EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …
BEAVERTON, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.
SAN DIEGO AND LA MESA, CALIF. — Real Asymmetry has received $58.5 million in refinancing for a recently renovated, five-property multifamily portfolio in San Diego and La Mesa. Zane Sweet of JLL Capital Markets arranged the 10-year, fixed-rate loan through Union Bank for the borrower. Loan proceeds were used to refinance existing bank debt. Totaling 328 workforce-oriented apartments, the portfolio includes Asana at North Park at 3710-3810 Wabash Ave., Pacific Cove at 4019 Oakcrest Drive and 14th Street at 1028 14th St. in San Diego, as well as Tierra Del Rey at 3675 King St. and Tiburon at 7740 Parkway Drive in La Mesa.
PHOENIX — Newport Beach, Calif.-based CapRock Partners has purchased a newly constructed distribution center located at 7200 W. Roosevelt St. in Phoenix. An undisclosed seller sold the asset in an off-market transaction. The acquisition price was not released. Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Situated on 12 acres, the 216,880-square-foot, Class A property features 32-foot clear heights, 30 dock-high doors, two grade-level doors, 48 trailer stalls, a fully secured concrete truck court, 52-foot-by-55-foot column spacing and 3,600 amps, 277/480V power. Additionally, the property was designed to accommodate up to two tenants. CapRock Partners currently owns or is in escrow to purchase in excess of 1 million square feet of industrial space in Phoenix, including a long-term lease of a 110,710-square-foot property in the Sky Harbor submarket.
PHOENIX — Tower Capital has secured two acquisition loans totaling $26.2 million for multifamily properties in Phoenix. The names of borrowers were not disclosed. The Phoenix-based independent structured finance firm arranged $21.5 million for San Maria Apartments, a 400-unit affordable housing complex located at 7002 W. Indian School Road in Phoenix. The gated property features a heated swimming pool, spa, basketball court, on-site laundry facility and covered parking. Additionally, Tower Capital arranged $4.7 million for Arcadia Palms Apartments, a multifamily community located at 4446 N. 36th St. in Phoenix. Situated in the city’s Arcadia submarket, the property features 34 apartments.
THOUSAND OAKS, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office campus located at 225 W. Hillcrest Drive in Thousand Oaks. TriStar Realty Group acquired the property from a joint venture between Colony Capital and SteelWave for $21.6 million. Bank of America occupies 74 percent of the property until December, at which time the 158,885-square-foot asset will be vacant. The buyer plans to reposition the building, which is situated on 14.7 acres, as a medical office campus. Built in 1983 and renovated in 2007, the five-story, Class A property was originally built for Exxon’s regional corporate headquarters. The asset features flexible floorplates ranging in size from 20,000 square feet to 48,000 square feet, a courtyard and ample parking. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF’s U.S. Capital Markets group, along with Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, represented the seller. John LaSpada of CBRE represented the buyer in the deal.
FOUNTAIN VALLEY, CALIF. — SRS Real Estate Partners has brokered the ground lease sale of a freestanding restaurant building located at 11321 Talbert Ave. in Fountain Valley. A private investor acquired the property from a Southern California-based investor for $4 million. McDonald’s occupies the 3,500-square-foot, drive-thru building on a corporate-guaranteed, triple-net lease with 12 years remaining. Michael Walseth of SRS’ National Net Lease group represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the all-cash, 1031-exchange buyer in the deal.
DENVER — JLL has arranged $18.8 million in financing for the development of Bloom at Cherry Creek, a multifamily property located at 4700 E. Kentucky Ave. in Denver. Kristian Lichtenfels and Matt Steffen of JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank. Situated on 1.1 acres within Denver’s Cherry Creek district, Bloom at Cherry Creek will feature 111 apartments in a mix of one- and two-bedroom layouts. Units feature white shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. The five-story, podium-style property is slated for completion in mid-2021. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.
LOS ANGELES — Counterpointe Sustainable Real Estate (CounterpointeSRE) has closed a Commercial Property Assessed Clean Energy (C-PACE) transaction totaling $14.5 million in financing through the California Statewide Communities Development Authority’s Open PACE program. The financing will support energy efficiency, seismic strengthening and water conservation measures at a new multifamily property, which LiveWorkCreate is developing. Located at 2870 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles, the seven-story multifamily development will feature 126 units, ground-floor retail space and a parking garage. Upgraded sustainability features are projected to reduce electricity and water consumption, as well as greenhouse gas emissions. The upgraded multifamily property is slated for completion in 2022. The $14.5 million in C-PACE funding for the project is being used to directly support energy-efficient infrastructure investments throughout the building, including building envelope, interior lighting, HVAC, low-flow fixtures and high-efficiency domestic hot water.
BELLEVUE, WASH. — SummerHill Apartment Communities has acquired a 1.4-acre transit-oriented development site, located at 1600 132nd Ave. NE in Bellevue. The property is situated next to the planned Bel-Red/130th East Link light rail station. A private family office sold the asset for $12.3 million, or $200 per land square foot. SummerHill received approval in March to construct a 249-unit multifamily building. Runberg Architecture Group designed the project, which will feature a courtyard that will face the new light rail station. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the deal.