Anca Gagiuc
Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com
Berkadia Secures $107M Financing Package for M-F Portfolio
Seven different multifamily properties located in the Las Vegas area recently received a financing boost. The Berkadia Commercial Mortgage LLC office in Orange County, CA issued a statement announcing that it had recently arranged financing worth a total of $102.9 million for a multifamily portfolio in the city.
Magnuson Hotels Announces the 400th Best Western Conversion, in New Mexico
The Magnuson Hotel and Suites Alamogordo, located south of Albuquerque, has recently been converted becoming the 400th Best Western the company is taking upon. Formerly the hotel was known as Best Western Desert Aire.
C.W. Driver Completes New Bloomingdale’s Store at Stanford Shopping Center
Contractor C.W. Driver recently completed work on the new Bloomingdale’s at the Stanford Shopping Center project in Palo Alto, Calif. The California-based company had been working on the project that replaced the old Bloomingdale’s store on El Camino Real since December 2013. The new retail building is an $18 million project that aimed at bringing a clean, modern design to the Stanford Shopping Center.
Huntington Oaks Delaware Partners Secures $71 Million in Financing for Shopping Center in Monrovia
Huntington Oaks Delaware Partners was recently awarded with a total of $71 million in financing from lender Bank of America. The financing deal was announced by LUCESCU REALTY, an investment real estate services firm that handled the process on behalf of the borrower. According to the official announcement, the developer required the financing of Huntington Oaks Shopping Center in the City of Monrovia, CA. The specifics of the financing package arranged by LUCESCU REALTY include a $60.5 million senior mortgage and a $10.5 million mezzanine loan that replace a $51 million mortgage from Wachovia Bank.
Victory Medical Center Landmark Expands Facilities by 60,000 SF
Victory Medical Center Landmark broke ground on 60,000 square-foot multi-use medical building, expanding its premier medical facilities. The new development is adjacent to its existing surgical hospital located at 1604 Loop in northwest San Antonio.
440-Unit Arbor Creek Property in Beaverton Trades Hands
Arbor Creek, a large multifamily property in Beaverton, OR recently traded hands. The new owner is Jackson Square Properties, an entity that acquired the residential asset from seller Holland Partner Group in a transaction that was arranged by commercial real estate and capital markets service provider Holiday Fenoglio Fowler. The HFF investment sales team that arranged the deal was led by director Ira Virden and associate director Kerry Hughes. Financial terms of the agreement were not released.
Moody National REIT Under Contract to Purchase Arboretum Hotel in Austin
Houston Mood National REIT I is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum located at 11617 Research Blvd. The offering is of $29,250,000, according to a news release.
Historic Motel and Old Town Parcel on Route 66 to Get $15.9M Makeover
A historic motel along Route 66, currently left to crumble, will get a consistent makeover as part of an ongoing plan to revitalize a section of the popular highway. The Pueblo-style El Vado Motel will begin transformation in 2016.
MIG Real Estate Acquires San Antonio’s The Marquis at Roger’s Ranch Apartment Community
California-based real estate investment company MIG Real Estate has announced the acquisition of the 246-unit residential community, The Marquis at Roger’s Ranch, in northwest San Antonio. The newly acquired property marks the company’s fifth investment in Texas multifamily properties. The price of the transaction has not been disclosed.
SpringHill Suites- Austin/Cedar Park Will Begin Development
The hospitality segment of Austin is preparing to welcome a new hotel. Worth Hotels LLC announced the development of SpringHill Suites – Austin/Cedar Park that will be located at 1110 Discovery Blvd. in Cedar Park. Worth Hotels LLC will be the developer and will operate the hotel after completion – opening is estimated for the 1st quarter of 2016.