FINANCING

IRVINE, CA- The secured revolving credit facility of Thompson National Properties Strategic Retail Trust, Inc. with KeyBank National Association has increased the aggregate lending commitment from $35 million to $45 million, with a temporary increase to $60 million through December 1. The facility includes an accordion feature that allows for an increase in commitments under the facility up to $150 million as TNP continues to grow. The retail-oriented REIT may use the expanded credit facility for acquisitions, investments in properties and real estate-related assets and other general working capital purposes. “We anticipate this increased flexibility from our expanded borrowing capacity will provide us with additional opportunities to compete for properties appropriate for [our] portfolio,” says TNP’s EVP and CFO James Wolford.

CASTLE ROCK, CO-CBRE Capital Markets in South Florida has secured financing via Freddie Mac for an acquisition loan of $40,560,000 on behalf of Miami-based Advenir for the acquisition of the Lodge at Castle Pines, a 356-unit multifamily community located here. Terms of the financing include a 120-month loan term, a 197-basis-point spread over the 10-year treasury yield, interest-only financing for 24 months and an amortization period of 360 months. The Lodge community, located at 520 Dale Court, was built in 2002 and sits on more than 28 acres. The total rentable square footage for the property is 384,702 square feet, with an average unit size of 1,800 square feet.

LAS VEGAS-Passco Companies LLC has negotiated a $25.8 million loan to refinance Silver City Plaza, a 41,583-square-foot neighborhood shopping center here. The loan was arranged through Jonathan Schurgin and Jeff Giudice with Cantor Commercial Real Estate, an affiliate of Cantor Fitzgerald, and was uniquely structured to accommodate a challenged market. Alan Clifton, VP strategic investments, represented Passco in the transaction. The center, which is situated on 1.92 acres at 3001 South Las Vegas Blvd., is located at the intersection of Las Vegas Blvd. and Convention Center Dr. on the northern end of the Strip, less than one block from the new $2.4-billion Wynn Las Vegas and Encore Resort and less than a mile from the Fashion Show Mall and Las Vegas Convention Center. Silver City Plaza is anchored by Ross Dress for Less and Walgreens. Other tenants include Denny’s restaurant, 7-Eleven, Paramount Marketing Consultants Inc. and the Crazy Ely gift shop.

SAN FRANCISCO-Latitude Management Real Estate Investors Inc. (formerly Legg Mason Real Estate Investors) has closed a $17.8-million bridge loan to facilitate the acquisition of 989 Market Street here by a locally based borrower, a firm that is experienced in owning and operating San Francisco real estate. The loan was made through Legg Mason Real Estate Capital II, a discretionary bridge mortgage real estate fund, and is collateralized by an 111,497-square-foot office building also located here. The borrower will use the tenant improvement and leasing reserve to facilitate lease-up of the property. The floating rate loan represents 57% of the appraised stabilized value and 64% of total cost. It includes a renovation reserve, and an interest reserve to cover debt service payments while the property is being renovated. The term of the loan is 36 months with one extension option and is pre-payable without penalty at any time, subject to yield maintenance.

LOS ANGELES-George Smith Partners has arranged financing on behalf of ADC Realty Group for the acquisition and construction of a 95-unit, multifamily property in West Los Angeles. The financing included $11.115 million in joint-venture and construction equity, according to GSP’s VP Jonathan Lee, who was assisted by GSP analyst Shine Cheng. “In taking this off-market transaction to potential investors and lenders, one of the challenges we faced at GSP was finding new construction rental comps in the area,” explains Lee. “While this was a disadvantage in our efforts to achieve financing, it did demonstrate to investors the great potential for this project as the first new multifamily construction in the immediate micro-market.”

DEVELOPMENT

NAPA, CA-Pacific Hospitality Group has completed a privately financed, $40 million, 19-month-long expansion to the Meritage Resort and Spa here, adding new amenities and 165 guestrooms and suites. Each of the new guestrooms and suites has a private patio or balcony. Also, the 7,300-square-foot Carneros Ballroom, the second largest in the Napa Valley, was added, along with Crush Ultra Lounge, a luxury sports themed bar with six bowling lanes.

