Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/888015
C A L I F O R N I A & H A WA I I www.REBusinessOnline.com Western Real Estate Business • October 2017 • 7 BELLWETHER ENTERPRISE ARRANGES $185 MILLION REFINANCING FOR MULTIFAMILY PORTFOLIO IN CALIFORNIA, MARYLAND LOS ANGELES — Bellwether Enter- prise Real Estate Capital LLC has ar- ranged three loans totaling $185.1 million for the refinancing of a multi- family portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: eaves Woodland Hills in Woodland Hills, Calif.; eaves Los Feliz in Los Angeles; and Avalon Russet in Laurel, Md. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, Ava- lonBay Communities. New York Life was the lender. PORT OF SAN DIEGO ISSUES RFP FOR INTERIM MANAGEMENT, OPERATION OF SEAPORT VILLAGE SAN DIEGO — The Port of San Diego has issued a Request for Proposals (RFP) to select a third-party manage- ment and operation company on an interim basis for Seaport Village after the current lease expires on Sept. 30, 2018. The port wants to ensure the shopping and dining complex remains a vibrant and prosperous waterfront destination for residents and visitors until the Port's planned redevelop- ment of the Central Embarcadero. The presentation to the Board of Port Com- missioners is scheduled for Dec. 5. The board selected the 1HWY1 team and their "Seaport San Diego" concept in late 2016 for the redevelopment of the Central Embarcadero, which includes Seaport Village and surrounding areas. The design, planning and permitting will likely take several years due to the size of the redevelopment and unique- ness of some of the proposed program- matic components. The current lease for Seaport Village will expire in fall 2018. The Port is taking the proactive step of issuing this RFP to provide for the continued operation of Seaport Vil- lage until the redevelopment project begins. BERKADIA SECURES $29 MILLION IN FINANCING FOR PINNACLE MEDICAL OFFICE IN SAN DIEGO SAN DIEGO — Berkadia has secured $29 million in financing for Pinnacle Medical Office in San Diego. The of- fice is located at 10670-10672 Wexford Street in the Scripps Ranch submarket. The property provides services like primary care, wellness exams, tread- mill stress testing, annual physi- cals, sports and camp physicals, full laboratory testing, vaccinations and pre-operative clearance. The 10-year, fixed-rate loan is interest-only for the full term and features a 4.3 percent in- terest rate through Wells Fargo. The borrower was LP Scripps Lot 1 LLC. CAPITAL ONE PROVIDES $49.8 MILLION REFI FOR RIVERVIEW SPRINGS APARTMENTS IN OCEANSIDE OCEANSIDE, CALIF. — Capital One has provided $49.8 million to refi- nance the 358-unit Riverview Springs apartments in Oceanside. The com- munity is located at 4398 Rainier Way. Riverview Springs was built by Spruce Grove in 1990. The 10-year, interest- only, Freddie Mac fixed-rate loan has standard defeasance prepayment. It was originated by Chuck Christensen. SAVANNAH COURT IN SACRAMENTO SELLS FOR $22 MILLION SACRAMENTO, CALIF. — The 195- unit Savannah Court apartments in Sacramento has sold to Pathfinder Partners for $22 million. The commu- nity is located at 4337 Norwood Ave. The 24-buillding community was built in 1986. Amenities include a fit- ness center, swimming pool and spa and a tennis court. CBRE's Marc Ross represented both Pathfinder and the seller in this transaction. SAVILLS STUDLEY ARRANGES $18.5 MILLION SALE OF ANAHEIM LINCOLN SHOPPING CENTER IN ANAHEIM ANAHEIM, CALIF. — Savills Studley has arranged the $18.5 million sale of Anaheim Lincoln Shopping Center, a 72,950-square-foot retail center located roughly 27 miles outside Los Angeles in Anaheim. Savills Studley's Kyle Miller and Bill Bauman brokered the transac- tion. A Los Angeles-based private in- vestor acquired the center, which is an- chored by Vallarta Supermarket. *As of 12/31/2016. © 2017 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate Finance is PGIM's real estate finance business. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. ATLANTA | CHICAGO | DALLAS | LONDON | LOS ANGELES | NEW YORK | SAN FRANCISCO | TOKYO | WASHINGTON, DC THE FUTURE OF REAL ESTATE FINANCING HAS A NEW NAME: PGIM REAL ESTATE FINANCE. Prudential Mortgage Capital Company is now PGIM Real Estate Finance. Operating under the name PGIM – the global investment management businesses of Prudential – underscores our commitment to bring clients thoughtful perspectives on the global real estate market across the capital stack, combined with local market expertise. Our full range of commercial real estate finance products is managed through a single point of contact for origination, advice and servicing. $88 BILLION IN REAL ESTATE ASSETS UNDER MANAGEMENT AND ADMINISTRATION* NEARLY $14 BILLION IN MORTGAGE ORIGINATION IN 2016 LOANS IN 42 STATES AND 7 COUNTRIES OVER $6 BILLION IN MULTIFAMILY LOANS IN 2016 Partner with our real estate finance experts at PGIMREF.com