Western

Advocacy Development Completes Entitlements for 83-Unit Assisted Living Project in San Jose

by Amy Works October 8, 2020

SAN JOSE, CALIF. — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprisingf 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, Councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is least intrusive to the overall community by terracing the building into the single-family neighborhood of Dry Creek and creating fabulous outdoor garden spaces for the residents.” As recommended by the San Jose Planning Commission, the City Council approved the Conditional Use Permit for the project site to replace existing dilapidated retail strip buildings with a modern, three-story building. ADP is in the process of securing its project team of architects, engineers and contractors for the development, according to Paul Bunton of ADP. He says the firm also expects to have its financing and operator in place in the next couple months and anticipates breaking ground in early 2021, which would …

October 8, 2020

Acquisitions California Retail Western

Faris Lee Brokers $4.3M Sale of Property Leased to Starbucks in Metro Los Angeles

by Amy Works October 8, 2020

SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.

October 8, 2020

Colorado Development Loans Multifamily Western

Parkview Financial Provides $26M Construction Loan for Art District Lofts in Downtown Denver

by Amy Works October 7, 2020

DENVER — Parkview Financial has provided a $26 million construction loan to CRE Development Investments for the development of Art District Lofts, an apartment community located at 1275 Santa Fe Drive in Denver. With this financing, construction has now commenced with completion slated for December 2021. Situated in Denver’s Art District, the eight-story project will feature 115 apartments and 2,622 square feet of ground-floor retail space. Art District Lofts will offer 51 studios, 55 one-bedroom units and nine two-bedroom units with an average unit size of 548 square feet. Community amenities will include private balconies, a fitness center, rooftop deck and secure bike parking. The property will also offer 48 garage and surface parking spaces.

October 7, 2020

California Development Multifamily Western

MBK Rental Living Buys Development Site for 292-Unit Apartment Community in Duarte, California

by Amy Works October 7, 2020

DUARTE, CALIF. — MBK Rental Living has purchased a 3.4-acre site in Duarte for the development of 292-unit apartment community in Duarte, situated 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles. MBK is developing the project in partnership with Haseko Corp. Located along the Interstate 210 corridor and steps away from City of Hope Metro Gold Line, the five-story, transit-oriented development will feature a mix of flats and lofted studios, one-, two- and three-bedroom units, as well as co-living apartments. Amenities will include a fitness center and resort-style pool and spa, clubroom and “Bru Hause” gathering spot. Construction of the property, which will also include an eight-story parking structure, is scheduled to start in 2022. The new development is situated adjacent to Esperanza at Duarte Station, the partnership’s first project that will deliver 344 apartments upon completion in mid-2023.

October 7, 2020

California Loans Multifamily Western

Greystone Funds $52M Fannie Mae DUS Refinancing for Manufactured Housing Community in San Jose

by Amy Works October 7, 2020

SAN JOSE, CALIF. — Greystone has provided a $52.2 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 434-unit manufactured housing community in San Jose. Tim Thompson of Greystone originated the transaction for the borrower, Chateau La Salle LLC. The financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. The loan enables the borrower to refinance its existing Greystone loan and monetize its existing equity in the property. Built in 1980, Chateau La Salle consists of 434 pads across 58 acres. Property amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts.

October 7, 2020

Acquisitions Loans Office Oregon Western

SKB Cos. Receives $19.1M Acquisition Loan for Mason Ehrman Building in Portland

by Amy Works October 7, 2020

PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has received $19.1 million in financing for the acquisition of Mason Ehrman Building, an office building in Portland’s Old Town District. JLL Capital Markets secured the four-year, floating-rate loan through a debt fund for SKB Cos. In addition to the acquisition, loan proceeds will be used to transform the annex roof into tenant amenity space and assist in lease-up of the building. Zachary Kersten and Tom Wilson of JLL Capital markets represented the borrower in the financing. Located at 222 NW Fifth Ave., Mason Ehrman Building totals 96,985 square feet. The property was originally built in 1907 and most recently renovated in 2017. At the time of sale, the building was 38 percent leased to two tenants.

October 7, 2020

Acquisitions Arizona Office Western

Kidder Mathews Brokers $4.6M Sale of Tempe Office Center in Arizona

by Amy Works October 7, 2020

TEMPE, ARIZ. — Kidder Mathews has arranged the sale of Tempe Office Center, an office park located at 950 W. Southern Ave. and 3225 S. Hardy Drive in Tempe. Investors from Northern California and the State of Washington acquired the asset from a Southern California-based investment group for $4.6 million. At the time of sale, the 24,381-square-foot office park was 77 percent occupied. Concentra Urgent Care occupies 41 percent of the property and recently extended its lease for an additional 13 years. The urgent care provider has occupied the property since the mid-1990s. Erik Marsh of Kidder Mathews represented the seller in the deal.

October 7, 2020

Acquisitions Arizona Multifamily Western

Rockwood Capital Sells MetroPointe Apartments Near Phoenix for $96.7M

by Amy Works October 6, 2020

TEMPE, ARIZ. — Rockwood Capital has completed the sale of MetroPointe Apartments, a multifamily property located in Tempe. Cortland acquired the asset for $96.7 million, or $233,133 per unit. Built in 2009, the property features 415 apartments in a mix of one-, two- and three-bedroom layouts, two swimming pools and a spa. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

October 6, 2020

Arizona Development Multifamily Seniors Housing Western

Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix

by Amy Works October 6, 2020

PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet. Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed. Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction. According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer. Phase I is scheduled for completion in summer 2022, followed …

October 6, 2020

Glendale-Marriott-Residence-Inn-Glendale-CA

California Development Hospitality Western

R.D. Olson Development Completes 190,000 SF Glendale Marriott Residence Inn in California

by Amy Works October 6, 2020

GLENDALE, CALIF. — R.D. Olson Development and R.D. Olson Construction have completed Glendale Marriott Residence Inn, a five-story, mission-style hotel located at 199 N. Louise St. in Glendale. The 190,000-square-foot hotel offers 120 studios with king beds, 12 corner suites, six two-bedroom suites and seven Americans with Disabilities Act-compliant rooms, all with full kitchens. Hotel amenities include a fitness center; courtyard deck with pool and spa; large meeting room; complimentary Wi-Fi; 24-hour market; indoor and outdoor seating areas; and two levels of underground parking. Additionally, the hotel is located near Griffith Park, Hollywood, Dodger Stadium and other Los Angeles-area attractions. Project partners include WATG and SANDdesign.

October 6, 2020

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