STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.
The pandemic has forced the appraisal business into a surreal experience: many valuation professionals had their physical connections to the market severed or diminished. The question became: how best to assign value to the properties that appraisers are tasked with assessing especially while the demand for valuation has grown. Where does the rise of automatic valuation systems (AVSs) fit in with the valuation process? Karl Finkelstein, vice president of Business Development and senior managing director for Valbridge Property Advisors, spoke recently to REBusinessOnline. He explains, “The appraisal business is still all about reporting on what we see in the marketplace. That hasn’t changed. What has changed is our physical connection to the market — talking with market participants and attempting to read the tea leaves.” As for many companies, the past few months have been a time of reassessment and reengagement with the technology and tools at hand. “We’ve had to rethink how we do inspections; we’ve had to rethink how we physically interact. Technology has given us a big hand with that, and it has changed some of the some of the ways we do business and enhanced others,” says Finkelstein. A Hands-On Business, Socially Distanced Physical inspections remain …
SAN FRANCISCO — Colliers International has arranged the sale of Keystone Apartments, a multifamily property located in San Francisco’s Nob Hill neighborhood. A San Francisco-based family sold the asset to an undisclosed buyer for $43 million. Located at 1369 Hyde St., the seven-story building features 87 apartments in a mix of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedroom “plus” units. At the time of sale, the property was 20 percent vacant. The property is historically and culturally significant to San Francisco as it appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note, and has served as a general landmark for the city since its opening in 1910. The Keystone Apartments name is derived from its original developer, Keystone Real Estate Co., which developed the property as a hotel. The Devincenti Lagomarsino Team of Colliers, led by Dustin Dolby, represented the seller in the transaction.
LAS VEGAS — Next Wave Investors has acquired Spanish Oaks, a 216-unit apartment property located at 2301 S. Valley View Blvd. in Las Vegas. The company purchased the asset from an undisclosed seller for $28.1 million in an off-market transaction. Built in 1976, Spanish Oaks features a mix of one- and two-bedroom units offering large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities and a leasing center. Next Wave plans to upgrade all unrenovated units through its value-add program with interior additions, including stainless steel or black appliances, lighting fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, stone countertops, new paint and tile backsplashes in kitchens. Additionally, the company plans to enhance the exterior and amenity spaces with the addition of carports, exterior paint, roofing, and upgrades to the pool area and landscaping.
PHOENIX — Tower Capital has arranged $24.8 million in acquisition financing for a two-story multifamily property located in the Phoenix I-17 Employment Corridor. The names of the borrower/buyer and seller were not released. Built in 1980 on eight acres, the community features 224 apartments, a swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and picnic area with barbecue grills. The non-recourse Freddie Mac loan features a seven-year, floating-rate term with two years of interest-only payments followed by a 30-year amortization schedule. Vin Basa of Tower Capital secured the financing for the buyer.
TUCSON, ARIZ. — Metro Tucson Living SPE has purchased The Villas at Roger Road, a multifamily community located at 3985 N. Stone Ave. in Tucson. Equilibrium Villas sold the asset for $19 million. Located at 3985 N. Stone Ave., the property features 232 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
BROOMFIELD, COLO. — Tepuy Properties, a real estate syndicator and property management company, has purchased its second asset in Broomfield. The company acquired a single-story industrial building located at 1 Park St. for $1.7 million. Tepuy plans to spend more than $1 million on repairs and improvements at the 26,400-square-foot property, which was built in 1986 and suffered years of neglect due to bankruptcy and lien proceedings. At the time of sale, the property was 54 percent vacant with Shoot Indoors, a public gun range, as the sole tenant. Eric Rutherford of WK Real Estate represented Tepuy, while Joe Krahn of Cushman & Wakefield represented the seller in the deal.
TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …
CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open in summer 2022.
RICHMOND, CALIF. — McShane Construction Co. has broken ground for the development of 500 Pittsburg Avenue, an industrial project located in Richmond. Owned by Black Creek Group, the development will feature a 481,500-square-foot distribution center situated on a 34-acre site near the intersection of Pittsburg Avenue and Richmond Parkway. The facility will include concrete tiltwall panel exterior with storefront windows, 36-foot clear heights, 84 truck doors, four drive-in doors, seven-inch concrete slab floors and ESFR sprinklers. For the first phase of the project, McShane completed extensive ground improvements, including wick drains, deep dynamic compaction and grading. The company will also widen Richmond Parkway and Pittsburg Avenue and add turn lanes and traffic signals. HPA is serving as architect of record for the project, which is slated for completion in November 2021.