LOS ANGELES—Our bi-weekly update on the middle markets throughout the Southwest region. Here's a look at the latest news, announcements and deals that you may have missed in Southern California, Nevada, Arizona and Utah.

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LOS ANGELES—Greenburg Gross LLP has opened a Los Angeles headquarters office in Downtown Los Angeles. The firm has rented the 30th floor of an office building Figueroa at Wilshire. The firm is completing a remodel of the space and plans to take occupancy in January 2017. When completed, the new headquarters will occupy approximately 23,000 square feet and will include a state of the art conference center and a mock courtroom. Until the renovation is complete, the firm will occupy the 31st floor.

LONG BEACH, CA—Luxury apartment complex the Current has earned a both a LEED-NC Silver Certification, and is the first project in the city to receive LEED-ND Gold in the city. The Current, located at 707 E. Ocean Blvd. in Long Beach, Calif., is situated on a sustainable site that provides its residents with a host of amenities and convenient benefits, earning a Walk Score of 92, and just steps from the beach and public transportation, as well as near a variety of entertainment, shopping and world-class dining destinations. The 223-unit community offers a wide range of innovative energy-efficient design elements including heat absorption minimization from the sun and energy-efficient lighting systems, Water conservation with low-flow plumbing fixtures providing 30 percent more water efficiency, highly reflective “cool roof” surfacing, and sustainable operation measures, including underground parking and electric charging spaces.

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LOS ANGELES—Redwood Mortgage has closed three loans totaling $4.8 million for commercial and residential investment property in the San Francisco and Los Angeles markets. The three loans include a $1.96 million refinance loan to restructure corporate debt on a commercial warehouse and retail property in the San Francisco East Bay. A cash-out component of the refinance enabled the borrower to pay down a bank unsecured line of credit that was coming due as well. The Redwood loan was structured at 42% loan-to-value on a 2-year term, interest only; a $2.2 million commercial refinance loan on a small retail property at 65% LTV with no prepayment penalty. The borrower needed a rate and term refinance to pay off a maturing seller carry-back financing note. This auto dealership property in west Los Angeles is located in a popular, high-traffic commercial corridor; and a $633,750 purchase loan to acquire a condominium asset in a time-constrained transaction after the buyer's bank declined to do the loan. Redwood's loan, at 65% LTV, was based on the borrower's financial and tax-return information. Once the property is stabilized, the owner plans a refinance to pay off the Redwood Mortgage note.

LOS ANGELES—Developer Paul Solomon has secured a $16.5 million loan for 6171 Century Blvd, an 82,750-square-foot office building near LAX. The loan has a 10-year term and a fixed interest rate. El Segundo based Highland Realty Capital secured the funds on behalf of the borrower. The developer recently completed a $5 million renovation of the exterior and interior of the building into creative office space with 12-foot ceiling height. The building is 100% leased with average rents in the $2.75psf range.

ANAHEIM, CA—Tri-Freeway Business Park, a multi-tenant industrial compound in Anaheim, CA, has traded hands for $29.45 million between Greenlaw Partners and a private high-net-worth individual from Northern California. CBRE's Gary Stache, Anthony DeLorenzo, and Doug Mack represented the seller and the buyer in the transaction. The 10-building property, located at 700-720 N. Valley Street & 2101-2121 W. Crescent Avenue, totals 208,824 square feet and features 114 units, traded for $141 per square foot, or a 5.5% cap rate. The asset is 97% leased.

SALT LAKE CITY, UT—A joint venture led by ColRich Multifamily has secured a $69.1 million loan from the $93.9 million purchase of Cobblegate at Quarry Bend, a newly constructed 416-unit multifamily community in the Salt Lake City suburb of Sandy, UT. Mesa West Capital originated the first mortgage loan on behalf of the joint venture. The sale coincided with the completion of the last of 15, four-story residential buildings by the seller, local developer Miller Development Company. Each of the one-, two- and three-bedroom units feature high-end finishes and amenities including full size washer and dryer, fully equipped kitchens with stainless steel appliances, granite countertops and wood floors. The apartment community also features a large two-story clubhouse with a fireside lounge, recreation room and fitness center, resort-style pool, barbecue areas and children's playground. The property was 50% occupied at closing.

SANTA MONICA, CA—Palisades Capital Partners has acquired a mixed-use property in Downtown Santa Monica for $33 million from a partnership between PacShore Partners and GreenOak Real Estate. CBRE's Mike Longo and Newmark Grubb Knight Frank's Kevin Shannon, Rob Hannan and Ken White represented the sellers. The property is located at 631 Wilshire Boulevard, and it is an Art Deco-inspired property, originally built in 1958. It has undergone more than $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 11,000 square feet of retail along Wilshire Boulevard have also been revamped and now include such popular food venues as Mendocino Farms, Sidecar Donuts & Coffee, and Juice Served Here.

NEWPORT BEACH, CA—JRC Capital has acquired the Brea Corporate Plaza and Brea Park Centre a four building office portfolio totaling 290,657 square feet, for $55.6 million from the PRES Cos. The buyer also secured a $39.06 million loan for the acquisition. HFF marketed the property on behalf of the seller and secured the funds for the buyer. The loan is a three-year, floating-rate acquisition loan through Prime Finance. The financing has two 12-month extensions and was used to acquire the asset and fund additional advances for capital improvements and leasing costs.

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Middle Market Digest: Southwest

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