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10/13/16
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TALONVEST CAPITAL – Eric Snyder, Kim Leslie, Tom Sherlock, and Jim Davies of Talonvest Capital arranged $58 mil in financing on a portfolio of 21 self-storage properties located in Texas, Tennessee, California and Wisconsin. The borrower was Devon Self Storage, one of the top private self storage operators in the country, and their institutional JV equity partner. The three-year balance sheet loan was priced at Libor plus 2.75% and includes interest-only payments for the term, partial releases, no prepayment penalty after eighteen months, extension options, and a creative interest hedging structure that allowed the borrower to save money.
CAPITAL ONE - Capital One has provided a $15.8 mil Fannie Mae structured an adjustable rate loan to refinance Rio Vista Mobile Estates. The property, an all-age, 200-space manufactured housing community (MHC), is located in Anaheim. The 10-year loan is being amortized on a 25-year schedule. The borrower, Anaheim Associates L.P., will use the proceeds to retire higher-rate Fannie Mae debt, cash out equity, and finance improvements to the property as dictated by its ground lease. Capital One’s Thomas Hagwood originated the transaction.
MERIDIAN CAPITAL GROUP - The Festival Companies has refinanced its Tyler Gateway Shopping Center with a new CMBS loan for $12.5 mil. Located in Riverside, Tyler Gateway Shopping Center consists of two single-story retail buildings containing 25k sf of space. Tyler Gateway Shopping Center is at 3502 Tyler St, on the northeast corner of Tyler and Diana Ave, directly adjacent to The Galleria at Tyler Mall, the most heavily shopped retail mall in Riverside. Notable tenants at the center include Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle and Yogurtland. The 10-year loan features five years of interest-only payments and a low fixed interest rate. The loan was arranged by Seth Grossman and Andy Strauss of Meridian Capital Group, who are based in the company’s Carlsbad office.
NEWMARK REALTY CAPITAL – Andy Bratt of Newmark Realty Capital arranged $5.4 mil in permanent financing for Los Gatos Gateway, an 18.5k sf, mixed-use medical office and retail building. The property contains ground floor retail with credit tenants and two floors of medical office use, which benefits from its proximity to The Good Samaritan Hospital. The non-recourse financing is a fully amortizing loan fixed for 20 years at a low interest rate of 3.25%. The property was originally developed by the owner in 2006 and the new financing retired a maturing CMBS loan.
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