Western

Portico-Long-Beach
CaliforniaDevelopmentNewsWestern

JPI Breaks Ground on $150 Million First Phase of Mall Redevelopment in Long Beach

by Lynn Peisner

LONG BEACH, CALIF. — JPI has broken ground on Portico, a 272-unit project with 18,841 square feet of ground-level retail. The $150 million development marks Phase I of a master plan for Mosaic, which is the redevelopment of the former City Place Long Beach shopping center. Completion of the eight-story building is slated for June 2028. City Place Long Beach was developed in the 1990s on about 14 acres in downtown Long Beach. The site was cleared earlier this year. Units will be offered as studios through three-bedroom floor plans …

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North-Park-Living-North-Las-Vegas
FinanceNevadaNewsWestern

Walker & Dunlop Arranges $75 Million Refinancing Loan for North Las Vegas Asset

by Lynn Peisner

NORTH LAS VEGAS, NEV. — Walker & Dunlop has arranged a $75 million loan to refinance North Park Living, a 380-unit property in North Las Vegas. SRB Living was the borrower. Benefit Street Partners was the lender for the floating-rate, interest-only loan. Walker & Dunlop’s team was led by Justin Nelson, Eric Norris, PJ Feichtmeier and Jared Diedrich. North Park Living consists of one-, two- and three-bedroom floor plans and amenities such as business and fitness centers, a resort-style pool, indoor and outdoor resident lounges and an entertaining kitchen and …

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The-Edmond-Denver
ColoradoFinanceNewsWestern

Joint Venture Obtains $54 Million ReFi for Edmond Curtis Park in Denver

by Lynn Peisner

DENVER — JLL has arranged a $54 million loan for borrowers Corum Real Estate Group, Prado Group and Ceolo Capital, owners of Edmond Curtis Park in Denver. The 185-unit property is in the Curtis Park neighborhood, known for 19th century-era houses, restaurants, breweries and galleries. The three-year, floating-rate refinancing loan was provided by Varde Partners. JLL Capital Market’s debt advisory team representing the borrowers was led by Kristian Lichtenfels and Ellie Savage. The Edmond was developed in 2025 on 1.7 acres. Amenities include a secure parking garage, community lounge, a …

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The-Irving-Denver
Affordable HousingColoradoDevelopmentNewsOperationsWestern

ULC Opens Its First Ground-Up Affordable Housing Development in Denver

by Lynn Peisner

DENVER — Urban Land Conservancy (ULC), a Denver-based affordable housing nonprofit, has completed construction and opened The Irving at Mile High Vista in Denver’s West Colfax neighborhood. Located at 3.270 W. Colfax Ave., the 102-unit community serves households earning up to 20 to 80 percent of area median income. With ULC’s ownership of the land through a community land trust, affordability is guaranteed for 99 years. The Irving is adjacent to the Denver Public Library’s Corky Gonzales branch. The architect was Studio Completiva, and the general contractor was Pinkard Construction. …

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KeyBank-SLC
Affordable HousingDevelopmentFinanceNewsUtahWestern

KeyBank Secures $43.3 Million for Two Salt Lake City Affordable Housing Developments

by Lynn Peisner

SALT LAKE CITY — KeyBank has secured $43.3 million in financing on behalf of the Housing Authority of Salt Lake City for a redevelopment and an adjacent ground-up affordable housing construction project. The projects include Sunrise Metro, a renovation of an existing 100-unit, four-story structure with the addition of 18 new units to the second floor, and Atkinson Stacks, a 100-unit new-construction building. KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie …

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Vertical-East-Tucson
ArizonaInvestment SalesNewsWestern

Investors Capital Group Acquires Vertical East in Tucson for $22 Million

by Lynn Peisner

TUCSON, ARIZ. — Vertical Street Ventures has sold Vertical East Apartments in Tucson to Seattle-based Investors Capital Group for $22 million. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller. The property was developed in 2001 and is comprised of two- and three-bedroom floor plans. Community-wide amenities include a pool and hot tub, a picnic area and a dog park.

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Fletcher-Southlands-Aurora
ColoradoFinanceInvestment SalesNewsWestern

Kennedy Wilson Buys The Fletcher Southlands in Aurora, Colorado, for $94.8 Million, Secures $61.8 Million Acquisition Loan

by Lynn Peisner

AURORA, COLO. — Kennedy Wilson (NYSE: KW) has acquired The Fletcher Southlands in Aurora’s Southlands submarket for approximately $94.8 million from CBRE Global Investors. JLL Capital Markets has arranged a $61.8 million Freddie Mac acquisition loan for Kennedy Wilson. The Fletcher Southlands, located at 22959 E. Smoky Hill Road, was built in 2001 on a 23-acre site and features one- to four-bedroom units and amenities that include a pool and hot tub, fitness and business centers, a gaming area, covered parking, a dog park, package lockers, grills, valet trash services, …

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maddox-sunnyvale-California
CaliforniaInvestment SalesNewsWashingtonWestern

IEC, PGIM Buy Four-Property Portfolio for $272 Million

by Lynn Peisner

LOS ALTOS, CALIF. — Interstate Equities Corp. (IEC), a Los Altos-based investor specializing in value-add assets in California and the Seattle metro area, has acquired a four-property portfolio for $272 million with joint venture partner PGIM. Mesa West Capital provided a $201.5 million acquisition loan arranged by Eastdil Secured. The assets, developed between 1987 and 2015, are The Maddox (184 units) in Sunnyvale, California; Catalyst Mountain View (149 units) in Mountain View, California; Cirrus Redwood City (141 units) in Redwood City, California; and Cumulus SLU (100 units) in Seattle. IEC …

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Blosser-Ranch-Santa-Maria
CaliforniaDevelopmentNewsWestern

Priority Capital Arranges $174 Million for Phase I of Blosser Ranch in Santa Maria, California

by Lynn Peisner

SANTA MARIA, CALIF. — Zachary Streit, founder and president of Priority Capital Advisory, has arranged $174 million in financing for Canfield Development’s 160-acre master-planned project Blosser Ranch in Santa Maria. The loans will fund the first phase of construction: a 302-unit, three-story garden-style multifamily community set on 12 acres. The to-be-named property will be comprised of one-, two- and three-bedroom units and such amenities as a pool and hot tub, a clubhouse, fitness and business centers, grills, firepits and a pet park. Construction is underway, and Canfield estimates the apartment …

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Bellwether-DTC
ColoradoDevelopmentLeasing & MarketingNewsWestern

Opus, Miller Global Properties Complete The Bellwether in Denver Tech Center

by Lynn Peisner

DENVER — Co-developers Opus and Miller Global Properties have completed The Bellwether, a LEED-certified, 253-unit property located within the Denver Tech Center. The 908-acre office park is home to approximately 1,000 companies and hotels, restaurants, event venues, golf courses and multifamily housing. The community was developed on the site of a former parking lot. Opus and Miller Global Properties developed the property in a joint venture with Principal Asset Management. Opus was also the design-builder and architect of record on the project, and Lamar Johnson Collaborative was the interior designer. …

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