RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64 million in financing for the construction of a mixed-use development project at 8500 Haven Ave. in Rancho Cucamonga. Ron Bayls of MMCC secured the financing through Parkview Financial on behalf of a private developer. At full build-out, the 248-apartment project will feature six residential buildings, a mixed-use building, ground-floor commercial space and a retail building. Planned apartment amenities include a pool, fitness center, pickleball court, clubhouse, onsite laundry and landscaped outdoor areas.
REDLANDS, CALIF. — Sentinel Real Estate has purchased The Venue at Orange, an apartment community in Redlands, approximately 60 miles east of downtown Los Angeles. Terms of the transaction were not released. Completed in 2023, the 328-unit, garden-style property is comprised of seven buildings including six residential structures and a mixed-use community clubhouse. The Venue on Orange offers a mix of one-, two- and three-bedroom units featuring nine-foot ceilings, full-sized washers and dryers, fully equipped kitchens with islands, stainless steel appliances, quartz countertops and tile backsplashes. Community amenities include a pool, spa, fitness center with a yoga/Pilates studio and spin room, a lounge and game room, chef’s kitchen and a coffee bar. Additionally, residents have access to a business center with private and open coworking spaces, a media room, grilling areas, EV charging stations and automated package lockers with controlled access via gated community entry.
SAN FRANCISCO — Lincoln Property Co. and New York Life Real Estate Investors (NYLREI) have acquired 600 Townsend West, a creative office building San Francisco’s Design District. The five-story, 210,000-square-foot building offers average floor plates of 42,000 square feet, a top-floor terrace, a two-story lobby, an outdoor courtyard, shuttle service to BART, secure car and bike parking and LEED Gold certification. At the time of sale, the property was 90 percent leased. Terms of the transaction, which was handled by JLL, were not disclosed. This is the first time the asset has been to for sale since it’s original development in 1989.
BILLINGS, MONT. — Veeder Hospitality Associates LLC has sold Courtyard Billings, a 137-room leisure and business hotel in Montana, to InterMountain Management for an undisclosed price. Constructed in 2024, the four-story Courtyard Billings offers meeting event spaces, a restaurant and fitness and business centers. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer in the deal. Adam Christofferon of Marcus & Millichap assisted in closing the deal as the broker of record.
LINCOLN CITY, ORE. — The Capital Services Group of Global Real Estate Advisors (GREA) has secured a $4 million loan for the refinancing of a garden-style apartment complex in Lincoln City, located on Oregon’s coast. The 44,250-square-foot property offers 48 apartments. Matt Swerdlow, Matthew Dzbanek and Anthony Priest of GREA Capital Services arranged the transaction. Adam Smith of GREA provided local advisory services for the deal. The loan featured a 10-year term, 30-year amortization schedule and no prepayment penalty.
SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz countertops and islands and wine fridges. Amenities include a resort-style pool and hot tub, two open-air courtyards, a fitness center with a sauna and cold plunge, coworking space, a pet spa and dog park and a club room.
TUCSON, ARIZ. — GDL Asset Management has received $22.6 million in refinancing for Villas de la Montaña, a 332-unit apartment community located at 4880 E. 29th St. in Tucson. Brad Miner and Drew Lydon of JLL Capital Markets’ Debt Advisory arranged the fixed-rate, non-recourse loan through Santander Bank for the borrower. Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 square feet. Community amenities include a swimming pool, stadium-inspired soccer field, playground, resident laundry room, barbecue pits, courtyards, picnic areas, a fitness center, basketball court and a clubhouse. Since the acquisition of the asset in 2021, GDL Asset Management has completed renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, new paint and stainless steel appliances. Exterior renovations included enhanced common areas, pool areas, landscaping, signage and parking lots.
ENCINITAS, CALIF. — A local, privately based partnership doing business as 605 3rd Street LLC has purchased an office building located at 605 3rd St. in Encinitas from GJS Properties LLC for $11 million. Originally constructed as a bank in the 1960s, the building offers 14,398 square feet of office space. Peter Curry and Owen Curry of Cushman & Wakefield represented the seller, while Conor Brennan of CBRE represented the buyer in the deal.
ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 one- and two-bedroom units with vinyl and tile flooring, ceiling fans and private patios or balconies. The gated property features courtyards, a swimming pool, two onsite laundry facilities and garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of Marcus & Millichap represented the seller, while Christian Tait of Marcus & Millichap procured the buyer in the deal.
SEATTLE — Newmark has arranged a $435 million loan for the refinancing of Starbucks Center, the coffee giant’s nearly 1.5 million-square-foot headquarters campus located at 2401 Utah Ave. S in Seattle. Deutsche Bank provided the loan to the owner, a partnership between two local real estate companies, Nitze-Stagen & Co. Inc. and Daniels Real Estate. According to the property’s Wikipedia page, the main building was originally constructed in 1915 as a retail store for Sears, Roebuck & Co. Starbucks (NASDAQ: SBUX) first took occupancy of the property in 1993. At that time, the property was known as SoDo Center after its namesake neighborhood, which is one of Seattle’s main industrial districts, per Wikipedia. Since then, the campus has undergone more than 60 expansions over the past three decades to accommodate the company’s growth, according to Newmark, which also notes that Starbucks has invested more than $300 million of its own capital in the Seattle campus to date. In addition, Starbucks recently signed a lease extension through 2038. Jonathan Firestone, Jordan Roeschlaub, Blake Thompson and Kevin Shannon led the transaction for Newmark. “The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” …