Finance & RE Law Archives

Can low interest rates harm Arizona market?

There are times in your life when something wonderful drops in your lap – like an adorable Great Dane puppy on Christmas morning. The puppy is so cute that you fall in love immediately, and never think about how large that Great Dane will become or how that dog will take over your life, destroying… Read More →

Karlin Real Estate Funds $96 Million in Senior Debt

In two separate financings, Karlin Real Estate has funded $96 million in first mortgage debt to refinance resort properties in Arizona and Colorado. Karlin Real Estate has provided affiliates of IMH Financial Corporation (IMH) with $50 million in senior debt to refinance the L’Auberge de Sedona (L’Auberge) and the Orchards Inn, two adjacent hotel properties… Read More →

The legality of drones in commercial real estate

drone

Equipped with a high-tech camera that takes photos and shoots aerial footage, Unmanned Aerial Vehicles(UAV) might seem appealing to local real estate companies, but the legality of their use remains up in the air when it comes to commercial realty. Motorized aircrafts are traditionally used for leisure activities, but UAVs are increasingly taking flight to… Read More →

Central Arizona CCIM chapter elects 2015 board

CCIM Central Arizona Chapter Logo

The Central Arizona CCIM Chapter announced the results of its election of 2015 officers and board members. The 2015 officers include: David Miller, CCIM (president); Bobbie Mastracci, CCIM (vice president-president elect); Jenette Bennett, CCIM (secretary/treasurer); and Scott Fey, CCIM (immediate past president). The board members are: Neal Churney, CCIM; Steven Crane, CCIM; Alan Davidson, CCIM;… Read More →

Wood Partners to develop 220-unit apartment complex downtown

345N7thAve_AerialView

A venture formed by Wood Partners in Marietta, Ga. (Ryan Dearborn, CEO) plans to develop 220 apartments at the southeast corner of N. 7th Avenue and W. Fillmore Street in downtown Phoenix. ALTA Fillmore LLC (Wood Partners entity) assembled the 4.09-acre site in two cash transactions totaling just under $4.8 million. Morgensen Inc. in Cody,… Read More →

IREM, CCIM announce 9th annual CRE Economic Forecast

Economic Forecast

IREM and CCIM will present the 9th annual commercial real estate Economic Forecast at the Tempe Center of the Performing Arts on Thursday, Jan. 15, 2015. IREM and CCIM will begin the program by honoring Jerry Colangelo, who will be recognized as the Person of the Year by the organizations. The panel discussion will be… Read More →

Old School O7 sells for $6.1M

OldSchool07, WEB

Joe Compagno of CBRE has sold Old School O7, considered one of the most unique urban infill redevelopment projects in Phoenix. The 9,293-square-foot shopping center commanded a sale price of $6.1 million – or $656 per square foot – and a cap rate of 5.5 percent. The tenants include Starbucks, the Z’Tejas restaurant-concept Taco Guild… Read More →

HFF closes $12.45M sale of Tempe distribution center

HFF, WEB

HFF announced Monday that it has closed the sale of Normal Junction Distribution Center, a two-building, 140,314 SF distribution center in Tempe, Ariz. HFF marketed the property on behalf of the seller, American Realty Advisors.  Industrial Property Trust purchased the center for $12.452 million free and clear of existing debt. Normal Junction Distribution Center is… Read More →

ASU law school to break ground next week

ASU's Arizona Center for Law and Society

The official groundbreaking for Arizona State University’s new $129 million law school building in downtown Phoenix, the Arizona Center for Law and Society, is set for Nov. 13. The ceremony will take place at the northwest corner of Taylor and First streets starting at 8 a.m. Attending the ceremony will be ASU President Michael M.… Read More →

Multifamily lending update: Quality over quantity

Silhouette of man with money

By Charlie Williams, Senior vice president, Berkadia   What do developers and investors have to be able to show lenders to improve their odds of getting financed? It is important that the major aspects of the developer’s business plan are viable and supportable. Lenders are not interested in relying on any assumption of a home run… Read More →

BKM Capital Partners acquires three industrial parks

Black Canyon 8024 N. 24th Avenue, BKM Capital, WEB

BKM Capital Partners has acquired three multi-tenant industrial parks with a combined capitalization of $42.8 million on behalf of BKM Industrial Value Fund I, LP, according to Brian Malliet, CEO and Co-Founder of BKM. These are the first three assets to be included in the commingled fund, which targets final close in March 2015, and intends… Read More →

HFF arranges acquisition financing for Camelback Center

HFF OM - Camelback Center

HFF announced it has arranged acquisition financing for Camelback Center, a 32,963-square-foot, CVS-anchored retail center in Phoenix. HFF worked on behalf of a private real estate fund advised by Crow Holdings Capital- Real Estate to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance, LLC.  Loan proceeds were used to acquire the property. Camelback… Read More →

NorthMarq arranges $21.4M loan for Lion’s Ridge Apartments

Lion's Ridge Apartments

John Kinser, vice president and Luke Donahue, senior vice president of NorthMarq Capital’s Phoenix office collaborated with David Link, senior vice president/senior director of NorthMarq Capital’s Denver office to secure a $21,377,000 construction loan for Lion’s Ridge Apartments, a 114-unit, workforce housing, multifamily development located at 1280 North Frontage Road, Vail, Colorado. NorthMarq arranged the… Read More →

Berkadia negotiates $21.5M for multifamily acquisition

Sierra Ranch Apartments Photo, Berkadia, WEB

The Phoenix office of Berkadia Commercial Mortgage LLC (Berkadia) recently negotiated the financing and acquisition of Sierra Ranch Apartments, a multifamily property located in Phoenix. Senior Vice President Charlie Williams worked with the borrower to secure a $21.5 million, 10-year, fixed-rate acquisition loan through a life company correspondent, while Senior Partner Mark Forrester and Partner… Read More →