SEATTLE — Washington Federal Bank, a wholly owned subsidiary of WaFd Inc., has sold approximately $2.8 billion of multifamily commercial real estate loans to Bank of America. Bank of America will sell the loans to funds managed by Pacific Investment Management Co. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger. The sale was executed at no loss to WaFd and provides immediate liquidity, according to the seller.
AVONDALE, ARIZ. — Trilogy Investment Co. and Cimbra Partners LLC have commenced site development at Rêve at Encanto West, a build-to-rent project comprising 84 townhomes in the Phoenix suburb of Avondale. Residences will come in three-bedroom layouts and feature two and half bathrooms, flexible space for a bedroom or office, stainless steel appliances, granite countertops and garages. Amenities will include a clubhouse with grilling stations and a pool.
DUBLIN, CALIF. — Cityview, an investment management and development firm based in Los Angeles, has acquired Tralee Village Apartments in the Oakland, California suburb of Dublin. Jason Parr of Berkadia brokered the deal. The seller was not disclosed. Tralee Village Apartments was originally built in 2011. Located at 6599 Dublin Boulevard, the three-story community features 130 units spread across two buildings. Apartments come in one-, two- and three-bedroom floor plans. The property also includes more than 30,000 square feet of curated ground-floor retail. Amenities include a pool and spa, fitness …
PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for Ray Phoenix, a 26-story building in downtown Phoenix. JLL worked on behalf of the borrowers, Ray and VeLa Development Partners, to secure the loan through an affiliate of RXR Realty Investments LLC. Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. Ray Phoenix will offer 401 units in studio, one- and two-bedroom floor plans. The community will also feature 20,000 square feet of amenity space, including a fitness center, yoga …
LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing for the recapitalization of Kanvas, a 67-unit community in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing through BOLOUR. EGC Real Estate Group was the borrower. The unit mix includes 13 studios, 33 one-bedroom and 21 two-bedroom apartments. Seven units are set aside as affordable. Amenities include a rooftop amenity deck, fitness center, courtyard, storage space, bicycle parking and underground and surface vehicle parking. The property also includes 1,105 square feet of ground-floor retail space.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of two properties in Huntington Beach: a fourplex at 321 22nd St. and the adjacent fourplex at 317 22nd St. Both assets sold for $2.7 million, resulting in a combined sales price of $5.4 million. Dan Blackwell and Mike O’Neill of CBRE represented both the buyer and seller in the two deals. The buyer was a private investor based in Westminster, California. The seller was based in Huntington Beach. Built in 1972, each of the two buildings spans 4,101 square feet. …
PUEBLO, COLO. — BWE has negotiated a $39.4 million HUD 221(d)(4) loan to facilitate the construction of Pueblo Springs, a 199-unit community in Pueblo. James Swanson of BWE’s Phoenix office originated the non-recourse, fully assumable loan, which features a 40 year, fully amortizing term. Pueblo Springs will offer amenities such as a clubhouse, fitness center, business center, community room, bike storage, pool, BBQ and picnic areas, walking paths, 24-hour emergency staff, and gated entry. The borrower and developer was Arizona-based ESH Development LLC. Colorado Structures Inc. is the general contractor …
LAS VEGAS — Northmarq has arranged the sale of Millennium East, a 236-unit community in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager sold the asset to a California-based real estate investment company for $52.7 million. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Freddie Mac. Millennium East …
PHOENIX — Tower Capital has arranged $23.1 million in permanent financing for the refinance of North Mountain Foothills, a 194-unit community in Phoenix. The borrower was an undisclosed repeat client of Tower Capital. North Mountain Foothills is situated at 1943 W. Aster Dr. The property was converted from a condominium after the borrower began purchasing the units between 2010 and 2012. The borrower has since renovated the interior and exterior of the property, along with significant mechanical, electrical and plumbing upgrades.
EATON, COLO. — JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton. Benjamin Square consists of 10 buildings. The property was completed in 1979 and 1980. Apartments come in one-bedroom layouts. Amenities include a laundry room, community lounge and covered gazebo. JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. Brikwell was also able to renew and extend the community’s Project-Based Section 8 HAP contract prior to acquisition and loan closing, allowing the property to …