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November 17, 2018
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Commercial Real Estate Financing Briefs

11/05/18

HFF - Greg Brown and AJ Manas with HFF arranged $26.65 mil in refinancing of a 19-property, 245-bed student housing portfolio near the campus of The University of Southern California (USC) in Los Angeles. The portfolio is located less than a half of a mile north and west of USC’s campus within walking distance to all of the university’s educational centers and recreational facilities. Additionally, the properties are located close to USC Village, which boasts a Trader Joe’s grocery store, Target and several fast-casual restaurants, in addition to academic space. The 19 properties total 81.4k sf and are fully leased to undergraduate and graduate students. The borrower is Mosaic Investment Partners LLC, a fully integrated student housing operator based in Los Angeles. The new five-year, fixed-rate loan was funded through a national bank.

NEWMARK - Tim Storey with Newmark arranged $23.85 mil in permanent financing for Campbell Plaza. Strategically located in the central corridor of Tucson, AZ, near the University of Arizona and Banner University Medical Center, the mixed-use office and retail shopping center consists of approximately 190k sf. The plaza offers a diverse shopping experience, which is anchored by a high-grossing Albertsons (operating at the property for over 25 years), Ross Dress for Less, and Ace Hardware. The loan was funded through a life company. Newmark also assisted in arranging the equity required for the purchase. Pricing and other terms were not disclosed.

IBORROW - iBorrow has provided a $10.25 mil loan for a single-story, 244.6k sf industrial building that includes 16.1k sf of office space in Arlington, WA. The property is currently 84% leased. The borrower group, headed by long-time industrial real estate investors, will use the proceeds to fund the value add component of the property. The property has been the beneficiary of the tight leasing market and continued growth in the area. According to iBorrow CEO Brian Good, properties, like this one in the greater Seattle area, are often used to house high-tech aerospace manufacturers, light manufacturers, boat makers and distributors. The new loan will enable the borrower to pay off the existing mortgage and make significant improvements to accommodate tenants that require specialized industrial spaces in the growing aerospace and technology industries.

GEORGE SMITH PARTNERS – Antonio Hachem, Wendy Wang and Bart Zucker of George Smith Partners successfully arranged a $17 mil refi loan on a 14-building, 120-unit multifamily asset located in the Arden-Arcade neighborhood of Sacramento. The loan was funded through a life company with a strong appetite for multifamily lending and ultimately structured a loan in which the sponsor pulled out $10 mil in cash. The non-recourse loan has a fixed rate of 4.24% and refinanced an existing agency loan. Based on an LTV of 65%, the loan has a 10-year term and is based on a 30-year amortization. Some of the unique features of this loan included: rate lock at application, assumption rights in the event of a sale and future loan advances/top-offs upon increase in NOI.




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