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7/17/12
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MESA WEST – Mesa West provided a $50 mil loan for the acquisition of the Class A, 618.6k sf Regent Commons office campus located within the Irving, TX planned development of Las Colinas. Spread out over 50 acres, the corporate campus was built in 2006 as a build-to-suit for a financial institution, which still occupies approximately 420,000 square feet. The borrower was Brookfield Asset Management. Mesa West Principal Steve Fried who originated the financing.
MARCUS & MILLICHAP CAPITAL CORPORATION -- Marcus & Millichap Capital Corporation (MMCC) has arranged a $7.4 mil refi on a 21-unit garden apartment building in the Toluca Lake community in the San Fernando Valley. Originally developed as high-end condos in 2007, the borrower kept the property as a rental after the market deteriorated. Dan Litman, a vice president capital markets in MMCC’s West Los Angeles office, arranged the loan. The loan has a fixed rate for five years with a minor prepayment penalty for three years, after which it is wide open at no cost. It was structured with a 10-year term and amortizes over 30 years with an interest rate of 3.83 percent fixed for five years. The LTV is 75 percent.
MARCUS & MILLICHAP CAPITAL CORPORATION -- Marcus & Millichap Capital Corporation (MMCC) arranged a $10 mil construction loan for an 80-unit multifamily project in Oxnard that was originally planned as for-sale condominium units by the former owner. The units were originally planned as for-sale housing, but with the sales market soft and the rental market strong, the borrower decided to rent the units with the potential of selling them individually at some point well in the future. The loan was structured with a three-year term, an interest rate of 5.5 percent and a 60 percent LTV. Jake Roberts and Anita Paryani, vice presidents capital markets in MMCC’s West Los Angeles office, arranged the loan.
NEWMARK REALTY CAPITAL -- Newmark Realty Capital Inc has arranged a five-year, $4.1 mil loan for the acquisition of 102 units within the 204-unit Timberline Place. The Class A apartment/condominium complex was developed in 2000 and converted to condominiums in 2006 after an extensive upgrade. 102 of the units were sold from 2006 to 2010. The subject offers four different floor plans and each unit features 9-foot ceilings, alarm system, ceiling fans, full size washer/dryer, gas fireplace, complete kitchen and a private patio or balcony. Community amenities offered include heated pool and spa, outdoor fireplace and lounge, clubhouse with kitchen, flat screen television and java bar, fitness center, yoga studio, indoor basketball court, sauna and covered ramadas with barbecues and golf course views. Tim Storey and Patrick Barkley, Principals of Newmark’s Phoenix office, worked with the buyer and arranged the acquisition financing with a local bank. Specific terms of the loan were not disclosed.
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