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Commercial Real Estate Financing Briefs

5/19/15

HOLLIDAY FENOGLIO FOWLER LP (HFF) -- HFF has secured $7.1 mil in acquisition financing on Mission Lakes Center, an 82k sf, multi-tenant office project and freestanding restaurant in Riverside, on behalf of Stillwater Investment Group LLC. Mission Lakes Center is located at 3600 Lime and 3397 Mission Ave, across from the Riverside Art Museum. The two-story building is one block east of the historic Mission Inn in downtown Riverside and benefits from its close proximity to the city and county administrative buildings, and municipal and federal courts. The 80-percent-occupied project has 74.7k sf of office space leased to tenants including Riverside County, Athena Research and First Legal Services, in addition to 7.3k sf of freestanding retail space fully occupied by Heroes Restaurant & Brewery. HFF associate director Greg Brown arranged the five-year, fixed-rate loan that includes a flexible prepayment structure with a major life insurance company lender. HFF is also servicing the loan.

NORTHMARQ CAPITAL -- David Blum and Michael Elmore of NorthMarq Capital arranged an $8.6 mil refinance of Warm Springs Plaza, a 76.2k sf retail property located at 7380 S. Eastern Ave in Las Vegas, Nevada. The transaction was structured with a two-year interest-only term. The loan provided the borrower with funds to complete the lease up of the property and paid off an existing loan maturity.

NEWMARK REALTY CAPITAL -- Eric Von Berg and Tom Dao of Newmark Realty Capital Inc arranged a refi loan for SOMA Self Storage, a 1,288-unit, best-in-class, self-storage facility in San Francisco. The property consists of a seven-story tower with a basement. The facility is managed by SKS Management. An insurance company provided the fixed-rate loan, which closed on May 1st. Newmark will service the loan.





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