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IRVINE, Calif., April 5, 2021 /PRNewswire/ Shopoff Realty Investments ( Shopoff ), a national manager of opportunistic and value-add real estate investments, announced today that the company has secured a $105 million construction loan from Bank OZK for its I-10 Logistics Center project, located near the I-10 freeway and Cherry Valley Boulevard interchange. The project is a joint venture partnership between Shopoff Realty Investments and Artemis Real Estate Partners. This project represents one of the few opportunities to develop much-needed logistics product in Southern California, explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. We believe this state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require large buildings to meet demand.
MainStreet Property Group sold the 139-unit
Bond apartments last fall for almost $66 million, with leasing still underway. The buyer of the midrise project, near Marymoor Park, was an LLC related to
G.W. Williams Co., of the Bay Area, which is quite active in Redmond. G.W. Williams took legal possession last month via a 1031 exchange, with
Walker & Dunlap arranging an over $33 million loan from Fannie Mae. Now
Highland Realty Capital, based in the greater Los Angeles area, has separately announced that it secured a nearly $43 million loan from an unnamed lender. King County didn t record that transaction, but that raises the overall property value to about $76 million.