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9/02/15
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GEORGE SMITH PARTNERS – Gary Mozer, Katie Rodd, Michael Andersona and Kyle Howerton of George Smith Partners arranged $24.56 mil in acquisition money on a 344-unit, value-add, 55+ age-restricted multifamily asset in San Bernardino county, built in 1989. A regional commercial bank provided 65% of the purchase price plus 100% of reposition costs. The LIBOR+225 interest rate (2.50% all-in coupon with a 25 basis point LIBOR floor) requires a rate cap at a 3.25% strike price for the first two years of the term with a required renewal for year three. This structure reduces the overall cap cost to borrower by shortening the cap’s duration. The three-year term is interest-only for the first 24 months and requires principal and interest payments over a 30 year amortization schedule for the final 12 months of the term. The loan is non-recourse, with carve-out guaranties to a capitalized entity.
VENTURE WEST FUNDING - Venture West Funding Inc arranged a $10.2 mil refi loan for Pride Center, a 185.3k sf shopping center located on 13.88 acres at Victory Blvd and Fallbrook Ave in Woodland Hills. Owned by Pride Center Co LLC, the center is anchored by Albertsons, Bank of America, CVS, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank.
COHEN FINANCIAL – Cohen Financial has secured $18 mil in refi money on a land parcel in the Uptown Newport master-planned development, located near the intersection of Jamboree Rd and Fairchild Dr in Newport Beach. The property has entitlements in place for 225 townhomes or condominiums. The entire Uptown Newport project has been approved for more than 1240 multifamily and traditional residential units. Phase 1 of the development is currently under construction to deliver 455 luxury apartments homes in 2016. Cohen’s Mark Strauss and Robert Quarton secured the fixed rate, one-year term loan with Terra Capital Partners for the owner, Shopoff Realty Investments.
NORTHMARQ CAPITAL -- David R. Blum and Ory Schwartz of NorthMarq Capital’s Los Angeles office arranged the $9.6 mil refinance of Lakeview Terrace Center, a 78.6k sf retail property located at 11912-11998 Foothill Blvd in Lakeview Terrace. The cash-out loan for this non-stabilized, unanchored, secondary market property was funded by a CMBS lender. The transaction was structured with a 10-year term with 1.5 years interest only, followed by a 30-year amortization schedule. The largest tenant is a local grocer called Lakeview Farmers Market that has a short term remaining on its lease.
CBRE DEBT & STRUCTURED FINANCE - Nick Santangelo from CBRE Portland’s Debt & Structured Finance team arranged $7 mil in construction financing loan for the brand new Buckman Apartments to be located in the desirable Buckman neighborhood of NE Portland. Just minutes from downtown with excellent access to bike paths, shops, and restaurants, Buckman Apartments will provide much needed housing in a high-demand market. The project, located at 1324 SE Oak St, will contain 48 units with high ceilings, stainless steel appliances, and excellent proximity to public transportation.
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