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Greeley-Village-Greeley-CO
ColoradoLoansMultifamilySeniors HousingWestern

Live Oak Bank Funds $8.1M Refinancing for Greeley Village Assisted Living in Colorado

by Amy Works

GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.

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AcquisitionsCaliforniaMultifamilyStudent HousingTop StoriesWestern

Landmark Properties Acquires 2,289-Bed Student Housing Community at University of California, Davis

by Kristin Harlow

DAVIS, CALIF. — Landmark Properties has acquired Sol at West Village, a 2,289-bed student housing community at the University of California, Davis (UC Davis) campus, which is situated about 15 miles west of Sacramento. While the sales price was not disclosed, the transaction is the largest single-asset sale to date in the student housing sector, according to sources. Amenities at the on-campus property include a 24-hour study hall, fitness center, yoga studio, café, media theater, dog park and two swimming pools. Sol at West Village also includes 36,000 square feet of commercial space, which is currently leased to UC Davis. The community was built in three phases between 2011 and 2013. Sol at West Village is the largest net zero energy community in the United States, meaning it is designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design with renewable on-site energy production via solar panels installed throughout the community. “Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” says Wes Rogers, president and CEO of Landmark. “We continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship …

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AcquisitionsColoradoIndustrialMixed-UseMultifamilySelf-StorageWestern

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

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600-Mariners-Island-San-Mateo-CA
AcquisitionsCaliforniaMultifamilyWestern

Levin Johnston Brokers $12.9M Sale of Apartment Community in San Mateo, California

by Amy Works

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the sale of 600 Mariners Island, a multifamily property located in San Mateo. A private owner sold the asset to an undisclosed buyer for $12.9 million. Originally constructed in 1976, 600 Mariners Island features 24 apartments in a mix of six two-bedroom/one-bath layouts and 18 one-bedroom/one-bath units. Community amenities include a swimming pool, children’s swimming pool, clubhouse, boat launch, private storage, modern fitness center, dog park and playground. Adam Levin and Robert Johnston handled the transaction.

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Willowbrook-Apts-Westminster-CO
AcquisitionsColoradoMultifamilyWestern

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works

WESTMINSTER, COLO. — Denver-based Halaby Capital has completed the sale of The Willowbrook Apartments, a multifamily asset located at 7155 Raleigh St. in Westminster. Summit Communities of Denver sold the property for $11.7 million, or $123,684 per unit. Built in 1973, Willowbrook features 95 apartment units and is located directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the deal.

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670-N-Scottsdale-Road-Tempe-AZ
ArizonaHospitalityLoansRestaurantRetailWestern

Mag Mile Capital Arranges $10.1M Loan for Hotel Conversion in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Mag Mile Capital has completed a $10.1 million loan for the refinancing and conversion of a hotel and restaurant property in Tempe. Located at 670 N. Scottsdale Road, the asset includes 103 hotel rooms and an on-site restaurant. Kuber Hotel Group, the borrower, plans to use the loan proceeds to refinance and convert the existing Best Western Hotel into a Holiday Inn Express. Rushi Shah, Leonard Smith and Prabhat Jayara of Mag Mile Capital arranged the 36-month, floating-rate, interest-only loan that features options to extend and includes a $2 million conversion and renovation fund. The lender was not disclosed.

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IndustrialLoansOfficeOregonWestern

Ready Capital Closes $7.7M Refinancing for Industrial, Office Portfolio in Portland, Oregon

by Amy Works

PORTLAND, ORE. — Ready Capital has closed $7.7 million in financing for the recapitalization, renovation and lease-up of an industrial and office portfolio located in the Lloyd District submarket of Portland. The sponsor will use loan proceeds to recapitalize funds and repurpose the older industrial buildings into a combination of Class B creative office, commercial kitchen and industrial office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

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Affordable HousingFinance InsightMidwestMultifamilyNortheastSoutheastTexasThought LeadershipVideoWestern

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels

  David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue.   This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

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Finance InsightMidwestMultifamilyNortheastSoutheastTexasThought LeadershipVideoWalker & DunlopWestern

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels

  Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

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1960-E-Grand-Ave-El-Segundo-CA
AcquisitionsCaliforniaOfficeWestern

JLL Negotiates Sale of 260,000 SF Office Campus in Metro Los Angeles

by Amy Works

EL SEGUNDO, CALIF. — JLL has arranged the sale of an office campus located at 1960 E. Grand Ave. in El Segundo. Terms of the transaction, including the name of the seller, buyer and acquisition price, were not released. Totaling 5.4 acres, the two-parcel property features a 12-story, 260,000-square-foot office building plus development potential to build up to 94,000 square feet of creative office or hotel space. The building features 21,500-square-foot floor plates, parking for 926 vehicles, a fitness deck, communal outdoor workspace and a plaza. At the time of sale, the property was 79 percent leased. Tom Bohlinger, Andrew Harper and Will Poulsen of JLL represented the seller and procured the buyer in the transaction.

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