Western

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

by Amy Works February 25, 2020

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.

February 25, 2020

Acquisitions Colorado Multifamily Western

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works February 25, 2020

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.

February 25, 2020

Arizona Hospitality Loans Restaurant Retail Western

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

by Amy Works February 25, 2020

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.

February 25, 2020

Industrial Loans Office Oregon Western

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

by Amy Works February 25, 2020

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.

February 25, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels February 25, 2020

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.

February 25, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

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

by Sarah Daniels February 24, 2020

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.

February 24, 2020

Acquisitions California Office Western

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

by Amy Works February 24, 2020

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.

February 24, 2020

Acquisitions California Multifamily Western

Vista Investment Buys Park Winona Apartments, Leeward Apartments in Los Angeles

by Amy Works February 24, 2020

LOS ANGELES — Vista Investment Group has closed on the first two properties in a $50 million portfolio acquisition of four Los Angeles-area, rent-controlled multifamily communities totaling 167 units. The company acquired Park Winona, a three-story building located at 1840 Winona Blvd. in Hollywood. Built in 1963, the property features 50 apartments in a mix of studio, one- and two-bedroom layouts. Vista plans to implement a capital improvement program that includes upgrading apartment interiors with high-end finishes and renovating common areas and amenities. Tony Azzi of Marcus & Millichap represented the undisclosed seller in the deal. Vista also purchased Leeward Apartments, a three-story building located at 2810 Leeward Ave. in Koreatown. Built in 1923, the 19,776-square-foot property features mostly studio apartments, as well as a limited number of one-bedroom units. Bryan Glenn of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

February 24, 2020

Development Nevada Office Western

LaPour, G2 Capital Partners Break Ground on 100,184 SF Office Building in Southwest Las Vegas

by Amy Works February 24, 2020

LAS VEGAS — LaPour Cos. and G2 Capital Development, both based in Las Vegas, have broken ground on Narrative, a Class A office building located in Las Vegas. Situated in the southwest portion of the valley near the 215 Beltway and South Durango, Narrative will feature 100,184 square feet of office space in a four-story building. Slated for completion in fourth-quarter 2020, the development is the first of its kind in the area since the recession, according to the developers. Upon completion, Narrative will become the headquarters of Colliers International | Las Vegas.

February 24, 2020

California Loans Office Western

Ready Capital Closes $23M Refinancing for Creative Office Portfolio in Metro Los Angeles

by Amy Works February 24, 2020

GLENDALE, CALIF. — Ready Capital has closed $23 million in refinancing for a creative office portfolio in Glendale, a suburb of Los Angeles. The undisclosed sponsor will use loan proceeds to pay off existing debt and acquire additional properties at the 59,000-square-foot property, which consists of 12 industrial/flex buildings that are or will be redeveloped into creative office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest/operating reserves.

February 24, 2020

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