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Commercial Real Estate Financing Briefs

10/28/15

NORTHMARQ CAPITAL - Ory Schwartz of NorthMarq Capital’s Los Angeles regional office arranged a $42 mil refi loan on Nordahl Marketplace, a 304.8k sf retail property located at 708-775 Center Dr and 729 Nordahl R in San Marcos. The transaction was structured with a fully amortizing 25-year term and funded by a life insurance company. The property is home to over 25 retailers, including Walmart, Kohl’s, Guitar Center and Starbucks.

QUANTUM CAPITAL PARTNERS -- Quantum Capital Partners arranged an $18.3 mil, floating rate loan on a 42-unit multifamily property in West Hollywood, on behalf of a private investor. Proceeds from the recapitalization were used to repay the outstanding acquisition loan, with the balance allocated toward a major renovation of the property. The three-story building is comprised of all two-bed/two-bath units ranging in size from 800 sf to 1.8k sf. Eleven of the

NORTHMARQ CAPITAL - Eric Flyckt of NorthMarq Capital’s San Diego office arranged $18 mil in refi money on Mission Pacific Apartments, a 132-unit multifamily property in San Diego. The property has a strong historical occupancy and is very well maintained. Property amenities include a pool, spa, laundry facility, and gate-controlled access. It consists of one-, two- and three-bedroom units. The transaction, structured with a 10-year term and 30-year amortization schedule, was funded by a life insurance company. The excess loan proceeds will be re-invested into the property through an extensive interior and exterior renovation program.

GEORGE SMITH PARTNERS – Shahn Yazdi and Jeremy Michaelson of George Smith Partners arranged a $5.6 mil, cash-out refinance of a 49-unit, brick, mixed-use apartment and retail building in Hollywood. The property was acquired last year by the borrower, who initiated a significant capital improvement program that repositioned the three ground-floor retail tenants and added other improvements to the 1920s vintage real estate. The new, on-recourse loan was for over 100% of cost for the borrower, sized at 75% of the appraised value. The 20-year loan is fixed for five years at 3.09% and will then float for the remaining 15-year term at LIBOR + 2.4%. The loan is based on a 30-year amortization schedule and has a one-year interest-only period.





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