Western

ElderHealth-Living-Memory-Care-Springfield-OR

SLIB Arranges Sale of 59-Unit Memory Care Community in Springfield, Oregon

by Amy Works July 7, 2020

SPRINGFIELD, ORE. — Senior Living Investment Brokerage has negotiated the sale of ElderHealth & Living Memory Care Village in Springfield. Built in 1988 and expanded in 1996, the memory care community features 95 beds across 59 units. The facility is approximately 30,215 square feet and is situated on approximately 5.1 acres of land. A regional operator with multiple West Coast communities acquired the property for an undisclosed price. The seller, a local owner-operator divesting its only seniors housing community, will stay on as a consultant. A local bank provided a balance-sheet loan for the acquisition. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

July 7, 2020

Vantage Data Centers Santa Clara Flagship

Acquisitions California Colorado Data Centers Development Top Stories Western

Vantage Data Centers, Colony Capital Agree to Form $3.5B Partnership to Grow Data Center Platform

by John Nelson July 7, 2020

DENVER AND LOS ANGELES — Data center developer and operator Vantage Data Centers has entered into a definitive agreement with an investor group led by Colony Capital Inc. (NYSE: CLNY) to form a $3.5 billion partnership that will expand Vantage’s data center platform in North America and Europe. The firms expect the agreement to be finalized toward the end of the month. As part of the agreement, the Colony-led investor group will invest $1.2 billion in Vantage’s portfolio, including 12 stabilized North American data centers that span more than 1.4 million gross square feet in Santa Clara, Calif.; Quincy, Wash.; Montreal; and Quebec City, Canada. Vantage’s management team, led by President and CEO Sureel Choksi, will continue to manage and operate these assets as part of its global data center footprint. The Colony-Vantage partnership will allow Vantage to develop and maintain top-performing data centers in new and existing markets. The Denver-based company has been expanding in Europe the past few months, entering Wales through its acquisition of data center campus Next Generation Data that was announced in April. Vantage also acquired data center provider Etix Everywhere in February. The deal included a data center under construction in Frankfurt, Germany. Vantage …

July 7, 2020

Development Mixed-Use Multifamily Office Retail Washington Western

EJF Capital, Holland Partner Group Plan Block 10 Mixed-Use Project in Downtown Vancouver

by Amy Works July 6, 2020

VANCOUVER, WASH. — EJF Capital and Holland Partner Group (HPG) are developing Block 10, a mixed-use property located in downtown Vancouver. Situated on a one-acre opportunity zone, the project will feature 110 apartments, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail space and 113 parking spaces. Twenty percent of the multifamily units will be set aside as workforce housing. Building amenities, which will be shared between office users and residents, will include a fitness center, co-working space, bike room and amenity deck on the third level. Holland Construction, HGP’s construction division, expects to break ground this month, with completion slated for spring 2022. Bank of the West is providing construction financing for the development.

July 6, 2020

Acquisitions Arizona Retail Western

NKF Arranges $5.8M Sale of Crossroads at Deer Valley Retail Center in Phoenix

by Amy Works July 6, 2020

PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of Crossroads at Deer Valley Plaza, a shopping center located at 1838 W. Bell Road in Phoenix. An investment group led by Jeff Geyser sold the property to an undisclosed buyer for $5.8 million. The transaction includes the retail center and two billboards. Built in 2008 and remodeled in 2018, Crossroads at Deer Valley Plaza is fully occupied by a variety of tenants, including Eyeglass World, Wing Stop, L.A. Insurance, Royal Vapor, Cricket and DC Dental. Jesse Goldsmith, Steven Julius and Chase Dorsett of NKF represented the seller in the transaction. Jason Fessinger and Kalen Rickard of Western Retail Advisors represented the buyer.

July 6, 2020

Development Industrial Nevada Western

Brass Cap Development Completes 40,000 SF SanTico Industrial Facility in Las Vegas

by Amy Works July 6, 2020

LAS VEGAS — Brass Cap Development has completed the construction of SanTico, an industrial property located at the intersection of South Rainbow Boulevard and West Sunset Road in southwest Las Vegas. Situated on 2.5 acres, SanTico features 40,000 square feet of mid-bay industrial space that is divisible to two 20,000-square-foot buildings. Each building features two dock-high doors, one grade-level loading door, 24-foot clear heights, an ESFR fire suppression system, 277/480 volt, 800 amp and three-phase, as well as four wire service. LM Construction handled design, planning and construction of the property, which is located at 6825 W. Teco Ave.

