Western Real Estate Business

AUG 2018

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/1012778

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Page 23 of 42

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • August 2018 • 21 M O U N TA I N S TAT E S BELLWETHER SECURES $10.5 MILLION REFINANCING FOR RETAIL CENTER OREM, UTAH — Bellwether Enter- prise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Con- structed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants rang- ing in size from 1,400 to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multi- family mortgage banking subsidiary of Enterprise Community Investment. EQUUS INVESTMENT PARTNERSHIP XI TO PURCHASE 150,656 SF OFFICE BUILDING BROOMFIELD, COLO. — Equus In- vestment Partnership XI, an equity fund managed by Equus Capital Part- ners, has received $18.8 million in financing for the purchase of 370 In- terlocken Blvd. The 150,656-square- foot, Class A office building is located in Broomfield, a northwest suburb of Denver. Leon McBroom and Eric Tu- pler of HFF secured the seven-year, fixed-rate loans through Guggenheim Partners for the borrower. Completed in 1998 and renovated in 2017, the six- story building features a two-story lobby with a fireplace, touchscreen di- rectory, a high-end tenant lounge and a bike storage center. At the time of fi- nancing, the property was 94 percent leased to a variety of tenants, includ- ing Stantec, CliftonLarsonAllen and New York Life Insurance Co. LIG, HANLEY INVESTMENT NEGOTIATE $3.2 MILLION SALE OF RETAIL CENTER WESTMINSTER, COLO. — Legend Investment Group (LIG), a division of Legend Partners, and Hanley In- vestment Group Real Estate Advisors have arranged the sale of a retail strip center located at 13591 Huron St. in Westminster, a northwest suburb of Denver. An East Coast-based private investor acquired the property from Redlands, Calif.-based Mark Devel- opment for $3.2 million. At the time of sale, the 5,389-square-foot property was fully occupied by Dunkin Do- nuts, Bank of America and Huron Li- quor. LIG and Peter Peluso of Legend Partners represented the buyer in the deal, while Jeff Lefko, Bill Asher and Jeremy McChesney of Hanley Invest- ment Group Real Estate Advisors rep- resented the seller. SOUL COMMUNITY PLANET OPENS INAUGURAL HOTEL AFTER $6 MILLION RENOVATION COLORADO SPRINGS, COLO. — Soul Community Planet (SCP) has opened its first SCP Hotel. The reno- vated property is located in Colorado Springs. Located at the base of Pikes Peak, the 98,000-square-foot hotel fea- tures 176 guest rooms crafted with reclaimed and beetle-kill wood and sustainable elements; a 2,000-square- foot lobby with co-working spaces, a 500-square-foot meeting room and free WiFi for guests; and SCP Fit, a 12,000-square-foot full-service health and wellness club. SCP Hotels offer a holistic hospitality concept for travel- ers and the surrounding community through services and the extensive use of green materials, eco-friendly prod- ucts, solar energy, sustainable practice and water-conserving fixtures. The hotel is in its final stages of a $6 mil- lion, nine-month renovation, with a soft opening scheduled for June 27. PINNACLE REAL ESTATE BROKERS $6.8 MILLION SALE OF MULTIFAMILY BUILDING DENVER — Pinnacle Real Estate Ad- visors has arranged the sale of Obser- vatory Park, an apartment building located at 2035 S. Josephine St. in Den- ver. Old Faithful Properties sold the property to Michael Blackman for $6.8 million, or $316 per square foot. The 21,674-square-foot building features 40 apartment units. Kevin Calame of Pinnacle represented the seller in the transaction. *Services provided by Red Capital Markets, LLC (Member FINRA/SIPC) and its registered representatives. DUS ® is a registered trademark of Fannie Mae. redcapitalgroup.com RED is committed to serving the multifamily industry as a direct lender – offering a full menu of lending programs for affordable, workforce, market-rate, green, and small balance financing. FHA MAP Fannie Mae DUS® Freddie Mac Small Balance Balance Sheet Direct Lending Bond Financing* CMBS Sales & Trading* Lasting relationships begin with a pop of red.

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