PLEASANT HILL, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has arranged $9 million in non-recourse financing for the refinance of Regency Plaza in Pleasant Hill. The center features 36,597 square feet of retail space. CBRE arranged the 10-year, fixed-rate financing at a 74 percent loan-to-value on behalf of the client, a private high-net-worth real estate investor. A foreign bank provided the capital. Michael Walker of CBRE secured the financing for the borrower.
BERKELEY, CALIF. — AJ Capital has received $31.5 million in financing to acquire and reposition the 144-unit Hotel Durant in Berkeley. The hotel is located at 2600 Durant Ave. AJ Capital plans to rebrand the property as the Graduate Hotel. The Graduate brand is the first to cater exclusively to college- and university-anchored markets. It is targeted toward alumni and other college visitors. The Graduate portfolio was launched in 2014. It currently contains 1,355 rooms in nine university-anchored markets across the country. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors’ Debt & Equity Finance Group arranged the financing.
AURORA, COLO. — HFF has arranged $41.8 million in financing for the 351-unit Del Arte Lofts and Flats in Aurora. The community is located at 151 South Joliet Circle, about nine miles southeast of Denver’s central business district. Del Arte is currently 93 percent leased. It is situated near the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus. The seven-year loan features a 2.28 percent adjustable rate with three years interest-only payments. HFF’s Josh Simon and Eric Tupler arranged the financing with Freddie Mac on behalf of Advenir.
CARMICHAEL, CALIF. — CBRE National Senior Housing has arranged a $12 million, fixed-rate loan from Fannie Mae to refinance Winding Commons, a 100-unit independent living community in metro Sacramento. The borrower is Sacramento-based Ray Stone Inc. (RSI), the community’s operator since it opened in 2003. RSI manages six communities in California comprising over 800 units. Aron Will, executive vice president of CBRE National Senior Housing, and Kevin Randles, senior vice president of CBRE’s Debt and Structured Finance office in Sacramento, led the transaction.
HOUSTON — Q10 KDH Vice President Matt Franke has arranged $44 million in financing for Centre at Bunker Hill in Houston. The multi-anchor, Class A retail property is 100 percent occupied and includes 430,820 rentable square feet.
LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.
BELLEVUE, WASH. — The Bellevue Collection has received a $526 million construction-to-permanent loan to expand the 4-million-square-foot, mixed-use property in Bellevue. The new 1.5-million-square-foot phase will be known as the Lincoln Square Expansion. The development, which is currently underway, will include a 41-story multifamily/W Hotel tower, a 31-story trophy office tower, and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. An affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB), provided the financing. The single source of capital was attractive to the borrower because it removed syndication risk and provided a single point of contact. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield represented the borrower, Kemper Development Co.
LOS ANGELES — Sonnenblick-Eichner Company has arranged $153 million in first-mortgage financing for The Pacifica Hotel Portfolio. The mostly California-based portfolio contains 10 hotel properties that total 739 rooms. A majority of the properties are oceanfront hotels situated on California’s central coast. Additional properties are located in the Los Angeles submarkets of Venice, Marina del Rey and Manhattan Beach. One property is also located in Port St. Lucie, Fla. The non-recourse loans were not cross-collateralized and feature 10-year, fixed-rate financing.
SUGAR LAND, TEXAS — Berkadia has arranged $21.9 million in financing for One Sugar Creek Center/Comerica Bank Building, an office property located in Sugar Land. Corby Chaffin and Steve Comly of Berkadia’s Houston and Philadelphia offices, respectively, secured the fixed-rate loan through an unnamed life insurance company. Chaffin and Comly originated the financing on behalf of the borrower, Equus Investment Partnership IX, a discretionary fund managed by Equus Capital Partners Ltd. Equus’ business plans call for capital improvements and amenity upgrades to the property. The 11-story property spans 193,998 square feet and is situated on 4.5 acres. Amenities include a deli, banking facility, surface parking and an attached four-level parking garage. Built in 1983, the property is 89 percent occupied. One Sugar Creek Center/Comerica Bank Building is located at 1 Sugar Creek Center Blvd. and is 20 miles southwest of downtown Houston. The property offers access to US Highway 59, US Highway 90A and State Highway 6.
AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.9 million acquisition loan for a 28-unit multifamily property located in Austin. The loan featured a five-year fixed term, a fixed interest rate of 4.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. BMC Capital is a lender for small-balance multifamily and commercial loans.