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FINANCING NEWS
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Commercial Real Estate Financing Briefs

1/11/16

HIGHLAND REALTY CAPITAL - Highland Realty Capital arranged a $15.3 mil permanent loan on a 10.5k sf retail asset in the upscale Los Angeles Westside community of Brentwood on behalf of the borrower, Pacific Equity Properties Inc. The property consists of two buildings located at the northwest corner of San Vicente Blvd and Barrington Ave and is occupied by Starbucks, Rag & Bone, E*Trade and Pinkberry. The 10-year loan included a $2 mil mezzanine piece. The deal was arranged by Highland’s Mike Guterman, who tells us, “Due to the strong rents at this ‘high-street’ retail location, the capital markets were comfortable underwriting the loan based on a building value of $1,400+ psf and a sub-8% debt yield.”

GEORGE SMITH PARTNERS - Bryan Shaffer and Jon Shapiro of George Smith Partners arranged a $10.5 mil cash-out, permanent refi lona on a 194-unit, single-room occupancy property in San Francisco. SRO’s are similar to other multifamily projects, except units are more like dorm rooms with shared bathrooms and/or kitchens. As apartment rents have spiked, this is one of the few affordable properties remaining in the San Francisco City Limits. The borrower purchased the asset just under two years ago for $10 mil. The non-recourse, 15-year loan was funded by a community-focused lender. It is fixed at 5.50% with a 30-year amortization schedule.

CAPITAL ONE - Chad Thomas Hagwood of Capital One arranged a $3.27 mil, Fannie Mae adjustable-rate loan for the acquisition of Sierra Mobile Home Park, a seniors-only manufactured housing community (MHC) in Santa Clarita, northeast of Los Angeles. The borrower aims to increase its NOI at Sierra by increasing occupancy and adjusting rates to market levels. Built in 1956, Sierra Mobile Home Park had been held by the same owner for 50 years and is in good condition. Community amenities include a clubhouse, pool and laundry room. The seven-year adjustable-rate loan has a three-year interest-only period followed by amortization on a 30-year schedule.

COHEN FINANCIAL - Peter C. Norrie of Cohen Financial arranged a $6.3 mil loan to refinance the Hampton Park Apartments, a 108 unit, one- and two-bedroom multifamily property located in Tigard, OR. The property was 100 percent leased at the time of closing. The 4.36 percent, nonrecourse 10-year loan has a 30-year amortization. The loan-to-value (LTV) was 55 percent. The loan was funded through Pillar, a licensed Fannie Mae DUS direct lender.






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