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Commercial Real Estate Financing Briefs

4/28/17

PACIFIC SOUTHWEST REALTY SERVICES Mike Thorp of Pacific Southwest Realty Services arranged $29 mil in financing on a 75.6k sf retail center in Goleta. Newly constructed in 2016, the center is comprised of five multi‐tenant retail buildings and one single‐tenant pad building. Currently, there are two long‐term anchor tenants. The 10-year, non‐recourse loan was funded by a life company. The borrower is using the proceeds to pay off construction costs.

NEWMARK Robert Slatt and Charlie Kokernak of Newmark have arranged $6.7 mil in fixed-rate financing for Marina Vista, a 42-unit garden style apartment complex in Napa. The loan, funded through a national bank, will be fixed for the first seven years of the 30-year fully amortizing term. The loan features interest-only payments during the first two years, followed by a 30-year amortization, which increases property cash flow during the first few years of ownership to allow for property renovations as needed.

MERIDIAN CAPITAL GROUP Seth Grossman and Jackie Tran of Meridian Capital Group arranged $6.2 mil in refi money on Murrieta Crossings, a 94.5k sf retail center located at 39729, 39745 and 39809 Avenida Acacias in Murietta. Built in 2006, the 75% leased shopping center is situated adjacent to Interstate 215 with clear exposure to approximately 95,000 vehicles traveling past each day. Notable tenants include Aerosports Trampoline Park, Epic Rollertainment and California Veterinarians Specialists. The 10-year loan, provided by a local community bank, features a fixed rate of 4.50% for the first five years, and no exit fee or prepayment penalty for the duration of the loan. The borrower is CIRE Equity.





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