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FINANCING NEWS
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Commercial Real Estate Financing Briefs

5/04/16

GREYSTONE - Greystone has provided two Fannie Mae DUS® loans totaling $45.6 mil for the refinancing of multifamily properties totaling 1,009 units in Phoenix, AZ. Both loans, originated by Greystone’s Tony Spaeth, carry identical terms of 10 years with 30-year amortizations. Valencia Park, which was refinanced for $19.3 mil, comprises 461 units; Granite Bay refinanced for $26.26 mil, includes 548 units. The two properties each offer residents a host of amenities including swimming pool, tennis, fitness center, library, clubhouse and playground. The properties were built in 1983 and 1980, respectively.

CAPITAL ONE - Capital One provided Fannie Mae fixed-rate loans totaling $22.6 mil to refinance four manufactured home communities (MHCs) in California. The communities are Golden Wheel Mobile Home Park, a 221-space community in San Jose; Little Woods Mobile Villa, a 78-space community in Petaluma; Pacifico Del Amo Mobile Home Park, a 41-space community in Grover Beach; and Buena Vista Mobile Home Park, a 46-space community in Nipomo. All the communities are located in higher cost areas and are considered workforce housing, and they are all subject to rent control, which ties annual rent increases to rises in the consumer price index. The key principals have over 30 years of commercial real estate experience, primarily in MHCs.They started the refinance process nine months before their existing debt matured in order to position themselves for early rate lock. These loans allowed the sponsors to retire higher-interest-rate debt and to use the remainder of the proceeds to make improvements to the properties. Capital One’s Damon Reed originated the transactions. The loans have a variety of terms. The loan to refinance the Buena Vista Mobile Home Park has a 10-year term, 9.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis. The loans for Little Woods Mobile Villa and Pacifico Del Amo Mobile Home Park have 12-year terms, 11.5 years of yield maintenance and 30-year amortization schedules payable on an actual/360 basis. The loan for the Golden Wheel Mobile Home Park has a 10-year term, 9.5 years of yield maintenance and two years of interest only payments followed by a 30-year amortization schedule payable on an actual/360 basis.

CBRE DEBT & STRUCTURE FINANCE - Nick Santangelo from CBRE Portland’s Debt & Structured Finance team arranged $4.83 mil in financing for Harvest Court Industrial, a 76.5k sf industrial asset located in Beaverton, OR. The property was built in 2000 and sits on a 5.56 acres. The building has 23 dock-high doors, 10 grade-level doors and a clear height of 24’. The stabilized asset is supported by strong tenants and an experienced borrower. The borrower is Pcific NW Properties. The 15-year fixed rate loan has a 25-year amortization and an interest rate of 4.11%.






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