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Commercial Real Estate Financing Briefs

11/17/15

NEWMARK REALTY CAPITAL -- George Mitsanas, Peter Hillakas and Doug Tisdale of Newmark Realty Capital arranged $40 mil in permanent financing for a 370k sf regional power center in South Gate. The center was completed in the summer of 2014 and includes a strong line-up of national and credit retail tenants. The 10-year, interest-only loan was funded through a life insurance company lender. The borrower was a Los Angeles-based developer.

GEORGE SMITH PARTNERS -- Gary Mozer, Katie Rodd, Michael Anderson and Kyle Howerton of George Smith Partners placed a high-leverage, non-recourse acquisition/bridge loan for a 78% leased multitenant industrial business park in the Pacific Southwest. The $25.5 mil loan provides $2.45 mil for capital expenditures, tenant improvement and leasing commissions to cosmetically rehabilitate and stabilize the asset. Sized to 89% of the total capitalization, $23.05 mil of the on-book financing included mezzanine financing of $5.9 mil. The loan will float at LIBOR + 6.00%, until the mezzanine tranche is repaid. The mezzanine loan is pre-payable at any time without penalty. Once the mezzanine loan is repaid, the rate is reduced to LIBOR + 4.25%. Interest only for three years, this loan offers two, one-year options.

QUANTUM CAPITAL PARTNERS -- Jonathan Hakakha and Mike Yim Quantum of Capital Partners arranged $10.5 mil in long-term fixed-rate financing to recapitalize a retail building located in the heart of Beverly Hills’ famed Golden Triangle. The financing was secured by 9650 Bedford Drive, a 15k sf restaurant and retail building located at the corner of Santa Monica Blvd and Bedford Dr in Beverly Hills. The single-story building is 100% leased to Crustacean Restaurant (House of An) and Maxferd Jewelry of Beverly Hills. The 10-year CMBS loan closed at 4.32% and was structured to include five years of interest-only payments.

NORTHMARQ CAPITAL -- Michael T. Elmore and Mark Dodson of NorthMarq Capital’s Los Angeles office arranged $8 mil refi money for Sunnyslope Shopping Center, a 93.9k sf retail property located at 4405-4555 Liberty Road South in Salem, OR. The transaction was structured with a 10-year term and a five-year interest-only period followed by a 30-year amortization schedule. The loan was funded by a CMBS lender and allowed for substantial cash-out proceeds. Roth’s Fresh Markets represents the property’s major tenant.

NORTHMARQ CAPITAL -- Aaron Beck of NorthMarq Capital arranged acquisition financing of $7 mil for Venetian Villas, a mixed-use property with luxury residential units over commercial space. The property is well located in the coastal OC market of San Clemente, just blocks from the beach, restaurants and shopping. The project features high-end luxury finishes in the residential units, a below-grade parking garage, secure entry and a rooftop deck with ocean views. The short-term, interest-only loan was structured with a floating rate and a three-year term.

COHEN FINANCIAL -- Kenneth Fox of Cohen Financial arranged $5.95 mil in refi money on the AAA Self-Storage portfolio of five self-storage facilities located in East Texas in Lufkin, TX. The entire portfolio consists of 1,719 total units within 264k sf. Each facility features recreational vehicle and boat storage spaces. Lufkin is located 120 miles north of Houston and 170 miles southeast of Dallas, and all of the storage facilities are within a six-mile radius of each other. The fixed-rate, long term loan was funded through Symetra Insurance Company. The borrower is a San Francisco Bay area investor/owner group.






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