Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2016 • 21 NORTHMARQ CAPITAL ARRANGES $5.29 MILLION SUPPLEMENTAL FINANCING FOR THE RANCH AT BEAR CREEK LAKEWOOD, COLO. — Greg Ben- jamin and Mark Lindgren of North- Marq Capital's Denver office recently arranged a supplemental mortgage of $5.29 million for The Ranch at Bear Creek in Lakewood. Located at 3324 South Field St., The Ranch consists of 201 one-, two- and three-bedroom units contained in 26, two-story build- ings. The mortgage, arranged for the borrower, Aukum Management, was through Freddie Mac and was struc- tured with a 6-year term and 30-year amortization schedule. LEE & ASSOCIATES COMPLETES $2 MILLION SALE OF GAS STATION SITE ESCONDIDO, CALIF. — Lee & As- sociates has arranged the purchase of a gas station station site located at 2825 Auto Parkway in Escon- dido. ASAP Investments acquired the 28,750-square-foot lot, which in- cludes a 1,050-square-foot retail/ser- vice station, for $2 million. The buyer plans to rebrand the site, which was formerly a Valero, as an independent gas station. Trent France of Lee & Associates — North San Diego and Kent Moore of Palomar Commercial represented the buyer, while Mack Langston and Kris Boehmer of Pacific Coast Commercial represented the seller, KGD Enterpris- es, in the deal. BERKADIA COMPLETES $14.57 MILLION BULK CONDOMINIUM SALE IN SOUTHERN CALIFORNIA EL CAJON, CALIF. — Berkadia has completed the sale of Artesia El Ca- jon Condominiums located at 150- 210 Chambers St. in El Cajon. Dave Andrews, director in the San Diego office, completed the $14.57 million transaction. Built in 1985, and fully remodeled in 2006, the community features one- and two-bedroom units. The seller was El Cajon Condo Holdings, LLC based in Logan, Utah, and the buyer was 830 Park Inc. of San Clemente, Calif. iBORROW PROVIDES $18.05 MILLION LOAN TO PURCHASE OFFICE BUILDING IN KOREATOWN LOS ANGELES — iBorrow has provid- ed an $18.05 million acquisition loan for the purchase of an approximately 133,000-square-foot office building located on Olympic Boulevard in Ko- reatown, just west of downtown Los Angeles. As part of its acquisition loan, iBor- row will fund part of the cost for the borrower to change the use of the property from an office to a hotel. The loan was originated by Lucas Allen of iBorrow. ARROYO & CO., COLLIERS BROKER ACQUISITION OF 36,816 SF SHOPPING CENTER IN OAKLAND OAKLAND, CALIF. — Arroyo & Co. and Colliers have arranged the acqui- sition of Shops at Broadway, a newly constructed grocery- and pharmacy- anchored shopping center located in Oakland. A group of San Francisco Bay area developers sold the property to an undisclosed buyer for an unreleased sum. The 36,816-square-foot center is occupied by Sprouts Farmers Market, Walgreens, Starbucks Coffee, Chipotle and Sleep Train. Pedro Arroyo and David Kram of Arroyo & Co., along with Mark Lewkowitz of Colliers, represented the buyer in the deal. MARCUS & MILLICHAP BROKERS $15.6 MILLION SALE OF 87,526 SF COMMUNITY IN SACRAMENTO SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square- foot assisted living and skilled nurs- ing facility in Sacramento for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap's Tampa office represented both the buyer, a fund manager, and the seller, an indi- vidual trust, in the transaction. The Ranch at Bear Creek features a clubhouse, business center, two outdoor pools and a newly built fitness facility. When you're facing a complicated multifamily financing situation, it's crucial to have a dependable lender on your side. M&T Realty Capital Corporation has the experience and expertise to understand your business, and our relationship-focused approach ensures the terms we recommend are right for you. These are just some of the reasons 75% of our business comes from repeat borrowers. Get started at learnmore.mandtrcc.com or contact your local representative. Reliability is important. Equal Housing Lender. Based on internal customer data. All loans and all terms referenced herein are subject to receipt of a complete application, credit approval and other conditions. ©2016 M&T Realty Capital Corporation. Member FDIC. Sandra DeFelice 410-545-2427 sdefelice@mtb.com

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