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6/25/18
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NEWMARK – George Mitsanas and Chandler Hogue with Newmark® arranged $54 mil in fixed-rate financing for Artisan Apartments in Huntington Beach. Located directly off I-405 and adjacent to numerous lifestyle and employment centers, the 13-building, garden-style community comprises of 277 recently renovated one- and two-bedroom units. The 15-year loan was placed with a life insurance company lender. Newmark will also be the loan servicer.
NORTHMARQ CAPITAL - Jeffrey Weidell, Andrew Slaton and Anika Comaroto with NorthMarq Capital arranged a $20 mil loan for Sutter Plaza, a 120.2k sf office property in San Francisco. Located at 1388 Sutter St, Sutter Plaza is one of the few non-medical office buildings in San Francisco’s Van Ness Corridor. The 12-story, Class “A” building encompasses over 120k sf and is nearly fully leased to a roster of tenants from different industries and offers on-site parking and is conveniently located near restaurants and retail, City Hall, and popular residential neighborhoods. The transaction was structured with a fixed-rate and 20-year term on a 30-year amortization schedule. It was funded through a correspondent life insurance company relationship.
CAPITAL ONE - Capital One provided a $19.1 mil Fannie Mae flexible-rate loan to refinance Starlight Mobile Home Park, a 162-unit manufactured housing community (MHC) in El Cajon, CA, a city 17 miles east of downtown San Diego. Starlight was originally developed in 1963 and has a clubhouse, pool, spa, and central laundry. No additional communities are anticipated in the general area due to zoning restrictions, land costs, and difficulty in obtaining construction financing. The sponsor, Kort & Scott Financial Group, is the 13th largest owner and operator of MHCs in the country. Since its founding in 1989, the company has acquired over 9,500 MHC units and currently manages a portfolio of properties in Arizona, California, Colorado, and New Mexico. Capital One’s Chad Thomas Hagwood originated the transaction. The 10-year structured adjustable rate mortgage has five years of interest-only payments, followed by amortization on a 30-year schedule.
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