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7/11/12
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NORTHMARQ – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $18.5 mil for Parkway Irvine, a 210k sf flex/industrial property located at 15375 Barranca Pkwy in Irvine. Financing was based on a 10-year term, interest-only for the first two years and amortized on a 30-year schedule thereafter. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender. This transaction was a fully leveraged CMBS loan that provided a significant equity return to the owner.
QUANTUM CAPITAL PARTNERS – LA-based Quantum Capital Partners has secured a $5.46 mil loan in the acquisition of Temecula Corporate Place Center, one of Temecula’s premier, multi-tenant office buildings. The 10-year loan is fixed for the first five years at a sub-5% interest rate. Built in 1989, the three-story, 82.7k sf, brick-veneer building, which features a large central courtyard, is located at 27450 Ynez Rd in the heart of the Temecula Valley. The 3.5-acre site is on the northeast corner of Ynez and Rancho California roads and adjacent to Temecula Towne Center, a popular regional shopping destination with lots of retail shops, restaurants and other amenities. The distressed asset was purchased at a foreclosure auction for $6.8 mil. Upon stabilization, at a 9% capitalization rate, the property has an estimated value of $8.5 mil. The loan proceeds included $1 mil for tenant improvements and renovations. At the time of acquisition, the property was 60% occupied. Tenants include Merrill Lynch and other financial tenants, as well as numerous healthcare professionals.
DOMINION HEALTHCARE FINANCIAL CORPORATION -- Dominion Healthcare Financial Corporation has provided a $3.56 mil fixed-rate non-recourse long-term loan secured by a single tenant medical office building in the Charlotte, NC region. The loan was underwritten with a 30-year amortization and an aggressive 1.20 DCR instead of the typical debt yield parameters commonly used today. This allowed for more dollars to the owner, who was benefitting from a discounted loan payoff of the existing loan. Dominion Healthcare Financial is a division of Dominion Mortgage Corporation, now in its 36th year of providing mortgage financing nationwide.
JOHNSON CAPITAL -- Neal Churney, CCIM, Senior Vice President in Johnson Capital’s Phoenix office, has arranged a $2.8 mil loan secured by an office property in Central Phoenix. Churney was engaged by the owner of the property, a California-based partnership, which recently acquired the asset. This is the second financing transaction Churney has completed for this client. Located on 8.27 acres along North Central Ave, the property is a multitenant office building occupied by small professional firms. The permanent loan was provided by a regional bank and has a ten-year term with a fixed interest rate. Commenting on the debt placement, Churney said, “With this new capital, the client was able to lower its existing rate and implement a financing strategy that best fits its objectives.”
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