SANTA ANA, CA-US Bank will provide $2.5 million of New Markets Tax Credit equity to help El Sol Science and Arts Academy here to construct a new dual-immersion charter-school building. One of the largest Spanish-speaking communities in Southern California, Santa Ana will continue to operate the school during construction, rotating classrooms during each phase of development until the new 12-classroom building is complete this fall.
ORANGE COUNTY, CA-Jeff Tomei of Knightsbridge Realty Capital Inc. has closed a $35-million loan to the refinance a 237-space mobile home park located here. The lender, a small regional bank, provided 75% LTV at 4% fixed for seven years on a 30-year term with 30-year amortization. The loan has a stepped-down prepayment for the first five years; then it’s open. The impetus behind the refinance, which required the existing loan to be defeased, was to take advantage of the low-interest-rate environment and pull cash out.
ONTARIO, CA-HFF has secured $25.2 million in financing for Ontario Gateway Center, a 220,930-square-foot power center at 4420 Ontario Mills Pkwy. here, on behalf of the borrower, an affiliate of Zelman Development Co. and Grayburn Properties. The HFF team led by senior managing director Paul Brindley and real estate analyst Steven Paskhover was able to secure the 10-year, 3.7% fixed-rate loan through Deutsche Bank.
CHINO HILLS, CA-Eagle Group Finance LP has provided a family-operated investment group with a $2-million short-term, non-recourse senior note to recapitalize a 13.74-acre land parcel here. According to Eagle Group’s president Brian Good, the financing will be used to pay off the existing debt encumbering the property, and it gives the borrower the time necessary to move forward with its development plans.
The borrower, which has more than two decades of experience in healthcare development, purchased the property in 2006.
CARSON CITY, NV-Marcus & Millichap Real Estate Investment Services has arranged the sale of Parkway Manor, a 176-unit luxury apartment complex here. The $18.6-million sales price equates to $105,966 per unit. Kenneth Blomsterberg, a first VP investments in the Reno, NV, office of Marcus & Millichap, represented the seller, Parkway Manor Inc. The buyer is Parkway Manor LLC.
SAN DIEGO-Charles Dunn Co. has completed the $3.85-million sale of Crosby Square, a 13,414-square-foot retail property with two second-story apartment units in the southern Downtown San Diego submarket. The property is located at 1879 Logan Ave., just off the I-5 Freeway and near the Coronado Bridge. Justin Mendelson, Darrell Levonian, and Fred Sheriff of Charles Dunn represented the seller, Lee Family Trust from Newport Beach, CA, as well as the buyer, Crosby Square Inc. from San Diego. The closing capitalization rate was 6.75%.
FULLERTON, CA-Dunbar Real Estate Investment Management has acquired an industrial building here for $1.04 million or $98.79 per square foot, closing the transaction in 20 days, all cash. The fully leased building offers modern and functional amenities and is located in a business park with favorable freeway access. Jason DiRocco of Voit Real Estate Services handled both sides of the transaction.
RIVERSIDE, CA-The Hutton Cos. has appointed Western National Property Management to handle leasing and ongoing management of the Paseos at Magnolia, a brand-new, 168-unit luxury multifamily community here that is completely smoke-free. The community is now pre-leasing with the first move-ins scheduled for July.
SANTA ANA, CA-Argent Retail Advisors is offering a 2,800-square-foot retail pad fronting McFadden Ave. here for lease. The pad is grocery-anchored by a high-volume Northgate Market, has easy access to the 5, 405 and 22 freeways and is situated in a dense residential neighborhood.
TIGARD, OR-Regency Centers Corp. is redeveloping Greenway Town Center, a 93,000-square-foot neighborhood center here. As part of the center’s enhancements, Whole Foods Market will open a 37,500-square-foot store in 2014. The $6-million redevelopment will include a new exterior façade with cedar wood accents, upgraded architectural components, parking lot improvements and new site lighting, landscaping and signage. All retailers will remain open during the redevelopment, which is scheduled to begin in August. As part of the Regency’s greengenuity® program to reduce the environmental impact of developing and operating shopping centers, Greenway Town Center will incorporate a number of sustainable elements such as energy-efficient lighting, an upgraded storm water retention system and water-efficient landscaping.
IRVINE, CA-Builder Snyder Langston has named Steven Gabbert as director of sustainability. In his new role, Gabbert is responsible for leading the development and execution of Snyder Langston’s sustainability initiative, demonstrating the value of sustainability to the firm’s clients. He will also proactively work with them to integrate sustainability into their projects and into their corporate platforms. Over his nine-year tenure at the firm, Gabbert has held other positions including project engineer, senior project engineer, and most recently project manager. He has been involved with significant Southern California projects including Broadcom’s headquarters, the Pelican Hill Resort and the new Hyundai North American Headquarters, among others.
NEWPORT BEACH, CA-Turner Real Estate Investments has appointed Mike McKenna to the position of asset manager for the company. In this role, he will maximize asset value across TREI’s investment portfolio by efficiently managing property operations and special projects. Before joining TREI, McKenna worked at the Irvine Co. here. Prior to that, he served in an asset management role for Wentworth Property Management and Liberty Property Trust.
ORANGE, CA-CBRE has hired Dan Berkenfield for the local office, focusing on industrial properties in the Mid-Counties and Orange County markets. A nine-year veteran of commercial real estate, Berkenfield is joining the firm as a senior associate. Previously with Voit Real Estate Services, he has successfully completed more than 160 industrial sale and lease transactions, totaling more than 1,900,000 square feet and exceeding $90 million in total consideration.