July 6, 2020

Acquisitions Office Oregon Western

Norris & Stevens Brokers $1.4M Office Building Acquisition in Southeast Portland

by Amy Works July 6, 2020

PORTLAND, ORE. — Norris & Stevens has arranged the purchase of an office building located in Southeast Portland. Confederated Tribes of the Grande Ronde Community of Oregon acquired the property from Portland Limited Partnership for $1.4 million. Located at 3580 SE 82nd Ave., the building features 5,000 square feet of office space. Duane Link of Portland-based Norris & Stevens represented the buyer, while Mark Latimer of CBRE represented the seller in the deal.

July 6, 2020

Colorado Development Multifamily Western

MIG Real Estate Buys Land Site in Metro Denver to Develop 114-Unit Clarkson Apartments

by Amy Works July 2, 2020

CHERRY HILLS VILLAGE, COLO. — MIG Real Estate has acquired a one-acre development site in Denver for construction of The Clarkson, a 114-unit multifamily community located in Cherry Hills Village, a suburb of Denver. A private seller sold the site for $3.4 million. Slated to break ground in 2021, The Clarkson will feature 23 studios, eight junior one-bedroom, 56 one-bedroom and 27 two-bedroom layouts. The property’s 2,600 square feet of amenities will include a roof deck, courtyard with swimming pool, club room and gym. Additionally, the community will offer 160 parking spaces. The project team includes MIG Real Estate as developer, TCA Architects as design architect and Kimley-Horn Associates as civil engineering and landscape architect. Occupancy is scheduled for 2023. The transaction is the first acquisition for MIG’s Qualified Opportunity Zone Business Fund, which recently raised more than $100 million in equity to invest in Opportunity Zone development sites throughout the Western United States.

July 2, 2020

California Loans Multifamily Western

NKF Provides $208.1M in Freddie Mac Financing for Two Multifamily Communities in California

by Amy Works July 2, 2020

ALAMEDA AND MONTEREY PARK, CALIF. — The Newmark Knight Frank (NKF) Multifamily Capital Markets team has arranged a total of $208.1 million in Freddie Mac loans to refinance two multifamily properties in California. The refinancing includes a $167.8 million loan for Summer House Apartments, a 615-unit property on Alameda Island, and a $40.3 million loan for Emerald Hills, a 184-unit complex located at 855 W. E1 Repetto Drive in Monterey Park. Emerald Hills features a mix of studio, one-, two- and three-bedroom layouts, two swimming pools, laundry facilities and a fitness center. Mitch Clarfield, Stephen Gianoplus, Ramsey Daya and Josh Braceros of NKF arranged the refinancing for Summer House Apartments, while Clarfield and Ryan Greer, also of NKF, secured the 10-year refinancing of Emerald Hills on behalf of a Los Angeles-based private owner.

July 2, 2020

California Colorado Loans Montana Multifamily North Carolina Western Wyoming

Bellwether Enterprise Closes $294.2M in Financing for 22 Manufactured Housing Communities Nationwide

by Amy Works July 2, 2020

DENVER — Bellwether Enterprise Real Estate Capital has closed four transactions totaling $294.2 million in Fannie Mae loans for manufactured housing communities across the United States. MJ Vukovich of Bellwether’s Denver office, along with Ghazy Grijalva of the firm’s Chicago office, arranged the deals. In total the financing covers 5,554 pad sites across the five transactions. The deals include: A $28 million loan for two manufactured housing assets located in Montana on behalf of a Utah-based operator. A $23.2 million loan for a community located in Wyoming on behalf of an operator based in California and Colorado A $193.3 million loan for a portfolio of 13 properties located in the Rocky Mountain and Southern regions on behalf of a Colorado-based operator. A $46 million loan for five communities located in various states on behalf of a Utah-based operator. A $3.7 million Fannie Mae loan for a property located in North Carolina on behalf of a North Carolina-based operator. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 2, 2020

California Loans Multifamily Western

Gantry Arranges $19M Refinancing for Three Southern California Apartment Properties

by Amy Works July 2, 2020

BUENA PARK, LA HABRA AND SAN BERNARDINO, CALIF. — Gantry has secured $19 million in financing for three multifamily communities in Southern California. The company arranged a $10.3 million loan for La Palma Apartments in Buena Park; $3.1 million in financing for La Habra Apartments in La Habra; and a $5.6 million loan for Lark Apartments in San Bernardino. The 10-year loans feature a 25-year amortization schedule. Jordan Simmonds of Gantry’s Newport Beach, California, office arranged the refinancing. The name of the borrower was not released.

July 2, 2020

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