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10/25/16
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GREYSTONE – Tom Meunier of secured a $31 mil, Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the permanent takeout of a construction loan on The Henry in Tacoma, WA. The loan is a 7/6 adjustable rate mortgage with a 30-year term. The Henry is a newly constructed Class-A mid-rise building comprising 161 residential units over six floors. Offering ground-level commercial space, the property is ideally situated along the Tacoma Foss Waterway with convenient access to the area’s restaurants, museums and shopping. The Henry’s amenities include a resident lounge, fitness center, picnic area/courtyard, and dog park.
NORTHMARQ CAPITAL - Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged a $19 mil Fannie Mae refi loan on Mountain Vista Apartments, a 400-unit multifamily property located at 15450 Nisqauli Rd in Victorville. The transaction was structured with a 10-year term with five years of interest-only payments, followed by a 30-year amortization schedule. The borrower is E&S Ring Management Company.
NEWMARK REALTY CAPITAL – Geroge Mitsanas and Doug Tisdale of Newmark Realty Capital arranged $10 mil in acquisition financing on a 34.5k sf, free-standing Gelson’s Market grocery store in Laguna Beach. The property is located on Pacific Coast Highway, with an average household income in the surrounding trade area in excess of $160k. Gelson’s sales are strong at this location and they have ample time remaining on their lease term. The borrower is a Beverly Hills-based developer. The 10-year, fixed-rate, non-recourse loan was provided by a life insurance company lender. It provides for interest-only during the first five years followed by a 30-year amortization. Newmark will also service the loan.
PACIFIC SOUTHWEST REALTY SERVICES - Dave Hamilton of Pacific Southwest Realty Services arranged a $24.5 mil dollar loan secured by three medical office buildings in Southern California, on behalf of Medicus Property Group, a SoCal-based commercial real estate company. The funds are for the refinance of the owner’s existing San Diego and Encinitas properties as well as the acquisition of the Jefferson Medical Center located in Temecula.
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