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December 10, 2017
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Commercial Real Estate Financing Briefs

11/10/17

HIGHLAND REALTY CAPITAL - Highland Realty Capital arranged a $21.825 mil permanent loan for the 5th Street Public Market in Eugene, OR on behalf of a Eugene-based client. The loan was funded by a CMBS provider. The proceeds were used to refinance existing debt, with significant cash out, and to acquire a neighboring property, Station Square, also part of the collateral. 5th Street Public Market is a 106,7k sf mixed-use project that has been owned since 1976 by the sponsor. At the property, there are more than 60 retailers, restaurants, service providers, office users and a premier hotel, which ground leases its space from the Market. Station Square is a mixed-used retail/office project that will be re-branded as an extension of 5th Street Public Market. Additional area development is planned to further expand the Market.

NORTHMARQ CAPITAL - Michael Elmore of NorthMarq Capital finalized an $18 mil refi of a 354.8k sf industrial property located at 1444 South Alameda St in Los Angeles. The transaction was structured with a 5-year term on a 25-year amortization schedule. The loan was funded through a life insurance company. According to Elmore, the loan recapitalized a previous transaction from 2010. The new loan allowed one of the four buildings to be released without a loan pay down. The buildings are all leased to a long-term tenant but with less than three years remaining on the lease term.

NEWMARK – Adam Parker of Newmark has arranged $5.7 mil in financing on a 30.8k sf medical office building in Phoenix, AZ. Built in 2006, the property is located in the central area of the city, just minutes away from Sky Harbor Airport and downtown Phoenix. Situated adjacent to the Arizona Heart Hospital and across the street from the Phoenix Children's Hospital (ranked as one of U.S. best Children's Hospital) , both hospitals are experiencing significant growth and expansion. With four new tenants occupying the building, the borrower’s total cost included the purchase price and the reimbursement of tenant improvements and leasing commissions. The financing was arranged to maximize leverage, which included a flexible prepayment structure.




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