SAN FRANCISCO — Ready Capital has closed a $14.5 million loan for the acquisition, renovation and lease-up of an approximately 30,000-square-foot, Class B office building located in San Francisco’s SOMA district. Upon acquisition, the undisclosed sponsor plans to implement capital expenditures to convert the building to premier creative office/industrial hybrid. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for capital expenditures, leasing costs and interest shortfalls.
DENVER — A joint venture between Shorenstein Properties and Nichols Partnership has unveiled plans for One Platte, a five-story office and retail development located at 1701 Platte St. in downtown Denver. Situated on 1.5 acres in the Central Platte Valley neighborhood, One Platte will feature a 250,000-square-foot building offering 240,000 square feet of office space and 10,000 square feet of ground-floor retail space. The Beck Group is providing design-build services for the development. The building will feature floor-to-ceiling windows with views of the Rocky Mountains and Denver skyline. Amenities include a lounge, rooftop terrace, event spaces, fitness center, bicycle lockers and a secure underground parking facility. Construction started Feb. 11 on the project, with completion slated for early 2022.
PORTLAND, ORE. — Hyatt Hotels Corp. has opened Hyatt Centric Downtown Portland, located at 601 S.W. 11th Ave. in Portland. The property is the first Centric-branded hotel in the Pacific Northwest. Situated in Portland’s West End district, the hotel features 220 guest rooms, a 24-hour fitness center and three meeting spaces, including the 1,368-square-foot Pettygrove Room and the 428-square-foot technology-driven boardroom. The hotel’s signature restaurant, MASIA, serves Catalan- and Spanish-inspired cuisine. The property also features MASIA Bar, the hotel’s lobby bar, and 180 Xurros, which serves as the hotel’s 24-hour market. Portland-based Mortenson, in partnership with Sera Architects, designed the property.
TEMPE, ARIZ. — Trinitas has acquired a development site located at 707 S. Forest Ave. near Arizona State University in Tempe. The company plans to develop a 530-bed student housing community offering studio, one-, two-, three- and four-bedroom units above street level retail. Shared amenities at the development will include a swimming pool, fitness center, collaboration spaces and an open-air skydeck. A joint venture between Trinitas and Harrison Street provided equity financing for the site acquisition. PNC Bank provided construction financing. The project is scheduled for a 2021 opening.
DENVER — 9th Avenue (Denver) Land, a joint venture between Continuum Partners and CIM Group, has opened Milo, a market-rate multifamily building at 9+CO, a mixed-use property in Denver. Designed by Shears Adkins Rockmore Architects, Milo features 319 micro, studio, one-, two- and three-bedroom apartments across two buildings. The units range from 370-square-foot micro units with built-in wardrobes and murphy beds to 1,590-square-foot three-bedroom flats. Ground-floor units include walk-up private entrances and two-story townhomes. Additional unit finishes include stainless steel appliances, walk-in closets, in-unit washers/dryers and balconies in select units. Community amenities include co-working office space; roof deck with grills, fire pits and seating; a hot tub; heated lap pool; resident lounge with entertaining kitchen; shuffleboard table; 24-hour fitness center; secured parking garage; bicycle and ski repair center; pet and bicycle wash; and storage units on every floor. Milo is the second market-rate residential building at 9+CO, joining the 275-unit Theo development that opened in May 2018. The 26-acre urban infill project is located at the site of the former University of Colorado Health Sciences Center in Denver. The project will ultimately comprise approximately 2 million square feet of mixed-use space. Currently signed retailers include Fluff Salon, Sweet Combforts, Elevation …
LOS ANGELES — Ready Capital has closed a $14.5 million for the renovation and conversion of a 26-unit, Class B, three-property multifamily portfolio into a 69-unit co-living portfolio located in the Brentwood and Westwood submarkets of Los Angeles. Four of the existing units will remain traditional multifamily. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of facilities to provide future funding for capital expenditures, tenant buyouts and interest shortfall. Upon acquisition, the undisclosed sponsor will buyout existing multifamily tenants, implement a capital expenditure plan to convert units to co-living and lease up each building.
IDAHO FALLS, IDAHO — ShowBiz Cinemas plans to develop one of its Bowling, Movies and More! entertainment centers at Jackson Hole Junction in Idaho Falls. This location will be ShowBiz Cinemas’ first complex in Idaho; the company currently operates locations in Texas, Oklahoma and Florida. Slated to open in December, the entertainment center will be located at Sunnyside Road #116 Exit off Interstate 15. Construction is currently underway, with the official groundbreaking ceremony scheduled for Feb. 27. Bowling, Movies and More! entertainment center at Jackson Hole Junction will feature 14 boutique bowling lanes, an arcade with redemption center, multiple party rooms, a lane-side café with expansive food and drink options, full bar, concessions area and eight movie auditoriums with recliner seating. Additionally, the development will feature a Superior Digital Experience auditorium with 4K digital laser projection, Dolby Atmos surround sound and a four-story, 70-foot-wide screen. ShowBiz Cinemas will anchor the 44-acre Jackson Hole Junction commercial project at Sunnyside Road and Interstate 15. The development will also feature retail, business, dining and hospitality space.
TORRANCE, CALIF. — Alpine Electronics of America has completed the sale of an 108,186-square-foot industrial investment property located at 19145 Gramercy Place in Torrance. IDI Logistics acquired the asset for $21.5 million. The buyer plans to refurbish the concrete tilt-up building, which is located on more than 5.5 acres of land, before placing the property on the market for lease. The building served as the seller’s American headquarters before its relocation to Auburn Hills, Mich. Alpine Electronics is an automotive electronics manufacturer that provides consumers and leading automakers with audio, video, navigation and driver assistance products. Todd Taugner, Frank Schulz III and David Prior of The Klabin Company/CORFAC International represented the seller and buyer in the deal.
LAS VEGAS — Next Wave Investors has acquired Villaggio Di Murano, an apartment community located at 9475 W. Tompkins Ave. in Las Vegas. A Southern California-based multifamily investment group sold the asset for $14.5 million in an off-market transaction. Built in 2005, Villaggio Di Murano features 88 units in a mix of one-, two- and three-bedroom floor plans. Community amenities include a business center, fitness center, swimming pool and spa/hot tub. Next Wave plans to implement a series of capital upgrades, including exterior paint and signage, new landscaping, interior unit enhancements and pool area improvements. Additionally, the new owner plans to add new community amenities including collaborative outdoor barbecue and gathering spaces.
SANTA ANA, CALIF. — Ready Capital has closed a $20.2 million for a 60,000-square-foot Class B retail neighborhood center in Santa Ana. The non-recourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. Additionally, the loan includes a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed sponsor will use loan proceeds to pay off existing debt while continuing to make cosmetic upgrades and leasing tenants at market rents.