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4/11/08
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Newmark Realty Capital Inc: Newmark Realty Capital Inc, in the first quarer, arranged financing for Phase I of The Water Garden, a 1.2 msf Class A office complex in Santa Monica’s media district. The $230 mil loan was placed by Mark Ritchie, a Principal of Newmark, on behalf of The Water Garden Company, which is controlled by J. P. Morgan Asset Management. It was built in two, 600k sf phases, by a JV between J.H. Snyder and Colony Capital, which then sold it to J.P. Morgan.
The fixed-rate loan was funded by Teachers Insurance and Annuity Association of America (TIAA-CREF), a national financial services organization with more than $406 bil in combined assets under management.
NorthMarq Capital: Ory Schwartz of NorthMarq Capital arranged combined first mortgage financing of $32 mil for Plaza El Paseo I and II, a 107k sf restaurant and retail development in Rancho Santa Margarita. Major tenants in the center include Kohl’s Department
Store (not part of the collateral), Bed Bath & Beyond, and Borders. The financing was based on a 10-year term, fixed for seven years with a 30-year amortization schedule. Funding was provided to the borrower, out of Orange County, through a California-based bank.
George Smith Partners: George Smith Partners (GSP) secured an $18.83 mil bridge loan for the repositioning of a vacant 116k sf office building in Los Angeles. The borrower acquired the asset with the intention of converting it to residential condos, vacating all of the tenants in the process. However, with the changing market, the borrower was forced to shift their plan and instead renovate and re-tenant the property as an office building.
The non-recourse, interest-only loan is for three years at a rate of LIBOR +2.85%. Gary Mozer, Scott Bottles, Joshua Roseman and Kaleb Keller of GSP arranged the loan, which was funded at a 62% LTC.
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