West
TODAY’S DEALS: George Smith Arranges $92M in Debt, Equity Construction Loan Take-Out
George Smith Partners arranges $92 million for an L.A. community; A JV between Praedium and StarPoint acquires a 558-unit community for $79 million; and IPA brokers the sale of a 220-unit community in Southern California.
Tribeca Sells Multifamily Assets Acquired through Loan Purchase in 2009
San Francisco–Tribeca Cos. has sold nine of the 12 properties that it acquired through a loan purchase from lender UBS in late 2009, then acquired the title through foreclosure of the properties.
TODAY’S DEALS: Bascom, Carlyle Acquire 840-Unit Portfolio for $31.7M
Bascom and Carlyle pick up an 840-unit portfolio for $31.7 million in Denver; Trion Properties acquires a distressed 20-unit property in Los Angeles; and HFF arranges a $4.48 million Fannie Mae acquisition loan for a value-add project.
Solar Power System Completed at San Diego Affordable Housing Property
San Diego–Community HousingWorks and HelioPower have completed a Multifamily Affordable Solar Housing project at Las Serenas, an affordable housing property in San Diego.
Armstrong Place Rental and For-Sale Residences Completed
San Francisco–Armstrong Place, an affordable housing development in San Francisco, includes a rental community for seniors as well as below-market-rate homeownership options for first-time homebuyers.
Unique Plan for 211-Acre SoCal Mixed-Use Community
Brea, Calif.–Ground has broken on La Floresta Brea, a mixed-use residential community in Brea, Calif., designed to emerge as an open, multi-generational neighborhood.
MacFarlane Buys SF Site for Apartment Tower
San Francisco–MacFarlane Partners has acquired a development site at 1844 Market Street in San Francisco on which it intends to build an eight-story multifamily residential building. According to the developer, which specializes in urban revitalization, the building will consist of 113 rental apartments–99 market-rate and 14 affordable units–along with 5,500 square feet of street-level retail and an underground garage with 81 parking spaces.
Ground Breaks on Southern California Community Designed for 21st-Century Seniors
Long Beach, Calif.–Work has gotten underway on the Long Beach Senior Arts Colony, a 200-residence affordable housing community in Long Beach, Calif., designed by architectural firm Studio One Eleven to tailor to the demands of today’s seniors.
SoCal Mortgage Banker Sees Burgeoning Opportunity in Multifamily Finance
Marina Del Rey, Calif.–Q10/Dwyer-Curlett has arranged $31.8 million in equity financing for the development of the Shores, a 544-unit apartment project to be built in Marina Del Rey. The deal is the first foray into multifamily finance by the company, which is a mortgage banking firm with three offices in southern California, and a member of Q10 Capital LLC, which specializes in commercial real estate finance.
Fifteen Years in the Making, Oakland’s MacArthur Transit Village Breaks Ground
Oakland, Calif.–It has been a very, very long time coming, but work has finally gotten underway on MacArthur Transit Village, a massive, mixed-use transit-oriented development that will ultimately deliver 624 multifamily residences centered on a Bay Area Rapid Transit station and additional future transportation outlets in Oakland, Calif.