SimonMed is pursuing a permit to build a 239-unit apartment complex and 13,000 square feet of office space near the Glendale sports and entertainment district (photo).

The Phoenix Business Journal reports the new proposal would be developed in two phases and include two four-story buildings, a clubhouse and amenities such as pools, seating areas and kitchens. A standalone retail building will also go up along 99th Avenue and could be used for galleries, medical offices, coffee shops and microbreweries. TriArc Architecture & Design is the architect.

Nearby, the city has been working to prepare 200 acres for a master-planned commercial development with offices, retail areas, hotels, and high-density housing. The development would take several years and be in multiple phases.

Marcus & Millichap Capital Corporation (MMCC) arranged $11,200,000 to refinance a JoAnn Fabrics and Crafts store located at 1000 S. Central Ave. in Glendale. Terms of the 10-year loan include a 5.97% interest rate with 30-years amortization and a 50% loan-to-value.

Ron Balys, SVP, capital markets based in MMCC’s Orange County office, secured the financing with a local credit union on behalf of a private client.

“We were able to work with a lender who understood JoAnn’s financial situation, which was imperative to the closing of this refinance,” said Balys. “JoAnn’s filed for bankruptcy the day before funding and the lender held their commitment to fund the loan. The property is located in the heart of Glendale, which has proven to be one of the strongest real estate markets in the country.”

How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.