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4/08/08
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Cushman & Wakefield’s Real Estate Finance Group: Cushman & Wakefield’s San Diego Real Estate Finance Group has arranged a $17 mil loan for the refinance of the Belmont Park retail and entertainment center located at 3106-3146 Mission Blvd and 3105-3125 Ocean Front Walk, in San Diego’s Mission Beach area. Belmont Park is a 104.7k sf retail center, which includes such tenants as the Wave House Restaurant, an Athletic Club, and the Plunge swimming pool, Beach Bar and Grill, and The Big Dipper Roller Coaster.
Scott Abell and Jesse Lowe of Cushman & Wakefield arranged the loan for the borrower, Wave House Belmont Park LLC, through an international bank chartered in the state of California.
Wrightwood Capital: Wrightwood Capital has provided $6.1 mil in acquisition money for a 32-unit, 31k sf apartment complex at 1702 Florida St in Huntington Beach. Built in 1977, the property consists of entirely two- and three-bedroom apartments with fireplaces and a private balcony or patio. It also offers a swimming pool and laundry facilities.
The borrower, Revere Investments, plans to add washers and dryers to each unit and replace the carpeting, while upgrading the kitchens with granite countertops and stainless steel appliances. Improvements will also be made to the fixtures, hardware, and cabinets throughout the units. Capital improvements are also planned for the common areas on the property and include painting the buildings exteriors, while adding landscaping and fences to the grounds.
The community benefits from a variety of restaurants and retail amenities in the Huntington Beach area, while nearby access to the 405 Fwy provides a direct route to Los Angeles and the surrounding areas.
“Located near the beach and within walking distance to the downtown area, the property is well-positioned to remain a highly sought-after rental community,” stated Wrightwood’s Marty Kearney. “The Sponsor has a proven track record in repositioning
multifamily housing projects and is able to capitalize on the area’s tight rental market by adding value to the property and bringing rents up to market level.”
The borrower is a private real estate investment firm focused on the ownership and management of multifamily properties in Southern California. This deal represents the sixth transaction between Wrightwood and the Sponsor. The 36-month loan was sourced through Kurt Scheidt and Terry Daly of Kearney Capital Partners.
NorthMarq Capital: Michael Elmore and Robert Hervey of NorthMarq Capital Inc arranged $6 mil in first mortgage financing for a 102.4k sf single-tenant industrial facility at 5500 South Boyle Ave in Vernon. The property is occupied by PWP Industries Inc. Financing was based on a 10-year term with a 20-year amortization schedule and was funded on behalf of the borrower, Karguval Properties Ltd, by Prudential Life Insurance Company.
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