|
|
5/27/16
|
GEORGE SMITH PARTNERS - Steve Bram, David Pascale and Patrick O’Donnell of George Smith Partners arranged a high-leverage, non-recourse $22.8 mil refi loan on a 225k sf, mixed-use/warehouse building with a significant office component in Orange County. The property sits on a 12-acre parcel and was constructed in 1966. It was subsequently renovated in 1985 and again in 2001. The 2001 renovation was structured to accommodate a government agency whose footprint occupies 60% of the gross improved square footage. Their build-out consists of 31% office (two-story), 19% air conditioned warehouse, and 50% conventional warehouse. Loan proceeds were allocated to cover additional tenant improvements and lease commissions as this agency recently extended for an additional 15-year term. The remaining square footage is leased to an industrial bakery, who has occupied the property since 1989. Their lease rolls during this 10-year loan term. The loan works out to below an 8.0% debt yield without layering on mezzanine debt. Fixed at 4.92% for 10 years, the loan is interest-only for two years before rolling into a 30-year amortization schedule.
NORTHMARQ CAPITAL - Joe Giordani of NorthMarq Capital arranged $6 mil in refi money for Skyline Center, a 36.9k sf retail property located in Thousand Oaks. The transaction was structured with a 10-year term and a 30-year amortization schedule. Highlights of the financing included a seven-year, fixed rate that will switch to floating for the last three years. The non-recourse loan featured a 60 percent loan to value, an early rate lock, and a step-down prepay schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
NEWMARK REALTY CAPITAL - Adam Parker and Chad Metzger of Newmark Realty Capital Inc arranged $4.67 mil in financing on a 50-unit multifamily property located in Phoenix, AZ. The property was developed as a luxury townhome community. The units have an average size of 1.4k sf and include a direct-access garage. The loan was a cash-out refinance that also lowered the owner's interest rate. At closing, the property was 100% occupied with a waiting list of tenants.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
