DEALTRACKER

CARLSBAD, CA—Meridian Capital Group has arranged $8.5 million in financing for The Boardwalk, a shopping center property focused on attracting restaurants and casual dining in Cypress, CA, on behalf of The Festival Companies. The 10-year CMBS loan features a competitive rate. Meridian Managing director Seth Grossman and Associate Andy Strauss in the company's Carlsbad, CA office secured the funding on behalf of the borrower. Located at 5895 Katella Avenue, the property is a single-story, 13,700-square-foot building occupied by seven tenants.

SAN DIEGO, CA—Touchstone Communities has acquired 75 acres of former agricultural land in the Valley Center area of San Diego, California, for $6 million from Konyn Dairy. Touchstone will develop a brand new mixed-use residential community, known as Park Circle, on the land site, and it will be the heart of the emerging Valley Center village core. Located at the northwest corner of Valley Center Road and Mira de Valle, the North San Diego County property was previously operated as the Konyn Dairy. Terry Jackson, Matt Davis, and Curtis Buono of Cushman & Wakefield's Land Advisory Group in San Diego successfully represented both parties in the transaction.

LONG BEACH, CA—Bellwether Enterprise Real Estate Capital LLC has closed a $32 million Fannie Mae Structured ARM loan for Lofts at Promenade Apartments in downtown Long Beach, California. The financing will help bring top-notch updates to the apartment building, which is a focal point in the booming area. The property is mid-rise, mixed-use transit-oriented development multifamily property located along the recently revitalized Promenade in coastal downtown Long Beach, California. Jason Krupoff, Senior Vice President of Bellwether Enterprise in the Irvine office, arranged the 10-year term loan with maximum interest-only, flexible prepayment, and the option to convert to a fixed-rate mortgage after the first year. Through Fannie Mae's Green Rewards Program, the borrower will be implementing water-saving features in all units, lowering costs for both the tenants and owners.

SAN DIEGO—MG Properties Group has acquired Lakeview at Superstition Springs Apartments in Mesa, AZ, a 676-unit apartment complex, for $101 million. The property was built in two phases between 1995 and 1998 within the Superstition Springs Master plan. The property offers excellent drive-by visibility from two major cross-streets and is surrounded by some of the East Valley's largest employers. Lakeview is situated on over 38 acres featuring five lakes and walking paths throughout. The property offers a unit mix of one-, two-, and three bedroom units including townhomes. Other resort-style amenities include four swimming pools and spas, a fitness center, two resident clubhouses and lakeside ramadas with barbeques. MG Properties Group plans to continue the interior upgrade program in progress and enhance common area amenities. The sellers were represented by Tyler Anderson, Sean Cunningham, Asher Gunther and Matt Pesch of CBRE. The acquisition was financed with a $70.7M Fannie Mae Loan arranged by Rocco Mandala of CBRE.

CARLSBAD, CA—Meridian Capital Group has arranged $6.8 million in financing for an office-industrial flex space in San Diego, CA, on behalf of a locally based private real estate investment company. The 24-month loan, provided by a balance sheet lender, features interest-only payments and was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Jackie Tran who are both based in the company's Carlsbad, CA office. The property, located at 10170 Sorrento Valley Road, is a two-story, 40,811 square foot building that is now home to the California headquarters of Lighthouse Strategies, LLC. Well-situated in the Sorrento Valley and Sorrento Mesa submarkets, the property is a short distance from major transportation routes, including Interstate 805 and Interstate 5, and in close proximity to restaurants, cafes, banks, and shopping.

LOS ANGELES—An industrial building at The Campus in Eastvale, CA, has traded hands. CBRE's Ryan Athens and Hunter McDonald represented the buyer, Parker House Furniture, which plans to utilize the site as one of their distribution facilities. Located at 6300 Providence Way, this 271,140 square-foot warehouse is part of The Campus development which is comprised of ten state-of-the-art warehouses and distribution facilities, totaling 733,688 square feet. The Campus, which offers an ideal location for manufacturing, warehousing, and distribution companies, features 32-foot clearance, a ESFR sprinkle system, ample loading, LED warehouse lighting, and large secured yards. It is also in proximity to the I-15 and SR60 freeways. Future retail amenities are in the works to accompany The Campus.

HUNTINGTON BEACH, CA—A 40,532 square-foot industrial facility in Huntington Beach, California, has traded hands for $7.2 million. The buyer, a family-owned electronic vaping business, will occupy 100% of the property, which will be used as a product manufacturing and distribution facility. Mike Barreiro, EVP, and Andrew Lara at DAUM's Orange County office, represented the buyer in the deal.

LOS ANGELES— iBorrow has provided a $16.5 million loan cross-collateralized by two separate assisted living facilities in Tarzana, California and Orange County, California, respectively. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties were built in 1974 and were recently renovated in 2016. They are both private pay and offer a continuum of care services to the residents. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds.