SAN DIEGO, CALIF.– Cushman & Wakefield Senior Housing Capital Markets has arranged a $13M refinancing for The Palazzo, a 327-unit rental continuum community located in Phoenix, Arizona. The property is owned by a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting, LLC (the “Borrower”).

Located in a heavily trafficked area of northern Phoenix, The Palazzo was originally acquired in 2017 by the Borrower and expands over a 14-acre campus. The property has recently undergone an extensive $10M renovation/repositioning plan and the refinance will replace the original acquisition financing while current ownership finishes executing their business plan.

The community is a full continuum rental community comprised of two towers, each of which stand three stories and totals approximately 335,00 SF comprised of 100 IL units, 171 AL units, 29 MC beds, and 60 SNF beds for a total of 360 beds and “neighborhood” style commons areas with kitchen, dining, activity and outdoor space available.

“We were pleased to be able to arrange a refinance with favorable terms in a very challenging capital markets environment,” said Aaron Rosenzweig, managing director at Cushman & Wakefield.

The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Director Dan Baker, and Associate Bailey Nygard.

TUCSON, ARIZONA — The Rio Nuevo Board unanimously approved the next steps in its Tucson Convention Center (TCC) revitalization project. These will advance more than $4.5 million in continued Information Technology (IT) upgrades and meeting room additions that will match any similarly sized convention center around the country and ultimately separate the TCC from its competition.

“When we have a master plan in place, it allows TPI to also work with potential revenue sources that could cover the cost of some improvements,” said Chris Sheafe, Rio Nuevo Board Treasurer.

• Increase Wi-Fi and digital systems throughout the TCC to support future needs for conventions and trade shows that have grown from the COVID Pandemic
• Design and construction of additional meeting rooms resulting in a total of 10 rooms providing even more options for future use
• Upgrade the outside lighting to conform with the City of Tucson’s Dark-Sky Ordinance

In other business, the Board unanimously voted to replace the arena dasher boards that make up the bottom portion of the barrier that surround both the ice rink and the indoor football field. This change to a high-density polyethylene will ultimately be required as a safety measure. Reserves that have been set aside from tickets sales will cover the cost.

More information on these projects and downtown can be found at RioNuevo.org

Multifamily portfolio consists of 305 total units

Phoenix, Arizona – CBRE’s Capital Markets’ Debt & Structured Finance team announced it arranged a $39.7 million loan for the purchase of two multifamily properties in Phoenix, The Vicinity and Ascent 1829.

Dana Summers, Doug Birrell, Robert Ybarra, Bruce Francis and Shaun Moothart of CBRE arranged the 5-year loan with MF1 Capital on behalf of the buyer, a private investor.

The Vicinity is located at 6131 N. 16th Street and was originally built in 1975. The complex is comprised of 10 multi-story buildings with a total of 125 units. Amenities include pool, clubhouse, barbecue area, laundry facilities and fitness center.

Originally built in 1980, Ascent 1829 is located at 1829 E. Morten Avenue and is comprised of 16 two-story buildings with a total of 180 units. Amenities include pool, barbecue and picnic area, cabanas, laundry facilities, fitness center, dog park and outdoor firepit.

The communities are within two miles of each other and are both adjacent to AZ-51, a major freeway that connects to the rest of the Phoenix metropolitan area. The assets are within 9 miles of both Downtown Phoenix and Phoenix Sky Harbor International Airport.

“The acquisition of The Vicinity and Ascent 1829 is a value-add play, whereby units will be upgraded, and value will be created by doing substantial unit renovations,” said Summers. “The buyer plans to spend approximately $18,000 per door on unrenovated units to further improve the quality of the assets and generate superior value.”

Birrell added, “Due to the two properties being in proximity to each other and in the same submarket, the borrower plans to create efficiencies by consolidating management and maintenance.”