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December 15, 2017
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Commercial Real Estate Financing Briefs

3/22/17

HUNT MORTGAGE GROUP – Chris Warren with Hunt Mortgage Group arranged an $11.6 mil Fannie Mae loan to facilitate the acquisition of a multifamily property located in Houston, TX. The property, Oaks of Ashford Apartments is a garden-style apartment community that consists of 255 units in 22, two-story and one, three-story residential buildings, and a single-story leasing office/clubhouse of similar design. The property is being acquired by five tenants-in-common (TIC) from The Lynd Company, who purchased the property in August 2013. The borrowers are all newly-formed LLCs that are managed by Principal La Familia Property Management LLC as a non-member manager. The seller invested approximately $750k from 2013-2016 to renovate the property, including repairing damaged siding and replacing the water heaters in most of the units. Also, unit upgrades were made in the kitchen, bathroom and living room as units were turned-over. The new owner is planning upgrades as well. Project amenities include two swimming pools, spa, clubhouse, business center, playground, BBQ grills, two laundry facilities and access gates.

COHEN FINANCIAL – Peter Norrie with Cohen Financial arranged an $11.45 mil refi on three multifamily properties in Portland, OR. The transactions include: $5.325 mil to refinance the Ivanhoe Apartments, a recently completed 40-unit property with studio and two-bedroom units; $3.45 million to refinance the Miss Apartments, a 25-unit property; and $2.675 mil for its sister property the Sippi Apartments, a 26-unit property. All three properties were 100% occupied with no concessions at the time of close. The 10-year fixed-rate nonrecourse Fannie Mae loans have 30-year amortizations at 65% loan-to-value (LTV). They were funded through Pillar’s multifamily lending program. The first five years of the loans carry interest-only payments before amortizing over the last five years. Interest rates were in the low-to-mid four percent range.

FIDENT CAPITAL -- Fident Capital arranged $9.5 mil in permanent financing on the recently constructed Department of Motor Vehicles (DMV) facility in Lancaster, CA. The Magnon Companies developed the 29k sf facility on a 5.8-acre site located at 721 W Ave L6, near the center of the Lancaster/Palmdale metropolitan area. The building meets LEED Silver and Title 24 standards, and was fully leased to the State of California for 20 years upon recording of the loan. The previous DMV offices were in outdated buildings in two locations.

PACIFIC SOUTHWEST REALTY SERVICES -- Pacific Southwest Realty Services arranged a $3 mil loan for LA-based Reba’s Kitchens LLC on a 14.5k sf building and adjacent parking lot in unincorporated East Los Angeles. The building includes 18 units of commercial kitchen space in a converted industrial warehouse. The property is leased to local caterers and food preparers seeking a licensed facility where they can have their own kitchen at a reasonable price. In addition, the neighboring parking lot consists of approximately 25 spaces which include lighting, plumbing/electrical hookups, and waste disposal for overnight food truck parking and storage. The five‐year loan, funded through a life insurance company, was used to pay off existing debt and recapitalize the improvements made to the property.





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