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8/16/16
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PACIFIC SOUTHWEST REALTY SERVICES - El Segundo-based Cardinal Investments has obtained $20.5 mil in financing for a three-property, mixed-use portfolio in situated in the commercial core of downtown Manhattan Beach, just steps from the pier. The three properties all consist of office over retail space. One of the properties was newly constructed in 2015 and features pedestrian‐friendly street‐level retail and second‐ story office space with panoramic ocean views and generous outdoor balcony space. The design includes floor‐to‐ceiling glass windows, high ceilings, and hardwood floors. The 10-year, fixed-rate loan was arranged by Ted Willis of Pacific Southwest Realty Services and funded through a life insurance company.
CONTINENTAL FUNDING GROUP - Eugene Rutenberg of Continental Funding Group arranged $8.23 mil in financing for three Class A industrial assets totaling 105k sf in the greater Los Angeles area in two separate deals. The first transaction was a $4.48 mil refi loan on two single-tenant industrial properties located in Valencia and Santa Ana. Both assets were comprised of single non-credit tenants, each with fewer than three years remaining on their respective leases. The new loan has a fixed-rate of 3.55 percent over a 10-year term. The non-recourse loan is amortized over 30 years, with a loan-to-value of 58 percent. The other deal was a $3.75 mil bridge loan to refinance a single-tenant, industrial property in the San Fernando Valley community of Van Nuys. The new, non-recourse loan includes two years of interest-only financing, with no prepayment penalty and a sub 8 percent fixed rate, providing a competitive loan that lowered costs and ensured flexibility on behalf of the client.
NEWMARK REALTY CAPITAL - Adam Parker and Chad Metzger with Newmark Realty Capital have arranged $5 mil in financing, secured by a 72-unit multifamily property located in Colorado Springs, CO. The property was constructed in 1984 and is currently subject to a Land Use Restriction Agreement (LURA). The loan includes one year of interest-only payments and some prepayment flexibility in the final years of the fixed-rate loan term.
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