July 29, 2010
$55 MILLION RENOVATION UNDER WAY AT MOSCONE CENTER IN SAN FRANCISCO
SAN FRANCISCO — The first phase of a 2-year renovation project commences in August at Moscone Center, San Francisco's largest convention facility. The $55 million project includes cosmetic improvements to the main exhibit halls, A, B and C, and minor HVAC work in the North meeting rooms. The second phase, which will begin in December, include cosmetic upgrades to selected restrooms and the renovation of meeting rooms in Moscone North. Built in 1981 and most recently expanded in 2003, the 20-acre convention complex consists of three main buildings — Moscone North, South and West — totaling more than 2 million square feet and offering 740,000 square feet of meeting and exhibition space. The renovation project is being funded by the City of San Francisco, providing $35 million, and the San Francisco Tourism District Management Corp., which is providing $20 million. Jones Lang LaSalle's Project and Development Services group has been selected to manage the project.
NORTH HOLLYWOOD MULTIFAMILY PROPERTY FETCHES $7.6 MILLION
NORTH HOLLYWOOD, CALIF. — Los Angeles-based 6101 Clybourn LP has acquired Provence Way Apartments in North Hollywood for $7.6 million. Located at 6101-6125 Clybourn Ave., the 88-unit property offers 27 one-bedroom/one-bath units and 67 two-bedroom/one-bath units. Additionally, the property features a playground, barbecue grills and landscaped courtyards. Darin Beebower of Madison Partners represented the buyer and the seller, Valley Associates, in the transaction. Brian Eisendrath of CB Richard Ellis Capital Markets secured 10-year, fixed-rate financing through Freddie Mac for the buyer.
$49.8 MILLION LOAN CLOSED FOR SIMI VALLEY MULTIFAMILY PROPERTY
SIMI VALLEY, CALIF. — Walker & Dunlop has provided a $49.8 million loan for the refinancing of the Villas - Overlook at Wood Ranch, which is located in Simi Valley. Built in 1986, the 504-unit garden-style apartment community consists of 31 two-story residential buildings on a total of 23.15 acres. Community amenities include three swimming pools, three spas, two tennis courts, a fitness center, a putting green, three laundry facilities and a parking garage. At the time of closing, the property was 94.3 percent occupied. The 7-year loan has a 30-year amortization schedule. The loan was underwritten to a 59.7 percent loan-to-value with a 1.21x debt-service coverage ratio. Additionally, the loan retired $36 million in variable tax-exempt bond financing and a Freddie Mac conventional supplemental loan. Verne Murray and Jeffrey Burns of Walker & Dunlop originated the loan.