Western Real Estate Business

SEP 2017

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 16 • September 2017 • Western Real Estate Business www.REBusinessOnline.com BELLWETHER ENTERPRISE CLOSES $75 MILLION REFINANCING FOR VISTARA APARTMENTS IN ONTARIO ONTARIO, CALIF. — Bellwether En- terprise has closed two loans total- ing $75 million that will be used to refinance the 298-unit Vistara Apart- ments in Ontario. The community is located at 3410 E. 4th Street. Vistara was completed this past September. Amenities include a club- house and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor enter- tainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20- year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed in- terest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate. OPENPATH INVESTMENTS OBTAINS $52 MILLION LOAN FOR THE ELEVEN HUNDRED APARTMENTS SACRAMENTO, CALIF. — OpenPath Investments has obtained a $52 mil- lion loan for the 565-unit Eleven Hun- dred Apartments in Sacramento. The Class B community is located at 1100 Howe Ave. The Eleven Hundred Apartments was first constructed in 1961. Since 2015, the property has undergone ex- tensive renovations, including more than $6.5 million in improvements and repairs to common areas and the interiors of 535 units. The borrower plans to invest an additional $400,000 into the prop- erty, half of which will be allocated to green upgrades. The 10-year Fred- die Mac loan was structured with five years of interest-only payments, a 75 percent loan to value. Financing was structured by Walker & Dunlop. LBG REAL ESTATE, AVIVA INVESTORS ACQUIRE 1.1 MILLION SF REGIONAL MALL IN RICHMOND RICHMOND, CALIF. — LBG Real Es- tate Cos. and Aviva Investors have purchased Hilltop Mall, a 1.1-million- square-foot regional mall located at 2200 Hilltop Mall Road in Richmond, for an undisclosed price. Originally developed in 1976 and renovated in 2007, the property is oc- cupied by a variety of tenants, includ- ing Macy's, Walmart, Sears and a 24- Hour Fitness. Glenn Wegener and Linda Simpson of NAI Global represented the undis- closed seller, while the buyer was self- represented in the transaction. CAPITAL ONE PROVIDES $47.2 MILLION REFINANCE FOR CHESAPEAKE COMMONS IN RANCHO CORDOVA RANCHO CORDOVA, CALIF. — Capi- tal One has provided a $47.2 million refinance for the 600-unit Chesapeake Commons apartment complex in the Sacramento submarket of Rancho Cordova. The Wasatch Group has owned the property since February 1997. It has invested substantially in upgrading exteriors, community amenities and individual units. The seven-year, Fannie Mae fixed- rate loan features full-term, interest- only payments. The funds were used to pay off a Fannie Mae regulatory bond on the property. DEDEAUX PROPERTIES BREAKS GROUND ON ECHELON BUSINESS PARK CITY OF INDUSTRY, CALIF. — Dedeaux Properties has broken ground on Echelon Business Park, a 246,543-square-foot warehouse facil- ity in the City of Industry. The $38 million development will be located at 821 Echelon Court. Echelon Business Park's seven free- standing buildings range between 27,438 square feet and 43,166 square feet. They include two-story office space, ample dock-height loading and configurations for loading shipping containers. Construction is scheduled for com- pletion in the first quarter of 2018. W ith business parks as pristine as our seven miles of Pacific Ocean coastline, three lagoons and n California s , clean tech and action sports manufacturing industries. Let our natural environment inspir the next gr a 5 a.m. wave. With global leaders in their fields like Thermo Fisher Scientific, ViaSat, Ionis Pharmaceuticals epreneurial spirit can be found from the one person start-up to our largest s potential and experience Life in Action ® here in Carlsbad, CA. carlsbadlifeinaction.com Bachelors' degree or higher (over 25 years old) +50 % Square Feet of Industrial/R&D; space 14 M High-tech jobs in key cluster industries Patents issued to Carlsbad businesses in 2016 15 K 675 SPACE TALENT COMMUNITY INNOVATION

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