LOS ANGELES-After sitting vacant for more than 20 years, the historic Linda Vista Hospital in the Boyle Heights community, originally built in the 1930s, will be redeveloped by AMCAL Multi-Housing into 97 affordable housing units for seniors, a community clinic and other community-serving amenities. Composed of three-story and seven-story buildings on a 3.5-acre landscaped site, the project will be built in two phases, with both planned for completion in 2013, says Percival Vaz, CEO of AMCAL. According to Wade Killefer, design/principal of Killefer Flammang Architects, Phase I, a former nurses’ dormitory, will have 23 studio and one-bedroom units, and the former main hospital building will have 74 studios, one-bedroom, and two bedroom units. The original structure has a stepped asymmetrical massing, traditional windows, red tile roofs and ornate ironwork and readily lends itself to this adaptive reuse.

LEASING

SAN DIEGO-Jones Lang LaSalle’s landlord leasing group recently completed three transactions totaling 31,415 square feet of space. Ideal Industries leased 17,466 square feet at Avenue of Science Center; the 65-month lease is valued at $1.1 million. Excel Mortgage Servicing Inc. leased 1,753 square feet at Beachwalk in Solana Beach; the 12-month lease is valued at $58,000. And Susco Media Inc. leased 12,196 square feet at Rancho Bernardo Tech Center; the 60-month lease is valued at $549,000.

PROPERTY MANAGEMENT

LOS ANGELES- Watt Properties has appointed Charles Dunn Co. as property manager for a nearly-526,000-square-foot, seven-property portfolio consisting of retail centers—six of them located in Los Angeles County and one in Ventura County. The properties range in size from nearly 11,000 square feet to more than 132,000 square feet. Romy Miura, senior portfolio manager with Charles Dunn, will oversee management on all seven locations with James Byun serving as assistant property manager.

DESIGN

LAS VEGAS-Jewelry store brand Hearts On Fire has opened a store at the Forum Shops here as part of its global expansion plans designed to transform the way consumers relate to and buy fine diamond jewelry. HOF retained 8 Inc., the architectural firm that designed and built Apple retail stores, to create its new retail concept, which includes eye-level transparent “jewel boxes” that replace long display cases and for the first time position the sales associate and customer on the “same side of the counter; a digital “knowledge wall” empowering consumers with knowledge and convenience to learn about all aspects of and interact with the Hearts On Fire brand; and an innovative “Community Table” that encourages shoppers to interact and confer with each other as they try on diamond jewelry – much like they would in a store’s fitting room. The Forum Shops location represents the first in Hearts On Fire’s international retail expansion strategy, which begins in premiere mall locations across the country. HOF’s plans call for 10-15 leases in premium locations by the end of 2013, in major metropolitan areas in the U.S. including Boston, Philadelphia and Los Angeles, as well as international locations including Singapore, Malaysia and Taiwan. The company expects to have 50-75 signed leases globally in the next five years.

EXECUTIVE MOVES

NEWPORT BEACH, CA- Craig Sullivan will join Twenty Four Seven Hotels, a regional hotel-management company in the Western U.S., as VP-business development. Sullivan will be based in the corporate headquarters in Fashion Island/Newport Beach and will be responsible for spearheading the company's efforts in securing third- party management contracts. He will report to CEO David Wani.

SALT LAKE CITY, UT-Marcus & Millichap Capital Corp. has named Colton Smith an associate director in the firm’s local office, according to William E. Hughes, SVP and managing director of MMCC. This is Smith’s second stint with MMCC; he was previously an associate director in MMCC’s Denver office from 2006 to 2010.

ENCINO, CA-NAI Capital hired five more brokers in the first quarter. John Aquino joins NAI Capital’s Encino office as a virtual broker most recently from California Oak Property Management Services in Ventura County and Merrill Lynch Real Estate. Brian Dunne joins the company’s West L.A. office, most recently from Grubb & Ellis, bringing more than 25 years of expertise in all aspects of commercial real estate including real estate management, advisory services, investments, land acquisition, development, financing and leasing. Jodi Shoemake joins the firm’s Pasadena office, most recently from CBRE’s urban retail team in its downtown Los Angeles corporate office, specializing in landlord and tenant representation. Roger Kinoshita joined NAI’s Orange County office, most recently from Grubb & Ellis, where he was involved in the investment properties practice group for Southern California. And Jerry Giglio joins the Orange County office, most recently from his position of VP at Grubb & Ellis and VP with CB Richard Ellis.

SAN FRANCISCO-Transwestern has hired David Ford to as SVP to head up the company’s property -management team here. Ford oversees the operations and expansion of the company’s management-services platform in Northern California and is responsible for all aspects of management services, including new-business development, service delivery, client relations, recruiting, and strategic expansion.