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8/12/16
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GEORGE SMITH PARTNERS – Jonathan Lee, David Stepanchak and Adam Candler of George Smith Partners arranged $34 mil in non-recourse money for the ground-up development of a residential and retail mixed-use project in San Francisco. The project will consist of 90 for-sale housing units over ground-floor retail in the heart of the city’s Financial District, walking distance from several major tech employers. The retail is designed for restaurant use and can be sold to a single user or easily sub-divided and sold to two separate owner/operators. No public parking will be available although several residents may purchase a subterranean space in addition to their unit acquisition. Sized to 60% of actual costs, the loan only carries a completion and carve-out signature; there is no repayment guarantee. Priced at LIBOR (floored at 0.5%) plus 400, the three-year loan carries a one-year option to extend.
COHEN FINANCIAL / Q10 WESTCAP - Kenneth M. Fox, CCIM, with Cohen Financial along with Stephan Coste of Q10 | Westcap have arranged $26 mil to refinance the Woodlark Residences located at 965 Magnolia Avenue in Larkspur, within the heart of Marin County. Woodlark Residences features 80 one- and two-bedroom apartment units across 11 buildings. The fixed-rate loan was funded by Sun Life Financial. The borrower, California Landmark Group (CLG), is a fully integrated development and investment company formed in 1988 that acquires, rehabilitates and develops real estate throughout California.
NEWMARK REALTY CAPITAL - Jeff Wilcox and Charlie Kokernak with Newmark Realty Capital have arranged $10 mil in permanent financing for a multi-tenant flex R&D building in the Haven Industrial area of Menlo Park. The building, located in a quickly transforming area due to high intensity of redevelopment by Facebook and multiple local developers, was recently demised for two spaces and re-tenanted with long term leases. The financing was placed with a life insurance company and features a long term, fixed-rate that fully amortizes over the term of the loan.
PACIFIC SOUTHWEST REALTY SERVICES - Pacific Southwest Realty Services (PSRS) arranged a $7.6 mil refi loan on a 135-unit apartment complex in Plano, TX. The funds will be used to pay off existing debt, but also includes roughly $1 mil cash out to the borrower. The well-maintained complex consists of one‐and‐two‐bedroom units and includes an Olympic‐sized swimming pool. The 16-year, non‐recourse loan was funded through John Hancock Life Insurance Company. It has a fixed-rate and is based on a 30-year amortization. The transaction was arranged by PSRS’ Michael Tanner.
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