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11/09/15
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FIDENT CAPITAL – Fident Capital arranged $14 mil in joint venture equity for the acquisition, entitlement, and development of a 129-unit multifamily project in downtown San Diego’s Little Italy. The project includes 8k sf of retail podium space and 2.5 levels of subterranean parking. The site represents an exceptional infill location sitting only three blocks from the harbor. During the project’s due diligence and entitlement period, changes to the FAA regulations allowed for an increase from 106 to 129 units. The increase added a level of subterranean parking and an additional floor; both of which materially changed costs and consequently equity requirements requiring the restructuring of the joint venture agreement.
NORTHMARQ CAPITAL -- Aaron Beck of NorthMarq Capital arranged a $9.4 mil refi of The Quarry, a 60-unit multifamily property located in La Mesa. The newly completed apartment project is located in a market with very low vacancy and limited new supply. The property also benefits from its close proximity to downtown San Diego and other major employment centers including Mission Valley. The Freddie Mac loan was structured with interest-only payments and a sub 3 percent interest rate. The loan was used to take out the existing construction loan using Freddie Mac’s pre-stabilized loan product. It funded once the property achieved 65 percent occupancy.
SPINELLI COMMERCIAL MORTGAGE CAPITAL -- Denise Spinelli of Spinelli Commercial Mortgage Capital has arranged a $7.2 mil refi loan on a 43k sf, mixed-use property in the San Fernando Valley community of Northridge. The borrower is a Los Angeles-based, family run real estate investment company. The multi-tenant property consists of office over retail space. The center is situated on a 2.4 acre site and was 100% occupied at time of funding. The non-recourse loan has a 10-year term with an interest rate under 4% including three years of interest-only and a flexible prepayment schedule. It was funded through a large Banking Institution.
DOMINION CORPORATION – Dominion Corporation closed a $5.6 mil first trust deed loan for a food processing plant in central California. The new loan provided significant working capital to the business so they could complete their pending orders. The loan was based on collateral value and pro forma net income. It closed in under 30 days.
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