SUNNYVALE, CA-Taking advantage of the low interest rate environment, the longtime owner of the 776-unit Fair Oaks West Apartments puts an interest-only, variable rate loan on the property, which doubles as a college dormitory for nearby Cogswell College.

SEATTLE-The latest office market report shows vacancy falling in most submarkets. Overall, vacancy during the second quarter of the year fell from 17% to 16.3% on the strength of about 350,000 sf of positive net absorption.

CHARLOTTE, NC-American Financial Realty Trust of Jenkintown, PA, buys the 92%-leased 101 Independence Center here from Atlanta-based Cousins Properties. The deal includes the assumption of $43.3 million in debt on the class A property, which is 68% leased by Bank of America through 2021.

TOKYO-On behalf of its global mutual property fund, Deka Immobilien Investment GmbH pays about 75 million euros ($90.3 million) for an 8,300-sm (89,340-sf), fully leased retail building whose single tenant is the locally based Don Quijote discount department store chain.

SACRAMENTO-The California State Teachers' Retirement System takes out a $118-million loan package on the Dermody Industrial Group portfolio of warehouses and buys out the California Public Employees' Retirement System, which had been an investor in the portfolio.

PORTLAND-A group of local physicians have acquired the 118,500-sf Woodland Park Hospital located at Northeast 102nd Avenue and Hancock Street out of bankruptcy. They plan to reopen the facility in November.

SAN FRANCISCO-Number crunching by the Chicago-based office REIT finds that 72% of its new and renewal lease activity in the Bay Area during the first five months of the year was for spaces of 5,000 sf or less. Nationwide, the number is closer to 75%.

PORTLAND-The city council here authorizes the city's urban renewal agency, the Portland Development Commission to acquire Block 8 in Old Town for a new fire station that it believes will generate hundreds of millions of private investment in the area when combined with a redeveloped Ankeny Plaza.