Additionally, the project includes the construction of two surface parking lots, adding approximately 690 new parking spaces for visitor and staff use, as well as upgrades to the existing Central Utility Plant. Also, approximately 40,000 square feet of additional renovation …

March 15, 2021

Colorado Development Multifamily Seniors Housing Western

Ryan Cos., Cadence Plan 156,622 SF Acoya Cherry Creek Seniors Housing Project in Denver

by Amy Works March 15, 2021

DENVER — Ryan Cos. US Inc. and Cadence Living have unveiled plans for Acoya Cherry Creek, a seniors housing community in the Cherry Creek neighborhood of Denver. Totaling 156,622 square feet and 137 units, the project will be the first Acoya-branded community in the Denver market and the third in Colorado. The types of care were not disclosed. According to Moore Diversified Services, the senior population in the Denver area is expected to increase by more than 26 percent over the next five years. “Not only is there a need for this type of housing near Cherry Creek, but there is also high demand for age-in-place living where a resident can remain within their home and receive services over time as needs change,” says Daniel Raimer, director of real estate development for Ryan Cos. Cadence, Harrison Street and Ryan will co-own the community, and have closed on financing for the development. Bank of the West acted as lender, administrative agent and lead arranger alongside Stifel Bank as lender and syndication agent. MOA Architecture designed the community’s exterior while StudioSIX5 handled the interiors. Groundbreaking is scheduled for February 2021, with pre-leasing beginning in spring 2022 for completion in fall 2022.

March 15, 2021

Conejo-Spectrum-Gateway-Thousand-Oaks-CA

California Development Industrial Western

Sares Regis to Develop 172,516 SF Conejo Spectrum Gateway Industrial Park in Thousand Oaks, California

by Amy Works March 15, 2021

THOUSAND OAKS, CALIF. — Irvine, Calif.-based Sares Regis Group has started construction of Conejo Spectrum Gateway, a two-building speculative industrial park at the intersection of Rancho Conejo Boulevard and Lawrence Drive in Thousand Oaks. The two new buildings will offer a total of 172,516 square feet of for-lease space between an 88,946-square-foot facility at 1515 Rancho Conejo Blvd. and an 83,570-square-foot building at 1489 Lawrence Drive. The 1515 Rancho Conejo building will offer a 5,554-square-foot office space, 17 dock-high doors, two ground-level doors, 30-foot clear heights, 1,200 amps (expandable), 277-480 volts, three-phase power, 201 parking stalls, 28 electric vehicle stalls and 17 bicycle parking stalls. The facility at 1489 Lawrence Drive will offer a 5,586-square-foot office area, 15 dock-high doors, two ground-level doors, 172 parking stalls, 11 electric vehicle stalls, 14 bicycle stalls, 1,200 amps, 299-480 volts and three-phase power. Grading is complete for the two buildings and vertical construction is underway. Both buildings are available for lease now and will be ready for tenant build-out in the third quarter. Tom Dwyer and Bennett Robison of CBRE represented Sares Regis Group.

March 15, 2021

California Industrial Loans Self-Storage Western

InSite Property Group Receives $140M Credit Facility for National Self-Storage Development Pipeline

by Amy Works March 15, 2021

LOS ANGELES — JLL Capital Markets has arranged a $140 million credit facility with the ability to expand up to $215 million for Los Angeles-based InSite Property Group. The facility will fund InSite’s development pipeline of Class A self-storage facilities across the nation. ACORE Capital provided the floating-rate loan, which was arranged by Bill Fishel, Matt Stewart and Chad Morgan of JLL Capital Markets, along with Brian Somoza, Steve Mellon and Griffin Guthneck of JLL’s national self-storage team. The financing is part of the InSite’s ongoing acquisition, development and repositioning strategy that includes a pipeline of 40 projects totaling nearly 5 million square feet of core, Class A product in infill markets across the United States. The company operates facilities under the Secure Space Self Storage brand.

March 15, 2021

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