Western Real Estate Business

JUN 2018

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 20 • June 2018 • Western Real Estate Business www.REBusinessOnline.com M O U N TA I N S TAT E S PINNACLE FACILITATES $6.9 MILLION SALE OF MIXED-USE BUILDING DENVER — Pinnacle Real Estate Advisors has arranged the sale of Zuma Lofts, a mixed-use building lo- cated at 3455 W. 38th Ave. in Denver. Zuma Lofts LLC sold the property to RLC Zuma LLC for $6.9 million. The 22,236-square-foot building features 18 multifamily units and two ground- level retail units. Matt Lewallen of Pinnacle represented the buyer and seller in the deal. NKF BROKERS $1.7 MILLION ACQUISITION OF RETAIL BUILDING CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of a retail building located at 10472 E. Easter Ave. in Centennial. New Hori- zon Real Estate Development – Colo- rado purchased the property from BMJ & Associates for $1.7 million. The building features 11,000 square feet of retail space. Michael Lindermann and Carolyn Martinez of NKF repre- sented the buyer in the deal. Fidelity National Title Co., Key Real Estate Group and CBRE also participated in the transaction. CBRE ARRANGES SALE, ACQUISITION FINANCING FOR SENIORS HOUSING COMMUNITY LITTLETON, COLO. — CBRE has ar- ranged the sale of MorningStar of Lit- tleton, an 85-unit assisted living and memory care community in the Den- ver suburb of Littleton. A joint ven- ture between Kayne Anderson Real Estate and MorningStar Senior Living acquired the property from an insti- tutional investor for an undisclosed price. Lisa Widmier of CBRE's Nation- al Senior Housing team represented the seller. Aron Will, also with CBRE National Senior Housing Group, ar- ranged $20.5 million in acquisition fi- nancing on behalf of the buyers. CBRE Multifamily Capital originated the 10-year, fixed-rate, interest-only loan through Fannie Mae. MorningStar has operated the property since its com- pletion in 2006, and will continue to do so following the acquisition. FARIS LEE NEGOTIATES $2.2 MILLION SALE OF JACK IN THE BOX-LEASED PROPERTY ST. GEORGE, UTAH — Faris Lee In- vestments has brokered the sale of a single-tenant retail property located at 1596 S. Convention Center Drive in St. George. An undisclosed seller sold the building for $2.2 million. Jack in the Box occupies the 3,260-square-foot property on a triple-net leased basis. Joe Chichester, Thomas Chichester and Matt Brooks of Faris Lee repre- sented the buyer, a Northern Califor- nia-based private investor, while NAI Excel represented the seller. LANCASTER POLLARD ARRANGES $88 MILLION FINANCING FOR SENIORS HOUSING COMMUNITY DENVER — Lancaster Pollard has ar- ranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in the Denver suburb of Lakewood. Con- struction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard. A national bank is providing the capital, with several other banks syndicating portions of the loan. ARA NEWMARK NEGOTIATES $21.2 MILLION SALE OF MULTIFAMILY PROPERTY GREELEY, COLO. — ARA, A New- mark Co., has brokered the sale of University Flats, a multifamily prop- erty located at 1758 Sixth Ave. in Gree- ley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 mil- lion, or $227,946 per unit. The prop- erty features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction. HFF ARRANGES $33.8 MILLION LOAN FOR APARTMENT COMMUNITY BROOMFIELD, COLO. — HFF has ar- ranged $33.8 million in financing for Palisade Park, a garden-style apart- ment community at 16815 Huron St. in Broomfield, a northern suburb of Denver. Josh Simon and Kristian Lich- tenfels of HFF secured the financing for Jeffrey Sanders of Boulder-based Mountain View Capital. The seven- year, floating-rate loan was secured through Freddie Mac's CME Program. Loan proceeds were used to refinance expiring construction financing. Com- pleted in 2017, the 216-unit Palisade Park is 95 percent occupied and com- prises one-, two- and three-bedroom units ranging from 731 square feet to 1,247 square feet. Additionally, the property features 14,500 square feet of indoor and outdoor amenity space, including a beach-style pool; pergola with gas grills and fire pit; 24-hour fit- ness center; clubhouse with billiards; WiFi lounge; media center and busi- ness room; dog wash and dog park; playground; and detached garages. CASTLE LANTERRA ACQUIRES 201-UNIT APARTMENT BUILDING IN METRO DENVER LAKEWOOD, COLO. — New York- based Castle Lanterra Properties has purchased The Ranch at Bear Creek, a multifamily property located at 3324 S. Field St. in Lakewood, about seven miles southwest of Denver. The ac- quisition price and name of the seller were not released. Built in 1973, the property features 118 two- and three- bedroom townhomes, 54 two-bed- room units and 29 one-bedroom apart- ments. Community amenities include a remodeled clubhouse, newly con- structed fitness center, two swimming pools, a business center, a spin and yoga room with fitness on demand, an outdoor grilling area with new gas grills, an outdoor lounge with gas fire pit and a recreation room. SECURITY PROPERTIES ACQUIRES 96-UNIT AFFORDABLE MULTIFAMILY PROPERTY PARK CITY, UTAH — Security Proper- ties has purchased Elk Meadows, an affordable multifamily property lo- cated at 2627 Kilby Road in Park City, for an undisclosed price. The garden- style community comprises 96 units that are income restricted. The prop- erty was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residen- tial, an affiliate of Security Properties, will manage the property. This acqui- sition is Security Properties' first pur- chase in Utah. KEYBANK PROVIDES $49.7 MILLION IN FINANCING FOR 118-UNIT AFFORDABLE HOUSING DEVELOPMENT WESTMINSTER, COLO. — KeyBank's Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank's CDLI team, along with Jeff Rodman of KeyBank's Commercial Mortgage Group, arranged the financ- ing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing's Colorado Housing Invest- ment Fund. Private Activity Bonds were issued by the Colorado Hous- ing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond is- suance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median in- come (AMI), and eight units will be reserved for households earning 50 percent or less of AMI. The remaining 11 units will target households earn- ing 30 percent or less of AMI and be supported by project-based Section 8 vouchers. Construction of the prop- erty began this earlier year. Zuma Lofts, located at 3455 W. 38th Ave. in Denver, features 18 apartment units and two ground-level retail spaces. Jack in the Box occupies the 3,260-square-foot retail property located at 1596 S. Convention Center Drive in St. George, Utah.

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