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Aperture was the first residential project to be built since the city adopted the San Bruno Transit Corridors Specific plan in 2013 to revitalize the area near Caltrain, and Sares Regis recently closed escrow on its sale.
McCarthy Building Companies Inc. completed a portion of the construction of the Technical Operations Maintenance Hangar, self-performing the earth work, utilities and concrete on the project.
The Altman Family, who disposed of the real estate from its portfolio, had a 75,000-square-foot warehouse on the land. B6 Real Estate Advisors and Cushman & Wakefield represented on behalf of the seller.
"We don't see a big economic downturn in 2020. The CRE market will hold its own," says Mitti Liebersohn, president and managing director of New York operations at Avison Young.
The $71.28 million permanent FHA financing enables the borrower to exit an initial bridge loan used for the purchase in November 2017 and to continue with large scale renovations.
Together, the MGM Grand and Mandalay Bay comprise 9,743 rooms, three million square feet of meeting space and 300,000 square feet of casino space across 226 acres on the Las Vegas Strip.