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4/28/16
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CUSHMAN & WAKEFIELD MORTGAGE SERVICES - Kurt Scheidt and Terry Daly with Cushman & Wakefield’s Mortgage Services have arranged $46 mil in refi money on Montecito Plaza shopping center in San Rafael. Located at Third and Grand streets, Montecito Plaza features key retailers such as Trader Joe’s, Petco, Pier 1 Imports, Rite-Aid, plus a wide variety of restaurants, professional and services retailers.The fixed-rate, forward commitment closed in February on behalf of the longtime owner/operator Seagate Properties.
GEORGE SMITH PARTNERS – Gary Mozer, Katie Rodd, Michael Anderson-Mitterling, Kyle Howerton and Nick Rogers of George Smith Partners arranged a $26.75 mil, non-recourse acquisition bridge loan for an off-market and significantly undermanaged four-property, multi-tenant industrial portfolio, totaling 445k sf, in the Western United States. At acquisition, the portfolio was 74% occupied with a going in debt yield of sub 7.5%. At closing, $22.05 mil of the on-book financing was funded. The remaining $4.7 mil is to be future funded for immediate property improvements, future upgrades including funds for the sponsor, a strategic spec-suite program, as well as future good news leasing expenses. There are release provisions to allow individual buildings to be sold or refinanced. The interest rate floats at L+4.25% for a three-year term on an interest-only basis, with two one-year extensions.
NORTHMARQ CAPITAL -- NorthMarq Capital arranged financings totaling $14.59 mil on three SoCal properties: Harbor Medical in Fullerton; Whitwest Plaza in Los Angeles; and a retail/medical property in Los Angeles. In Fullerton, NorthMarq’s Robert Hervey arranged acquisition financing of $8.44 mil for Harbor Medical, a 30.7k sf medical office property located at 2720 North Harbor Blvd. The transaction was structured with a three-year term with two years interest only and a 30-year amortization schedule. The transaction required the lender to understand major near-term tenant roll-over and to close quickly. NorthMarq’s David Blum arranged the $4.3 mil refinance of Whitwest Plaza, a 13.1k sf retail property anchored by a 30.1k sf charter school with a ground lease. The transaction was structured with a 10-year term and a 30-year amortization schedule. The loan was funded through a life insurance company. Warehouse Shoe Sale represents the property’s major tenant. Blum also arranged the $1.85 mil refinance of 24th and Vermont, a 5.9k sf retail and medical office property located at 2401-2407 South Vermont Ave in Los Angeles. The transaction was structured with a 10-year term and a 27-year amortization schedule. The lender’s terms include an option to extend the loan term an additional 10 years.
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