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3/28/16
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MERIDIAN CAPITAL GROUP – Brandon Harris of Meridian Capital Group negotiated $17.8 mil in bridge financing for the purchase of a marina and mixed-use portfolio located in Newport Beach. The portfolio is comprised of three retail-oriented trophy properties, a 24-slip marina and an offsite parking lot. The properties, located at 2751 and 2801 Coast Highway and 2620 Avon Street, total 29.4k sf and house Billy’s at the Beach and The Ritz restaurant. The three-year, non-recourse loan, provided by a bridge lender, features a floating-rate, interest-only payments for the full term and two one-year extension options.
GEORGE SMITH PARTNERS - Steve Bram, Allison Higgins and Patrick O’Donnell of George Smith Partners arranged $12.5 mil of non-recourse refi money on a newly constructed single-tenant office building in Bakersfield. The single-tenant, three-story building is part of a larger development that will eventually become a corporate campus. Initially underwritten to a 65% loan-to-value constraint in order to qualify for non-recourse; the appraised value came in lower than anticipated. George Smith Partners was able to negotiate a modification to the LOI in order to secure the non-recourse aspect of the loan without cutting proceeds. Fixed at 4.24% for 10 years, the loan sized at a 68% LTV and is amortized over 30 years. The lender’s fee was 0.5%.
REDWOOD MORTGAGE – Redwood Mortgage closed a $9.5 mil loan on two properties for an active Northern California investor-operator. The properties include a three-story, multi-tenant office building in the East Bay Tri-Valley area and a 100k sf industrial property south of Walnut Creek. By cross-collateralizing the properties, Redwood Mortgage was able to meet the borrower’s objectives in addressing a maturing loan while aligning the go-forward property strategy with restructured debt. One of the properties is being repositioned for sale, and the cross-collateralized structure provided appropriate working capital to maximize the potential of the contemplated sale.
COHEN FINANCIAL – Paul Schroeder of Cohen Financial arranged a $7.3 mil loan for the acquisition and renovation of Moorpark Professional Building, a 25.5k sf, two-story medical/dental office building in San Jose. The buyer plans to upgrade for new tenant improvements. The fixed-rate, non-recourse loan was funded through Nikols Mortgage Fund, LLC.
PILLAR - Lancelot Lie, Adam Klingher and Brooke Jackson of Pillar originated a $6.2 mil Fannie Mae acquisition loan for Broadridge Apartments. The multifamily property is located in Littleton, CO, a suburb of Denver. The property was built in 1965 and features 54 large, two and three-bedroom units. Broadridge Apartments is 100 percent leased. The Fannie Mae fixed-rate loan has a 10-year term loan with a 30-year amortization and one-year interest only. The borrower is a Chicago-based investment partnership.
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