AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …
CHANDLER, ARIZ. — Cushman & Wakefield has arranged the sale of Jefferson Chandler, a Class A apartment community in Chandler. Irving, Texas-based JPI sold the property to RPC Chandler Apartments LLC, an entity formed by Dallas-based Rosewood Property Co., for an undisclosed price. Located at 3950 W. Chandler Blvd., Jefferson Chandler features 283 units in a mix of studio, one-, two- and three-bedroom floorplans with the average size of 924 square feet. The units offer nine-foot ceilings, wood-inspired plank flooring, quartz countertops, stainless steel appliances, washers/dryers, undermount kitchen sinks, pre-wiring for technology, private patios/balconies and exterior storage spaces. Community amenities include a clubhouse, resort-style swimming pool, poolside cabana area, outdoor grilling stations with lounge seating, putting green, high-tech fitness facility, yoga studio, latte lounge, social business hub, game room with billiards, off-leash pet park, pet wash area and covered parking. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.
PHOENIX — Mentor Properties has completed the sale of Sonoma Sol, a multifamily community located in Phoenix’s West Valley. A joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners acquired the asset for $32.2 million, or $100,781 per unit. The buyer plans to rename the 320-unit property Cordova Apartments. Built in 1985, the community features a majority of two-bedroom units with full-size washers/dryers in each apartment. Community amenities include a fitness center, resident clubhouse, swimming pools and outdoor play areas. The buyer plans to reposition the property, including upgrades to the common areas and amenities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
NORTH LAS VEGAS, NEV. — Alston Construction, as general contractor, has completed Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the facility features 213,000 square feet of speculative industrial space. Centennial Commerce Center features cross-dock industrial warehouse space, 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the property was designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial LLC owns Centennial Commerce Center.
SAN FRANCISCO — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. (NYSE: KRC) is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes to receive by October. The project is the product of more than five years of negotiations and partnership between Kilroy Realty, the wholesale flower vendor community and the city. Kilroy expects to break ground in mid-2020 and deliver all phases by 2024. The Flower Mart vendors will be moved to an interim location during construction. “The Flower Mart Project represents the future of Central SoMa and San Francisco,” says John Kilroy, the developer’s chairman and CEO. “The project’s vibrant mix of uses, abundant neighborhood-serving retail and innovative work environments will make it the transformational hub that the city and the neighborhood need.” “This is one of the best …
KAPOLEI, HAWAII — Highridge Costa will hold a groundbreaking ceremony on Aug. 28 for the second phase of the $130 million Kulana Hale mixed-use affordable seniors housing and multifamily apartment project located at 1020 Wakea St. in Kapolei. Kulana Hale Phase II will feature a 13-story tower with 2,300 square feet of ground-floor retail space and 143 affordable apartments for low-income families. The second-phase tower will be built over a two-level concrete podium structure that will connect to the 154-unit first phase seniors housing tower to form a larger parking structure and podium deck. The third phase will include single-story retail space. Los Angeles-based Highridge Costa and Honolulu-based Coastal Rim Properties, owned by Franco Mola, are developing Kulana Hale jointly with support from nonprofit Hawaiian Community Development Board. SVA Architects designed the project, which Hawaiian Dredging Construction Co. is building. The development’s second phase will be financed with a combination of tax-exempt bonds, tax credit equity and a $17.9 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corp. Citibank will be the construction lender and Royal Bank of Canada will be the tax credit investor.
LOS ALAMITOS, CALIF. — Alere, a pension fund advisor, has purchased Los Alamitos Corporate Center, an industrial complex located in Los Alamitos. Northwestern Mutual sold the asset for $128.5 million. Situated on 36.9 acres, the 17-building complex is located at 4332-4478 Cerritos Ave., 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive. At the time of sale, the 685,588-square-foot asset was 98 percent leased to 82 tenants. The buildings range in size from 11,788 square feet to 134,186 square feet. Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins of CBRE represented the seller in the transaction.
HIGHLANDS RANCH, COLO. — Cushman & Wakefield has negotiated the sale of two office buildings located at 200 and 300 Plaza Drive within Highlands Ranch Business Park in Highlands Ranch, a southern suburb of Denver. A private partnership acquired the assets for $14.3 million, or $192 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group facilitated the transaction. Combined the properties offer 74,778 square feet of multi-tenant office space. At the time of sale, the two buildings were 99 percent occupied. The buildings were constructed in 1997/1999 and renovated in 2008..
TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Santé of Tucson, a 103-bed short-term rehabilitation and transitional care facility in Tucson. The property was built in 2017, but struggled with occupancy and was placed into SEC receivership under the supervision of Thomas Seaman and Associates. Blueprint was brought on to market the property as a turnaround opportunity with a HUD assumption. A Chicago-based owner-operator that recently had success with another turnaround opportunity in Tucson bought the asset for an undisclosed price. The new owners rebranded the community as Sapphire Estates Rehab Centre. HUD approval for the loan assumption took approximately two months to complete, despite the government shutdown for part of the year. The Blueprint transaction team consisted of Amy Sitzman, Jacob Gehl and Humair Sabir.
BUCKEYE, ARIZ. — Mesa, Ariz.-based LJ Mainstreet Holdings has purchased Main Street Lofts at Verrado, a multifamily property located at 21068 W. Main St. in Buckeye, a suburb of Phoenix. Omaha, Neb.-based Waitt Verrado LLC sold the asset for $5.2 million. Situated within the Verrado master-planned community, Main Street Lofts features 45 units averaging 994 square feet, as well as a CVS/pharmacy and Basha’s grocery on the ground floor. Matt Kolano and Charlie Steele of Jones Lang LaSalle of Phoenix represented the seller, while Chris Roach and Matt Roach of Colliers International in Arizona represented the buyer in the deal.