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Commercial Real Estate Financing Briefs

11/01/16

PACIFIC SOUTHWEST REALTY SERVICES - Kostas Kavayiotidis & Mike Davis of Pacific Southwest Realty Services arranged a $13.5 mil, 10-year non‐recourse loan on an 80.8k sf, multi-tenant anchored retail center in Bell Gardens. The borrower is Primestor – a development company based in LA that focuses on underserved urban infill retail markets. The property, Village Square was originally built in 2006 in a partnership between the City of Bell Gardens and Primestor. It is currently 100% leased to seven tenants, including Ross and Marshalls, both of which are performing above their national averages. The funds for the loan were used to pay off a maturing loan.

NEWMARK REALTY CAPITAL - Adam Parker and Chad Metzger of Newmark Realty Capital have arranged $11.245 mil in financing on a 104-unit multifamily property located in Thornton, CO. The property, constructed in 1974, is well located next to the area’s major retailers. At closing, the subject property consisted of below market rents which made the asset a desirable acquisition within the Denver MSA. The loan includes two years of interest-only payments.

NEWMARK REALTY CAPITAL/MELVIN MARK CAPITAL GROUP - Robert Slatt and Charlie Kokernak of Newmark Realty Capital, along with David Schaffer of Melvin Mark Capital Group, have arranged $11.82 mil in fixed-rate acquisition financing for Diablo Technology Center, a multi-tenant office/R&D building in Pleasanton. The financing solution was arranged as a first deed of trust on a non-recourse basis through a life insurance company. It will be serviced throughout the remainder of its life by Newmark Realty Capital.

WALKER & DUNLOP – Geoffrey Arrobio of Walker & Dunlop arranged $8 mil in refi money for Brawley Medical Office, a two-building, 47.1k sf property located in Brawley, CA. This Class B medical office houses many physicians groups in the local area. Located near the Salton Sea in Southern California, the Brawley Medical Office buildings were built in 1997 and 2014, each averaging roughly 23k sf in size. The property is situated directly across the street from the non-profit regional hospital known as Pioneers Memorial Health and consists of 14 tenants, which are predominately physician groups in the Pioneer Memorial Health system. The loan refinanced an existing conduit loan and provided additional capital to acquire the leasehold land owned by the nearby hospital, on which one of the two medical buildings resides. This transaction was structured with a seven-year, fixed rate term, followed by a 30-year amortization schedule, and a debt service coverage ratio of 1.8x.





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