Western

Mystic Sands Divests of Inspirado Apartments in Las Vegas for $52M

by Amy Works February 21, 2020

LAS VEGAS — Mystic Sands has completed the sale of Inspirado Apartments, a 247,072-square-foot multifamily property in Las Vegas’ Centennial Hills neighborhood. NNC Apartment Ventures acquired the asset for $52 million. Located at 6885 W. Lone Mountain Road, Inspirado Apartments features 116 one-bedroom/one-bath, 120 two-bedroom/two-bath and 16 three-bedroom/two-bath units. Built in 2010 on 11.1 acres, the property offers a European-style swimming pool, hot tub, cabana area with built-in grill, fitness facility and business center. At the time of sale, the property was 95.6 percent occupied. Taylor Sims, Carl Sims, Brady Cleary of Cushman & Wakefield’s Nevada Multifamily Advisory Group represented the seller in the deal.

February 21, 2020

GenCare-Lifestyle-Point-Ruston-Tacoma-WA

Development Multifamily Seniors Housing Washington Western

PMB Completes Seniors Housing Project as Part of Mixed-Use Development in Tacoma, Washington

by Amy Works February 21, 2020

TACOMA, WASH. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic food, walking paths, meeting spaces and seasonal public events. The site was formerly home to a copper mill for decades and produced 25 percent of the world’s copper, along with substantial toxic waste. The Environmental Protection Agency designated it as a Superfund site and has been implementing remediation efforts for more than 30 years. PMB’s development team worked with a master developer to finish the cleanup and create a functional area. “It’s amazing that this incredible waterfront master plan used to be one of the most contaminated sites in the country,” says Jake Rohe, partner at PMB. “The site is now home to a diverse and thriving community which has a phenomenally positive impact on the community.” PMB’s development and operating partner is GenCare Lifestyle. Other partners providing health systems …

February 21, 2020

Industrial Loans Washington Western

Ready Capital Closes $13.2M Refinancing for Industrial/Flex Portfolio in Metro Seattle

by Amy Works February 21, 2020

FEDERAL WAY AND AUBURN, WASH. — Ready Capital has closed $13.2 million in financing for the recapitalization, renovation and stabilization of an industrial/flex portfolio located in Federal Way and Auburn, located in metro Seattle. The assets offer approximately 138,000 square feet of Class B industrial and flex space. Proceeds will be used for the recapitalization of funds, capital improvements, tenant leasing costs, and interest and operating shortfalls. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible pre-payment and collateral release provisions.

February 21, 2020

Acquisitions Colorado Retail Western

Legend Investment Group Arranges $2.2M Sale of Four-Tenant Retail Asset in Colorado

by Amy Works February 21, 2020

GREELY, COLO. — Legend Investment Group (LIG), a division of Legend Partners, has arranged the sale of a grocery out-parcel strip center, located at 6628 W. 10th St. in Greely. A local private investor sold the property to an undisclosed buyer for $2.2 million. Papa Murphy’s, Dickey’s BBQ, 420 Friendly’s and Hiroshi Teriyaki Grill fully occupy the 6,694-square-foot property. Situated on a 0.88-acre site, the property was built in 2013. Peter Peluso of LIG represented the seller in the deal.

February 21, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

ACRES Capital: What can borrowers and lenders do to keep a loan from default?

by Sarah Daniels February 21, 2020

When beginning the loan process, borrowers and lenders start with a solid foundation. But what happens if a new or renovated project doesn’t lease up as quickly as expected? What happens if construction delays push past the end of the construction loan? What happens if construction cost overruns jeopardize completion of a project? And what if the economic upcycle turns downward before your project is completed? Mark Fogel, President and CEO of ACRES Capital, talks about the role of alternative lenders and how communication between borrowers and lenders can overcome these challenges. Watch the video for Fogel’s recommendations on creating a solid partnership with your lender. 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 21, 2020