LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the loan to refinance debt on The View, a 13-story building in the Koreatown neighborhood of Los Angeles. The View features 158 studio, one- and two-bedroom units in a variety of floorplans. The View was originally built in 1965. CIM Group acquired the property in August 2013 following the completion of a comprehensive renovation. MWest and BGO purchased the …
LATHROP, CALIF. — JLL Capital Markets has arranged $51 million in construction takeout financing for Mossdale Landing Apartments, a garden-style community in Lathrop. A JLL Capital Markets Advisory Team led by Jeff Sause, Lillian Roos and Jalynn Borders arranged the three-year bridge loan through MF1 Capital. The borrower was Mossdale Landing Owner LLC, a company that is comprised of Rubik Built, Wright Equities and The Grupe Co. Recently completed in summer, Mossdale Landing Apartments features 204 units across 10 buildings. Units come in one-, two- and three-bedroom layouts. Amenities include …
LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.
SAN FRANCISCO — The net operating income (NOI) of properties financed by low-income housing tax credit (LIHTC) equity increased by 7.4 percent in 2022, according to a report from Novogradac, a San Francisco-based accounting firm focused on real estate and community development. The NOI at these properties surpassed the inflation rate, which was 6.8 percent from December 2021 to December 2022, as the nation emerged from the worst of the COVID-19 pandemic. The 2023 LIHTC and Operating Expenses Report — published by Novogradac — tracked data from more than 186,000 affordable housing …
WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has acquired The Boulders Apartments in Walnut Creek, a city located within the San Francisco Bay Area. Institutional Property Advisors’ Northern California team brokered the deal. GCG purchased the property from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. The Boulders Apartments was built in 1972. The community offers 164 apartments in one- and two-bedroom layouts. Units feature washers and dryers, vinyl …
LOS ANGELES — Marcus & Millichap has arranged the $2.6 million sale of a building located at 1807 S. New Hampshire Ave. in Los Angeles’s Pico Union neighborhood. The property was built in 2021 and features four four-bedroom apartments. The fourplex is not subject to Los Angeles’ rent control laws. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released.
FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the $7.6 million sale of two properties in northern Orange County, California. The properties, which total 24 units altogether, were sold to two separate buyers. In the first transaction, CBRE’s Dan Blackwell and Amanda Fielder represented the buyer in the acquisition of a property located at1801 and 1809 East Wilshire Avenue in Fullerton. The asset traded hands for $4.2 million. The asset was originally built in 1958 on a 0.4-acre site and offers 16 one-bedroom apartments. The buyer was based in …
OAKLAND, CALIF. — East Bay Asian Local Development and Abode Housing Development have broken ground on The Phoenix, a 101-unit affordable housing development in Oakland. The project will develop a former industrial manufacturing site into a 44,179-square-foot residential building and a 7,300-square-foot community building with amenities such as a computer lab, community rooms, bike storage and social service offices. Units will come in studio-, one- and two-bedroom floor plans. Half of the units will be reserved for formerly unhoused individuals earning between 15 and 30 percent of the area median …
LAS VEGAS — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS financing for the acquisition of Intrigue Apartments, a 193-unit workforce housing community in Las Vegas. David Bleiweiss originated the loan, which featured a seven-year term with four years of interest only followed by a 30-year amortization schedule. NewPoint provided the loan through Fannie Mae’s Sponsor-Dedicated Workforce (SDW) program. Through the SDW program, borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent …
ESCONDIDO, CALIF. — CBRE has brokered the sale of a property at 419 W. 4th Ave. in Escondido. Dan Blackwell and Amanda fielder represented the San Diego-based seller in a 1031 exchange. The buyer was based in Orange County, California. Built in 1981, the building rises two stories on 0.17 acres near Escondido’s historic downtown area. The community consists of three one-bedroom units, two two-bedroom units and an on-site laundry facility. The property underwent exterior renovations, including a new roof, earlier this year.