DENVER, CO-Granite Peak Partners of Santa Barbara, CA has closed escrow on two Denver apartment complexes, 79-unit Cherry Point Apartments and 137-unit Lancelot Apartments, for $15.63 million. Dan Woodward and Jordan Robbins in CBRE’s Denver office represented both the buyer and seller. Both properties are located within four miles of the Denver downtown area. "Denver is a lifestyle market that has strong rental market fundamentals and favorable demographics," says Bruce Savett, a Granite Peak principal.

The purchases were made through Granite Peak Partners' Growth and Income Fund II. The fund is designed for investors seeking current cash flow and future appreciation at the end of an estimated five-year holding period.  

FINANCINGS

LOS ANGELES–Marcus & Millichap Capital Corp. arranged $14.05 million refinancing with an interest-only loan for a three-building, 92-unit apartment portfolio in Southern California. Dan Litman, a vice president in the firm’s West LA office, arranged the loan for an unnamed owner. The firm located a lender willing to provide a five-year fixed, interest-only loan. The loan arranger was also able to obtain two further concessions from the unnamed lender: “The options were a non-LIBOR adjustable index after the fixed term, and a 10% per year principal pay down without penalty,” he adds. The loan interest rate is just below 4.23% and the loan-to-value ratio is 65.

RANCHO CUCAMONGA, CA–HFF has arranged $42 million financing for the fourth phase of Homecoming at Terra Vista, an 868-unit multi-housing community within the master planned community of Terra Vista  in this Inland Empire city. On behalf of the owner, Lewis Operating Corp., HFF placed the nine-year, fixed-rate loan with Prudential Mortgage Capital Co. The property was debt-free prior to the loan.  HFF arranged financing for the first three phases of Terra Vista through  Freddie Mac. This is the third transaction HFF has arranged for Lewis Operating Corp with Prudential in 2011.  Completed in 2010, the 241-umit fourth phase is currently 95.8% leased.  The team representing Lewis was Don Curtis and Charles Halladay. The Lewis Group of Cos. has developed more than 65,000 single family homes and apartments and more than 14 million square feet of commercial space.

 SAN DIEGO-Knightsbridge Realty Capital has arranged $10.1 million of construction financing for a 35,900 square foot free-standing grocery store in San Diego on behalf of the landlord. The property is located on Main Street in the Barrio Logan area just south of downtown San Diego.The financing package consisted of a combination of senior construction financing, plus proceeds from the sale of  New Markets Tax Credits, a federal government program. The financial package was arranged through Wells Fargo and CT/KDF Community Development Partners, LLC. The New Markets Tax Credit program directs investment, new construction and substantial rehabilitation of properties in low-income areas. Knightsbridge principal Bill Campbell worked on the deal with Wells Fargo execs  Tracy Ericson and Mark Magdaleno, along with Sarah Woodward of CT/KDF. The tax credits were obtained  by CT/KDF Community Development Partners with Wells Fargo serving as the tax credit equity investor and sole lender.

BEVERLY HILLS, CA-CapitalSource Bank provided $16.8 million to Beverly Hills Apartments LLC for the purchase of Beverly Hills Triangle Apartment Portfolio, consisting of three Class “B” multifamily properties in the West Los Angeles-area city. The financing was processed and secured in 30 days. Beverly Hills Apartments LLC is a joint venture between Xenon Investment Corp. and L.A. Housing Solutions. The seller was not disclosed.

SALES/ACQUISITIONS

MISSION VIEJO, CA–Investors have purchased Trabuco Hills Professional Center, a 35,182 square foot medical office building on Santa Margarita Parkway for $7.76 million. John Bosko and George Economos with NAI Capital’s Orange County office, together with Geoff DeWolf of 360 Commercial, represented the buyer, Trabuco Medical Properties LLC, in sale negotiations, while Grubb & Ellis represented the seller, Trabuco Medical Building LLC. The recently completed, two-story medical office building was 92% leased at the time of sale, according to Bosko, who is staying on as the landlord rep for the building.

OXNARD, CA-An unnamed investor has purchased a 52,000-square-foot building out of foreclosure, with plans to spend a further $800,000 to re-establish an assisted living facility that had formerly operated on the property. John Battle, a principal of Lee & Associates LA North/Ventura Inc., represented the seller in the transaction. The sale price was within range of the most recent appraisal, so the broker was able to recoup what Battle calls “a fair value” for the seller, an affiliate of Bank of America,” Battle said. The sale price is not disclosed.

LEASES

PORTLAND, OR- Providence Health & Services leased 18,935 square feet at the 9450 Building on Barnes Road for its Providence Behavioral Health clinic. Thomas Fellman, of CBRE Portland represented  the owner, Suntek Properties LLC in this transaction.