SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $38.5 million CMBS loan for Oakland Towne Square, a class A, 18-story office building in Southfield. The 426,760-square-foot property is located at One Towne Square. Dennis Bernard of Bernard Financial Group arranged the loan for the borrower Allied Phase One Venture LLC.
DELANO, CALIF. – The 128-unit Jasmine Heights Apartments in the San Francisco submarket of Delano has received a $7.8-million loan. The community is located at 851 22nd Ave. The non-recourse, fixed-rate loan will finance the affordable housing community’s rehabilitation. It was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program. The fully amortizing loan features a 35-year term. It was arranged by CBRE Group through its FHA lending platform. The sponsor was Golden Empire Affordable Housing.
CUPERTINO, CALIF. — The 164-room Hilton Garden Inn in Cupertino has received $32 million in financing. The hotel is located at 10741 North Wolfe Road. Employers in the area include Trend Micro, Cloud.com and Seagate Technology. The limited-service hotel is also situated near the new Main Street Cupertino development and the Vallco Mall redevelopment. The fixed-rate, permanent financing was arranged by John Nelson of CBRE’s San Francisco office, on behalf of a partnership between Terracommercial and Heil and Associates. Funds were provided by a Wall Street lender. They will be used to refinance the property.
VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.
DENVER – Boulder Tech Center, a 169,596-square-foot flex/research and development campus in Boulder County, has received an $8-million loan. The four-building campus is located at 6400 and 6450 Dry Creek Parkway and 6325 and 6450 Monarch Parkway. The non-recourse, 10-year loan features an interest rate of 3.7 percent and a 25-year amortization schedule. It was arranged by Stephen P. Bye of NorthMarq Capital’s Denver regional office.
SAN BERNARDINO, CALIF. – The Glen at University Park, a 520-bed student housing development near California State University, San Bernardino, has received a $40.8-million construction loan. The new development will be located at the northwest corner of University Parkway and West Northpark Boulevard, directly across from the university. Community amenities will include a 7,000-square-foot recreational building with a fitness center, community lounge, media/gaming areas, a business center and study rooms. Outdoor amenities include a resort-style swimming pool, outdoor kitchen, barbecue area and open green space. The Glen at University Park is the final phase of the 132-acre University Park master-planned community, which commenced construction in 2003. It includes a mix of residential and student housing, public park space and retail options. The new student housing complex is scheduled for completion next September. The development is a joint venture between University Park Promenade & Shops and Capstone Development Partners. University Park Promenade & Shops is an affiliate of J.R. Watson & Associates. The Glen at University Park is being built by Bowlus Pacific. The three-year, floating-rate loan was arranged by HFF’s Adam Herrin and Charles Halladay. It was placed with Bank of the Ozarks.
LOS GATOS, CALIF. — The Grove, a 485,000-square-foot office campus in Los Gatos that will soon to be home to Netflix’s world headquarters, has received a $100-million construction loan. The Class A campus will be located on Winchester Boulevard, alongside Highway 85, in Silicon Valley. The first phase will contain 242,000 square feet in two office buildings that are pre-leased to Netflix. Construction is already underway, with an anticipated completion date of next May. John Nelson of CBRE’s San Francisco office arranged the financing on behalf of the borrower/developer, a joint venture between Sand Hill Property Company and the Carlyle Group. It was provided by a syndicate of lenders headed up by SunTrust Robinson Humphrey. SunTrust Bank also acted as administrative agent. The interest rate was a variable, LIBOR-based rate.
MILPITAS, CALIF. — Tasman Technology Park, a 610,000-square-foot office and R&D campus in Milpitas, has received an $84-million acquisition loan. The institutional-quality property is located at 1371 McCarthy Blvd., just north of San Jose. The 14-building campus is situated in the center of Silicon Valley’s “Innovation Triangle,” which is home to more than 7,000 technology companies. These include Array Networks, Fire Eye Inc., KLA Tencor, Lifescan, SanDisk and Touchstone Semiconductor. The seven-year, non-recourse, fixed-rate loan was arranged by Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office on behalf of the borrower, an entity owned by Lionstone Investments and Orchard Partners. The partial interest-only financing features a rate in the low 4 percent range. It was provided by an East Coast-based life insurance company. The seller, Deutsche Asset & Wealth Management, was represented by Russell Ingrum, Joe Moriarty, Sean Sullivan and Tyler Meyerdirk of CBRE Capital Markets’ Institutional Properties team.
SAN FRANCISCO – A 600,000-square-foot office building in San Francisco has received a $150-million loan. The 48-story property is located at 345 California Center in the city’s Financial District. The loan was secured by JLL’s Keith Largay, John Manning, Alex Witt and Fiorentina Malko. It was provided to an affiliated entity of Metropolis Investment Holdings by Cornerstone Advisers, which acted on behalf of MassMutual.
OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project. The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo. Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 square feet of retail space. Common amenities will include a study lounge, business center, rooftop deck, clubhouse, fitness center, pool and basketball court. Phase I construction should be completed in 18 months. Phase II will include 308 units in a third tower. Construction on this phase is expected to commence in about two years. Construction on this project initially commenced before the recession. At the time, it was called Midtown Village. The developer partially completed 40 of the units before construction was halted in 2008. The new loan was provided to The Ritchie Group by PCCP LLC.
