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12/14/15
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Continental Funding Group (CFG) has arranged separate financings for two different local owner-operators of commercial properties in in the Antelope Valley area of Los Angeles County. Both transactions were arranged by CFG Managing Director J.M. Grimaldi and Director Zalmi Klyne.
In one of the deals, CFG arranging $9.45 mil in acquisition financing for 10 West Plaza, a 55k sf, unanchored shopping center in Palmdale. The 10-year fixed-rate, non-recourse loan for 75% of the purchase price was provided by a conduit lender and included two years of interest-only payments. The final coupon rate was locked at 260 basis points over the 10-year swap rate. The property is fully occupied and was built in 2008.
In the other transaction, CFG arranged $5.325 mil in refi money on four office buildings in Centerpoint Business Park, a 13-building complex in the heart of the Lancaster business district. The 10-year loan, which came in at 74% of the appraised value and was provided by a credit union, has an interest rate fixed for the first five years at 4.05% and amortizes over 30 years. The buildings were constructed in 1990. The property was financed at only 77% occupancy, according to CFG’s Grimaldi.
Los Angeles-based Continental Funding Group was founded in 2006. Between 2014 and 2015, CFG closed over $1 bil in debt and equity transactions.
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