Deal Tracker: Student Parking and Multifamily Funding Top List

SACRAMENTO—A new California State University Sacramento project is to include a 13,400-square-foot stand-alone office building for a campus welcome center as well as the university transportation and parking services offices. This is to accompany parking structure V, a six-story, 1,750 stall, 529,000-square-foot building located adjacent to the existing campus athletic center.

West Sacramento-based Clark Pacific has entered into a design and preconstruction services agreement with the university for the first full precast concrete parking structure built on campus. The building will incorporate architectural precast concrete design elements, reflecting the new parking structure's facade.

“We are excited to build Sacramento State's new parking structure and office building,” said Terry Street, general manager, general contracting for Clark Pacific. “Understanding that construction and education are rarely compatible processes, Clark Pacific has a 'Done in One' goal, whereby using off-site structural and precast fabrication, we plan on finishing construction within one semester, minimizing construction impacts to campus life.”

Clark Pacific is working with Sacramento-based Dreyfuss + Blackford Architecture (D+B) on the project. D+B designed Sac State's parking structures II and III, academic information resources center, and most recently, Hornet Bookstore. Clark Pacific provided all the precast concrete for both the resources center and Hornet Bookstore buildings on campus. 

“Parking structure V, the welcome center and UTAPS (transportation and parking services) office building have been carefully sited at the campus entry, allowing the arboretum to extend as the focal point,” said Jason A. Silva, D+B principal and the project's design architect.

The parking structure is designed to accommodate future installation of a solar array of photovoltaic panels on the top level. Vehicle circulation is designed to move traffic off the streets and into the structure as efficiently as possible with off-street queuing space to handle periods of high traffic volume. Traffic circulation has been designed to minimize conflicts between pedestrians, autos and bicycles.

The two-story office building includes a campus welcome center, parking offices, a public counter, conference rooms and other support spaces. The new parking structure and office building encircle a new pedestrian plaza, equipped with power and water access for food trucks.

The technology, design, innovations and conservation programs implemented in the parking structure will allow it to achieve a Parksmart Gold certification by the Green Parking Council, making it the most sustainable garage on campus. The office building will be built to LEED Gold certification standards as set forth by the US Green Building Council.

In other Sacramento news, Ashgrove Place in Rancho Cordova, CA sold for $37.5 million to an undisclosed buyer. The seller was New York-based Abacus Capital. The 208 units were built in 2006 and 97% occupied at the time of sale.

Consistent with national trends, Northern California has reported less institutional and class-A activity than usual in 2016–but substantial class-B activity has resulted in assets such as Ashgrove Place. Mark Leary, executive managing director, ARA Newmark represented the seller.

“The buyer saw a great opportunity to continue the interior renovation program that Abacus Capital implemented. The buyer is bullish on the Sacramento market–optimizing its portfolio in the region and looking to buy more,” said Leary.

Another Sacramento multifamily loan to the tune of $16.33 million was provided by Revere Capital. The financing facilitated a re-capitalization plus additional funds for the acquisition of two multifamily communities. This enabled the borrower to grow its Northern California apartment portfolio from 175 units to 333 multifamily residences, a significant move toward the borrower's long-term portfolio goals. 

The loan was secured by 16 properties consisting of three different asset types, which enabled the borrower to execute a complex transaction within a constrained timeframe and refinance the multifamily portfolio as a bridge to permanent financing.

Richard Caldwell of Revere tells GlobeSt.com: “The opportunity and challenge for Revere was to quickly structure loans on a portfolio of properties that provided flexibility for the borrower, and meet their leverage objectives with use of additional collateral.”

SACRAMENTO—A new California State University Sacramento project is to include a 13,400-square-foot stand-alone office building for a campus welcome center as well as the university transportation and parking services offices. This is to accompany parking structure V, a six-story, 1,750 stall, 529,000-square-foot building located adjacent to the existing campus athletic center.

West Sacramento-based Clark Pacific has entered into a design and preconstruction services agreement with the university for the first full precast concrete parking structure built on campus. The building will incorporate architectural precast concrete design elements, reflecting the new parking structure's facade.

“We are excited to build Sacramento State's new parking structure and office building,” said Terry Street, general manager, general contracting for Clark Pacific. “Understanding that construction and education are rarely compatible processes, Clark Pacific has a 'Done in One' goal, whereby using off-site structural and precast fabrication, we plan on finishing construction within one semester, minimizing construction impacts to campus life.”

Clark Pacific is working with Sacramento-based Dreyfuss + Blackford Architecture (D+B) on the project. D+B designed Sac State's parking structures II and III, academic information resources center, and most recently, Hornet Bookstore. Clark Pacific provided all the precast concrete for both the resources center and Hornet Bookstore buildings on campus. 

“Parking structure V, the welcome center and UTAPS (transportation and parking services) office building have been carefully sited at the campus entry, allowing the arboretum to extend as the focal point,” said Jason A. Silva, D+B principal and the project's design architect.

The parking structure is designed to accommodate future installation of a solar array of photovoltaic panels on the top level. Vehicle circulation is designed to move traffic off the streets and into the structure as efficiently as possible with off-street queuing space to handle periods of high traffic volume. Traffic circulation has been designed to minimize conflicts between pedestrians, autos and bicycles.

The two-story office building includes a campus welcome center, parking offices, a public counter, conference rooms and other support spaces. The new parking structure and office building encircle a new pedestrian plaza, equipped with power and water access for food trucks.

The technology, design, innovations and conservation programs implemented in the parking structure will allow it to achieve a Parksmart Gold certification by the Green Parking Council, making it the most sustainable garage on campus. The office building will be built to LEED Gold certification standards as set forth by the US Green Building Council.

In other Sacramento news, Ashgrove Place in Rancho Cordova, CA sold for $37.5 million to an undisclosed buyer. The seller was New York-based Abacus Capital. The 208 units were built in 2006 and 97% occupied at the time of sale.

Consistent with national trends, Northern California has reported less institutional and class-A activity than usual in 2016–but substantial class-B activity has resulted in assets such as Ashgrove Place. Mark Leary, executive managing director, ARA Newmark represented the seller.

“The buyer saw a great opportunity to continue the interior renovation program that Abacus Capital implemented. The buyer is bullish on the Sacramento market–optimizing its portfolio in the region and looking to buy more,” said Leary.

Another Sacramento multifamily loan to the tune of $16.33 million was provided by Revere Capital. The financing facilitated a re-capitalization plus additional funds for the acquisition of two multifamily communities. This enabled the borrower to grow its Northern California apartment portfolio from 175 units to 333 multifamily residences, a significant move toward the borrower's long-term portfolio goals. 

The loan was secured by 16 properties consisting of three different asset types, which enabled the borrower to execute a complex transaction within a constrained timeframe and refinance the multifamily portfolio as a bridge to permanent financing.

Richard Caldwell of Revere tells GlobeSt.com: “The opportunity and challenge for Revere was to quickly structure loans on a portfolio of properties that provided flexibility for the borrower, and meet their leverage objectives with use of additional collateral.”