|
10/22/07
|
October 21, 2007 – Dwyer-Curlett Secures $17.8 Mil for Vegas Flex-Tech Buildings
Report also includes recent fundings from Newmark Realty Capital, Marcus & Millichap Capital Corp, NorthMarq and George Smith Partners
Dwyer-Curlett -- Thomas B. Kenny and Jeff Walls of Dwyer-Curlett arranged $17.8 mil in acquisition financing through Delaware Investments for two flex-tech properties located in Las Vegas. Situated on 8.6 acres, the collateral consists of two flex-tech properties totaling 98.1k sf. Both buildings are fully occupied by a single tenant and offer immediate proximity to McCarran International Airport, the Las Vegas Strip, I-15, and the 215 Beltway.
Newmark Realty Capital -- Newmark Realty Capital arranged acquisition financing of $28 mil for a mobile home community in Northern California. Located in an infill location and surrounded by residential development, the mobile home community is considered one of the largest in NoCal. Demetri M. Koston and George H. Mitsanas, both Principals of Newmark, structured the financing, which included a phased purchase-sale option. Specific terms were not disclosed.
Marcus & Millichap -- Marcus & Millichap Capital Corporation (MMCC) has arranged a $12.2 mil loan for the acquisition of Downey Pointe Apartments, a 96-unit apartment complex located at 7301 Florence Ave in Downey. Built in 1973, the property was renovated in 2006. Chad O’Connor of MMCC arranged the financing, which has a 70 percent loan-to-value ratio with an interest rate of 6.12 percent. The loan is fixed for 10 years with a 30-year amortization schedule and two years interest-only payments. According to O’Connor, there was $6,000 put toward each unit in order to increase its value and make it an attractive property in the local market.
NorthMarq Capital -- Michael Elmore of NorthMarq Capital arranged first mortgage financing in the amount of $5.1 mil for a 73k sf industrial facility located in Torrance. The financing was based on a 10-year term with one ten-year rate review, interest-only for 1.5 years followed by a 23.5-year amortization schedule. It was arranged for the borrower, Adma Associates L.P., through NorthMarq’s correspondent relationship with Nationwide.
The building has substantial deferred maintenance to be cured by the buyer after two short-term tenants vacate the building. The lender did not require any escrows or holdbacks. A guaranty was made by the borrower’s principals until the building is renovated and leased.
George Smith Partners -- Scott Bottles, Joshua Roseman and Kaleb Keller of George Smith Partners secured $10.7 mil in non-recourse refi money for a 125.9k sf flex-industrial property in Baldwin Park. The loan was at 68% loan-to-cost and for five years, interest-only, based on the 5-Year Treasury + 1.53%. The total time from the application signing to closing was exactly one month.
|
|
Return to the Archive page
|
|
|
|
|