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November 19, 2019
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FINANCING NEWS
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Commercial Real Estate Financing Briefs

9/30/19

HIGHLAND REALTY CAPITAL - Mike Guterman and Brad Sevier with Highland Realty Capital arranged a $66.5 mil bridge loan on behalf of an affiliate of Pearlmark Real Estate for Village Walk, a 149.3k sf, Whole Foods- anchored shopping center in Tarzana. The property is also anchored by 24 Hour Fitness and TJ Maxx. It includes an underground parking garage and over 750 feet of frontage along Ventura Blvd, and is situated next to the 101 Fwy. The floating-rate loan, funded by Annaly Capital Management, has a 30-month initial term with two one-year extension options. The loan, a portion of which may be drawn down over time, will fund capital improvements, tenant improvements and leasing commissions. The property is 92% leased and continues to benefit from the newly opened 24 Hour Fitness whose traffic counts are nearly 1,000 per day.

Post Ranch Inn, Big Sur
Post Ranch Inn, Big Sur
SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company arranged first mortgage financing for the Post Ranch Inn, an iconic 39-room, full-service, luxury resort located in Big Sur, CA. Overlooking the Pacific Ocean from the cliffs of Big Sur, Post Ranch Inn is internationally recognized as one of the finest destination resorts in the world. Situated on approximately 90 acres, the property features 39 guestrooms in 27 buildings, a spa, two cliff-top infinity-edge pools, an outdoor heated lap pool, private hiking trails, yoga and meditation decks, a fitness center and the award winning restaurant, Sierra Mar. The 10-year, interest-only, non-recourse loan has a fixed interest rate of 3.29%. The credit spread was sub-120 basis points.

GREYSTONE - Greystone provided a $23 mil, Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 240-unit multifamily property in Oro Valley, AZ. The transaction was originated by Greystone’s Daniel Wolins. Originally built in 1988, the recently renovated La Reserve Villas is comprised of market-rate one- and two-bedroom residences with modern appliances and finishes, in-unit washer/dryers, onsite parking and fireplaces in select units. Residents also enjoy access to the property’s clubhouse and fitness center, barbeque areas, two resort-style pools and a spa. Located in the Tucson metro area’s Oro Valley, the property is close to shopping, hotels, and Catalina State Park. The Fannie Mae loan carries a low, fixed interest rate with a 10-year term and 30-year amortization period, including interest-only payments for the first five years. The borrower is an affiliate of Tucson-based HSL Properties.




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