TUSTIN, CA—Locally based C&C Development Co. LLC has begun construction on the Citrus Circle Apartments, a $16-million workforce-housing project in Corona, CA, that is being developed on a 2.47-acre site adjacent to the City of Corona Civic Center. No redevelopment financing was used for this project, which is a public/private partnership with the City of Corona, C&C and City of Orange, CA-based Orange Housing Development Corp., a non-profit affordable-housing builder. The gated community—which will include four apartment buildings as well as a 2,200-square-foot community room and management office, two tot lots, a barbecue pavilion, a community laundry facility, open space and parking for 130 vehicles—will encompass 61 one-, two- and three-bedroom units that are affordable to residents whose income is from 30% to 60% of area median income. It is also an urban-infill development designed for a LEED-Gold rating. Financing for the project was provided in part by the California Tax Credit Allocation Committee with $11.5 million of 9% low-income-housing tax credits and a $2.3-million Neighborhood Stabilization Program from the City of Corona, which also provided a $775,000 loan for the land purchase. Additionally, Bank of America provided a $10.2-million construction loan, as well as the permanent loan upon the project's completion of $1.1 million.

TUMWATER, WA—UCP Inc. has completed the Preserve at Tumwater Place, a 120-acre master-planned community at 8856 Yarrow Court Southeast here. The development represents UCP's first selling community in the Washington market. The new home models range from approximately 1,550 to 3,300 square feet and include up to six bedrooms and three baths with introductory pricing starting in the low $200,000s. The community has been approved to feature 544 homes at full build-out.

SALES

DENVER—Moran & Co.'s Denver-based team led by David Martin and Pam Koster has facilitated two significant multifamily transactions here. Invesco Realty Advisors purchased Cadence Union Station, a 219-unit, LEED-Gold-certified, mixed-use asset in the CBD currently under construction, from Zocalo Community Development for an undisclosed price that Moran reports represents the largest single trade in Denver to date. Located in the heart of the Union Station redevelopment, the asset was acquired via a pre-sale opportunity. In addition, the team facilitated the sale of Terra Vista at the Park, a 324-unit asset situated in close proximity to major transportation corridors and equidistant from two major employment centers including the CBD and the Southeast Business Corridor. Aukum Management purchased the property from Mesirow Financial Institutional Real Estate for $39.2 million. Along with easy access to job centers, the property affords residence a walkable lifestyle within a highly amenitized area.

SYLMAR, CA—C-III Asset Management has sold Sylmar Square Shopping Center, a 139,661-square-foot retail center at 13700-13790 Foothill Blvd. here, to an undisclosed private investor for approximately $16.8 million. Fariba Kavian, SVP with NAI Capital's West L.A. office, represented seller. The property is composed of one- and two-story, multi-tenant buildings. Anchored by Vons, Chase Bank, Verizon and Payless ShoeSource, it was originally constructed in 1957 and last renovated in 2003 and has additional renovations in progress.

GARDEN GROVE, CA—Monarch RRC Properties LP has sold the 107,000-square-foot industrial building at 11700 Monarch St. here to Roark L. Keeler, Gregory S. Keeler and Mark V. Keeler for $12.9 million. Ted Sawyer and Jim Snyder of Lee & Associates – Newport Beach Inc. represented the seller, and Blake Garrett of Cushman & Wakefield represented the buyers.

EAST DUBLIN, CA—Trumark Homes has secured funding to purchase the 184-acre Wallis Ranch, a residential-housing development here that is approved for 805 single-family homes as part of a joint venture with Isles Ranch Partners LLC and Castlelake LP, both alternative-investment firms. Wallis Ranch, one of the last remaining parcels of fully entitled land in the Bay Area, represents the most significant master-plan single-family land transfer over the past year.

FINANCING

LAS VEGAS—The principals of Atalyst Capital Markets, through their broker-dealer affiliation with Growth Capital Services, have completed $80 million in financing for a private developer. Proceeds from the financing were used to fund the acquisition of a commercial-office campus located in the Silicon Valley. The developer hasn't released plans for the site.

SAN FRANCISCO—Paul Schroeder, a managing director in Cohen Financial's San Francisco office, has secured $12.7 million to refinance two industrial properties in the San Francisco Bay area, one in located in Hayward and the other in South San Francisco. Both properties are fully leased to Iron Mountain. Schroeder originated both long-term, fixed-rate loans with a correspondent lender, Sun Life Financial.

WESTLAKE VILLAGE, CA—Ted Willis of Pacific Southwest Realty Services has arranged an $11.5-million refinance loan secured by three office buildings located on two properties here. The buildings, known as the Courtyard at Westlake and Promenade Office Park, contain a total of approximately 141,000 square feet and were built between 1984 and 1986. One cross-collateralized loan was paid off with separate non-recourse life insurance company loans at more favorable rates and terms. The new fixed-rate loans have seven-year terms with 30-year amortization schedules and no cross-collateralization.

EXECUTIVE MOVES

IRVINE, CA—Ware Malcomb, an international design firm, has promoted Jinger Tapia to principal, design in the firm's locally based corporate headquarters. As a member of the firm's senior leadership team, Tapia will oversee project design, client communication, and the overall design direction of the firm. Tapia began her career with the company in 1996 as a designer. After several years with the firm, she left briefly, re-joining in 2002 as senior designer. In 2006, she was promoted to director, design where she was responsible for the training, management, and operations of the design group. She has been instrumental in building and transforming the group into an international studio. . . . In other Ware Malcomb news, the firm has begun construction on AMG National Trust Bank's new corporate headquarters in Greenwood Village, CO. The building features an old-world European design modeled after the Palace of the Rhine in Strasbourg, France. It is expected to be complete in spring 2015.
SAN DIEGO—CBRE San Diego has hired Erik Parker as a VP in the Downtown San Diego office. Parker will specialize in industrial leasing and sales throughout South County. Prior to joining CBRE, he was an industrial property specialist with Cassidy Turley in San Diego, where he handled development projects for Master Development Corp., Kearny Real Estate and Venture Corp., as well as institutional leasing assignments for Clarion Partners and Rexford Industrial.

NEW VENTURES

IRVINE, CA—RealtyTrac has completed two significant changes. The firm has added new environmental and local information for the 108 million property addresses searchable on its website. The property details pages have been designed to contain richer online content that is easier to navigate and interpret. Also, the firm has added RE/MAX Alliance, Colorado's largest locally owned real estate organization, to its broker network. The RealtyTrac Network is an exclusive licensed network available to leading independent and franchised brokerage companies across the nation.