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6/30/21
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CBRE - Mark McGovern and Brian Cruz of CBRE’s debt and structured finance team have arranged a $28 mil loan for the refinancing of 500 Ygnacio, an office property in Walnut Creek. Located at 500 Ygnacio Valley Rd, the 105.5k sf property was originally constructed in 1988. The four-story building recently underwent a $3.47 mil capital improvements and refurbishment program, which included extensive renovations to all common areas. The property features 200 covered parking spaces. 500 Ygnacio is within walking distance to Broadway Plaza, one of the top retail destinations in Northern California. The building has immediate access to I-680, a major freeway that connects Walnut Creek to the rest of the San Francisco Bay Area. The borrower is an entity managed by affiliates of Broadshore Capital Partners, a Los Angeles-based investment management firm.
GANTRY - Jeff Wilcox and Erinn Cooke with Gantry have arranged $21 mil of new financing for the Industry West Commerce Center in Santa Rosa. The three-building, multi-tenant property encompasses 193.4k sf of industrial space and is 100% occupied. The new 20-year loan retired existing debt one year early to capitalize on the low interest rate environment and favorable terms offered in the current market cycle to qualified borrowers. The loan offers 30-year amortization and features a fixed interest rate among other favorable terms. It was funded through a correspondent life company lender.
KNIGHTHEAD FUNDING - Knighthead Funding LLC has provided a $20.9 mil loan for the construction of an eight-story, 115-unit multifamily building in Tacoma, WA. The sponsor is a single purpose entity formed by three local investors who have a proven track record of development and ownership in the Pacific Northwest that includes a portfolio of six multifamily assets. The shovel-ready project, located at 1351 Fawcett Ave, will feature a mix of floorplans ranging from micro to three-bedroom apartment homes. Interior amenities will include solid surface quartz countertops, stainless-steel appliances, vinyl wood plank tile, with washers and dryers in the larger units. Common area amenities include a rooftop deck adjacent to a community room with a full kitchen, fitness center, courtyard and laundry facilities.
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