This Week's LA Deal Sheet: Apartment Complex Near San Diego Gets $81M Refi
Walker & Dunlop arranged an $81M refinance for Enclave Heritage Flats, an apartment complex at 1800 Santa Carolina Road in San Diego County’s Chula Vista.
The 312-unit low-rise apartment complex contains one-, two- and three-bedroom floor plans, a pool and a movie theater.
The W&D Capital Markets team led by Gregory Richardson arranged the loan on behalf of the client, Baldwin and Sons LLC. Walker & Dunlop Investment Partners served as the lender, led by Andrew Yaroma, Kimberly Schmitz and Terri Magnani. The teams arranged a limited-recourse floating-rate loan.
PEOPLE
SRS Real Estate Partners is expanding its industrial services platform, hiring three industry professionals to work out of its Newport Beach office.
James deRegt joins SRS as senior vice president. He has more than 30 years of industry experience and has completed more than $1B in industrial deals. He specializes in industrial brokerage and investments in Orange, San Bernardino and Riverside counties. He was previously with Lee & Associates.
Nick Krakower, also from Lee & Associates, has been named senior vice president. Krakower specializes in industrial properties in the Orange County, Inland Empire and Mid-Counties markets. Additionally, R.J. Dumke joins SRS as an associate.
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Kidder Mathews hired Daniel Boring to its valuation advisory services as a senior vice president. In this role, Boring will lead the firm’s new service line for machinery and equipment appraisals across the country and serve clients in his litigation, agricultural and marine valuation practice.
Boring has more than 30 years of experience across industries, including agribusiness, natural resources and marine facilities. Before joining Kidder Mathews, he was the CEO of Lee & Associates valuation and consulting. He spent nearly a decade at CBRE before that.
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Cushman & Wakefield hired Shane Macedo as a senior director in San Diego. Macedo specializes in tenant representation and has experience working with major clients in the healthcare, life sciences and medical device sectors. Macedo will continue to specialize in these real estate segments and traditional office use.
During his career in commercial real estate, Macedo has closed more than 350 transactions totaling $1.5B. Macedo was previously with CBRE.
SALES
Bolour Associates sold a four-story, 71,500 SF office building near the 5 Freeway in Mission Viejo. A relatively new Brea-based company called Eagle Hua bought the property, Cerro at 27401 Los Altos, for $23.9M, the Orange County Business Journal reported.
JLL’s Blake Bokosky and Will Poulsen represented Bolour.
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221 N. Mountain Ave Holding LLC sold Willow Townhomes, a new 39-unit mulitfamily building at 221 N. Mountain Ave. in Ontario, to an undisclosed foreign investor for $17.4M. The property features one- and two-bedroom units averaging about 1K SF and amenities including private garages with electric vehicle charging stations.
CBRE’s Eric Chen, Blake Torgerson and Kevin Sin represented the seller.
CONSTRUCTION AND DEVELOPMENT
Orange County-based C&C Development broke ground on a 54-unit project in Buena Park that will help house people from designated high-need populations, including families and veterans. Of the 54 units, 13 are permanent supportive housing units for families and individuals with special needs.
The project combines funding from several sources, including the city of Buena Park and CalOptima Health, which is providing an $8M grant to support housing for Medi-Cal members.
FINANCING
Lightstone Capital has provided two loans totaling roughly $47.4M for the construction of two multifamily assets in San Diego.
One loan is a $29.8M mortgage to complete construction and lease-up for Kaya, an eight-story apartment property at 2700 Third Ave. in San Diego’s Banker’s Hill neighborhood. The 78-unit property is a mile from downtown San Diego.
The other property to receive financing is a 50-unit apartment project at 10211 Rancho Carmel Drive. Alliance Development Services Inc. received a $17.6M bridge loan to complete construction and lease up the property.
