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Commercial Real Estate Financing Briefs

8/01/16

GEORGE SMITH PARTNERS – Gary Mozer, Katie Rodd, Michael Anderson-Mitterling, Kyle Howerton and Nick Rogers of George Smith Partners arranged a $9.3 mil, non-recourse refi loan on a 70k sf Bay Area multi-tenant retail property anchored by an independent grocer whose lease is backed by a large wholesale grocery cooperative. The property has a stable occupancy rate below 90% due to approximately 4.6k sf of static vacancy. The 70% leverage loan has a 4.25% fixed coupon and the 10-year term is interest-only for the first four years with a 30-year amortization schedule thereafter.

NEWMARK REALTY CAPITAL - Robert Slatt, Andy Bratt and Charlie Kokernak of Newmark Realty Capital have arranged $4.35 mil in bridge financing for West Market Center, a multi-tenant industrial complex in Salinas, CA. The financing was structured in two parts, a $3.625 mil first deed of trust and a private loan of $725k in the second position. The new financing paid off a maturing CMBS loan. Both loans were placed with a private lending institution on an interest-only basis for a three-year term.

IBORROW – Lucas Allen of iBorrow has arranged a $2.275 mil acquisition loan for the purchase of an 8.2k sf, single-story office building in the Irvine Business Complex, in Irvine. The current tenant has occupied the building for over 15 years and has over 80 locations nationwide. The subject property also sits adjacent to several other large well-tenanted office buildings and hotels, including Oracle’s Orange County headquarters. The borrower, who has owned the office building abutting the subject property for over 10 years, was given the first right to purchase the subject property due to his relationship with the previous owner. The borrower now owns the entire corner site, with flexible grandfathered zoning and entitlements along with current income, making it ripe for future development. The loan has a built-in six-month interest reserve, allowing the borrower to negotiate a new lease at market rates.





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