CARLSBAD, CALIF. — Berkadia has arranged $92.5 million in refinancing for two hotels in Carlsbad — Cape Rey Carlsbad Beach, a Hilton Resort & Spa and Hilton Garden Inn Carlsbad Beach. Scott Hall and Aaron Lapping of Berkadia Hotels & Hospitality secured the loan through MetLife Investment Management on behalf of the borrower, California-based Wave Crest Hotels and Resorts. The five-year loan features a half-term interest-only provision and a 65 percent loan-to-value ratio. The 215-key Cape Rey Carlsbad Beach and the 161-key Hilton Garden Inn Carlsbad Beach both offer access to beaches, shopping, golf, Legoland and the Flower Fields. The hotels feature ocean views, outdoor pool areas and meeting and event venues.
SAN FRANCISCO — Forge Development Partners has started its project to convert the historic Humboldt Bank, an office building located at 785 Market St. in San Francisco into workforce housing. Forge plans to begin construction on 785 Market Street in early 2025, contingent on pending legislation. Planned renovations will preserve the 19-story building’s historic façade, ground-floor retail space and Baroque-style dome, while upgrading the infrastructure of the building to provide a high-quality scaled living experience for middle-income residents. Upon completion, 785 Market Street, which was originally built in 1908, will feature 124 apartments. The project aligns with the city’s housing production initiative to bring 30,000 new residences and students to downtown San Francisco by 2030 and targets a zero net carbon and energy solution. Forge is partnering with Cordia, a San Francisco-based energy solution company that purifies groundwater, to produce steam that will be piped through 785 Market Street and used for space heating, domestic hot water and air conditioning.
BELGRADE, MONT. — Rimrock Cos. has developed the first Extended Stay America-branded hotel in Montana. Located at 101 Abby St. in Belgrade, the four-story Extended Stay America Premier Suites Belgrade – Bozeman – Yellowstone Airport offers 124 guest rooms and convenient access to the area’s top attractions and businesses. The hotel features free Wi-Fi, complimentary breakfast, premium cable, a 24-hour fitness room, on-site guest laundry, a dedicated pet area, and a grill and picnic area, as well as the Extended Stay America Premier Suites’ signature lobby with vending options. Each suite includes signature bedding, recliner, workspace and a fully equipped kitchen with a full-size refrigerator, microwaves, stovetops, cookware, utensils and dishes. Hotel Management & Consulting will manage the hotel.
LAS VEGAS — CommCap Advisors has arranged $7.2 million in refinancing for Spencer Street Industrial in the Las Vegas Airport submarket. The borrower was Spencer Street Investors LLC. The property consists of two single-story multi-tenant warehouse and distribution facilities totaling 162,342 rentable square feet. CommCap Advisors secured the full-term interest-only loan through one of CommCap’s correspondent life insurance companies.
SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.
TUCSON, ARIZ. — Atlanta-based TPA Group has broken ground on Butterfield Logistics Center, an industrial project in Tucson. Situated within Butterfield Business Center, the logistics center is slated for completion by third-quarter 2025. The 194,879-square-foot building will feature 32-foot clear heights, ESFR fire-sprinkler systems, 50-foot column spacing and 135-foot truck courts. The Class A facility will offer lease opportunities from 32,232 square feet and larger. The project team includes Atlas Collaborative Architects and FCL Builders.
FRESNO, CALIF. — Faris Lee Investments has arranged the $5.3 million presale of a newly constructed, single-tenant retail property in Fresno. The Learning Experience daycare occupies the property on a long-term 20-year net-lease basis. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee represented the seller in the transaction. The names of the buyer and seller were not released.
DENVER — NorthPeak Commercial Advisors has brokered the sale of an apartment building located at 4630 E. Ashbury Circle in Denver. The 12-unit asset traded for $2.4 million, or $197,916 per unit. The names of the seller and buyer were not released. Jack Sherman and Hunter Schaefer of NorthPeak Commercial Advisors represented the seller, while Kevin Calame and Matt Lewallen, also with NorthPeak, represented the buyer in the deal.
WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a 12-unit multifamily property in Westminster. The asset traded for $2 million, or $169,583 per unit. Chris Knowlton of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the transaction.
INGLEWOOD, CALIF. — KPC Development Co. has announced its newest project, Kali Hotel and Rooftop, Autograph Collection, at Hollywood Park in Inglewood. Located at 3737 Stadium Drive, the 300-key hotel is adjacent to SoFi Stadium (home of the Los Angeles Rams and Los Angeles Chargers) and YouTube Theater, within walking distance to Intuit Dome (home of the Los Angeles Clippers) and Kia Forum and four miles from Los Angeles International Airport (LAX). The 13-story hotel will offer 34 suites, a pool and yoga deck, spa, fitness center, three food-and-beverage concepts and nearly 20,000 square feet of meeting and event space. The property will also offer 315 onsite parking stalls. The hotel will join Autograph Collection Hotels, part of Marriott Bonoy’s global portfolio of more than 30 brands. The development team includes Clayco as general contractor and design firms Lamar Johnson Collaborative and Sixteenfifty Creative Intelligence.