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12/24/19
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JLL - Olga Walsh and Daniel Pinkus with JLL have arranged $50 mil in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17k sf of retail space in Oceanside. Pierside was constructed in two phases, Pierside North and Pierside South, completed in 2016 and 2018, respectively. Located in the heart of Oceanside along Mission Ave, the property is steps from the Pacific Ocean and also less than one mile from Interstate 5. Pierside North consists of 66 residential units and common area amenities, including a spa pool; outdoor grilling and dining areas; outdoor lounge with fire pit and games; resident clubhouse with TV’s and shuffleboard; fitness studio; outdoor fitness space with yoga area; and dog park. Pierside South comprises 110 residential units and amenities, including a rooftop lounge with panoramic views; swimming pool overlooking the ocean; landscaped grilling and picnic areas; resident clubhouse with TV’s and pool table; vista lounge; movie lounge; fitness studio; yoga space; and surfboard storage. In addition, the properties have 421 parking spaces total, 264 of which are reserved for residents. The 10-year, fixed-rate loan was funded through a life insurance company. Loan proceeds will be used to retire the existing construction loan, cover associated transaction costs, fund leasing costs for vacant retail space and return a portion of sponsor equity.
CBRE CAPITAL MARKETS - Garrett Danner, Marina Massari and Sharon Kline with CBRE Capital Markets’ Debt & Structured Finance arranged $11.7 mil in construction financing for Waterman Crossing, an 84-unit apartment project in San Bernardino. Situated on 2.81 acres at the north-east corner of Wier Rd and South Waterman Ave, Waterman Crossing will consist of 60 one-bedroom and 24 two-bedroom units. The three-story luxury apartment complex will contain two residential buildings plus a one-story freestanding clubhouse. Construction is scheduled to complete in July 2021. The two-year floating rate construction loan was provided by a Southern California-based bank.
NORTHMARQ CAPITAL - David Blum with NorthMarq Capital arranged a $3.6 mil refi loan on a 45.7k sf Ace Hardware store located on just under five acres at 1350 East Main St in Woodland, CA. alifornia. Built in 1995 and renovated in 2019, the freestanding property is situated in a western portion of a Grocery Outlet, Ross Dress for Less, and Tractor Supply-anchored retail center. The permanent-fixed loan has a 30-year term based on a 30-year amortization schedule and was funded through a life insurance company.
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