Western

Walker & Dunlop Provides $392.4M in Green Financing for Los Angeles Multifamily Portfolio

by John Nelson June 26, 2018

LOS ANGELES — Walker & Dunlop (NYSE: WD) has provided approximately $392.4 million in agency financing for three apartment communities in the greater Los Angeles area. The portfolio includes The Medici and The Orsini I in downtown Los Angeles and The Colony Townhomes in Santa Clarita, about 34 miles north of Los Angeles. Walker & Dunlop closed approximately $233.6 million through Freddie Mac’s Green Up program for the two Los Angeles properties. The Bethesda, Md.-based company also provided a $158.8 million loan through Fannie Mae’s Green Rewards program for the 752-unit community in Santa Clarita. G.H. Palmer Associates, the borrower and developer of all three communities, used the funding to refinance the assets. Led by Walker & Dunlop’s Trevor Fase, each transaction provided cash out to the borrower and was structured as a 10-year, non-recourse loan with interest-only payments for the entire term. As part of the green lending programs from the two government-sponsored enterprises (GSEs), G.H. Palmer is also using the proceeds to improve the apartment communities’ energy and/or water efficiency. In order to qualify for the agencies’ green lending programs, borrowers have to plan improvements for at least 25 percent savings in energy or water usage, according to …

June 26, 2018

Colorado Development Multifamily Western

LMC, Weitz Co. Top Out 18-Story, 329-Unit Multifamily Development in Downtown Denver

by Amy Works June 25, 2018

DENVER — Developer LMC, A Lennar Co., and general contractor The Weitz Co. have topped out vertical construction for Radiant, a high-rise multifamily property located in downtown Denver. The 18-story, 486,000-square-foot tower will feature 329 apartment units, an amenity deck with a pool and hot tub on the fifth floor, a fitness center and patio on the sixth floor, a club room on the 17th floor, and a four-level parking garage. Situated in Denver’s Welton corridor, the project is located on the L Route of the Regional Transportation District Light Rail System offering a transit-oriented living options for residents. Designed by RNL, the property is slated for completion in June 2019.

June 25, 2018

Acquisitions Healthcare Nevada Office Western

Fairfield Asset Advisors Brokers $20.7M Sale of Medical Office Building in Henderson, Nevada

by Amy Works June 25, 2018

HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.

June 25, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates $13.6M Acquisition of Multifamily Community in Redwood City, California

by Amy Works June 25, 2018

REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.

June 25, 2018

Acquisitions California Industrial Western

Rev Projects Acquires R&D Building in Fremont’s Bayside Business Park for $9.6M

by Amy Works June 25, 2018

FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D building, located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the property for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square-foot building, which is located within Bayside Business Park. Oplink Communications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction.

June 25, 2018

Acquisitions Nevada Retail Western

NAI Alliance Arranges Sale of 15,984 SF Shopping Center in Sparks, Nevada

by Amy Works June 25, 2018

SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.

June 25, 2018

Development Loans Multifamily Oregon Western

Guardian Real Estate Receives Construction Financing to Build 110-Unit Multifamily Project Near Portland

by Amy Works June 22, 2018

MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.

June 22, 2018

Acquisitions California Industrial Western

DAUM Commercial Brokers $16.1M Sale of Industrial Property in Southern California

by Amy Works June 22, 2018

BREA, CALIF. — DAUM Commercial has brokered the sale of an industrial property located 331-333 Cliffwood Park St. in Brea. SAME Investments sold the building to LFT-Cliffwood for $16.1 million. Constructed in 1974, the 99,552-square-foot property features 7,900 square feet of office space, four dock-high loading doors, a ground-level loading door, 22- to 24-foot minimum warehouse clearance, a fenced yard and a recently installed Energy Star-rated “cool roof.” Chris Migliori and the DAUM Commercial team represented the seller, while Chuck Wilson and Brain Chastain of Colliers International represented the buyer in the deal.

June 22, 2018

Acquisitions Colorado Hospitality Western

Marcus & Mililchap Brokers $9.2M Sale of 92-Room Hotel in Metro Denver

by Amy Works June 22, 2018

ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92-room hotel located at 7380 S. Clinton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by InterContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in the transaction.

June 22, 2018

Acquisitions California Retail Western

Walnut Town & Country Retail Center in California Changes Hands for $10.7M

by Amy Works June 22, 2018

WALNUT, CALIF. — Faris Lee Investments has arranged the sale of Walnut Town & Country, a multi-tenant retail center located at 1205-1243 N. Grand Ave. in Walnut. A Northern California-based family trust acquired the property from an Oregon-based family trust for $10.7 million. Built in 1988, the 22,322-square-foot property is situated on 1.2 acres of land at the intersection of Amar Road and Grand Avenue. At the time of sale, the property was 95 percent occupied by a variety of tenants, including Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium. Shaun Riley of Faris Lee represented the seller and buyer in the deal.

June 22, 2018

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