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Commercial Real Estate Financing Briefs

1/13/17

PACIFIC SOUTHWEST REALTY SERVICES - Michael S. Tanner with Pacific Southwest Realty Services arranged a $32 mil refi loan for a 305k sf self-storage and RV property in Mission Viejo, on behalf of The Saunders Property Company. The property, renovated in 2014, sits on 27 acres of land. The 10-year, full-recourse loan amortizes in 30 years, and was priced at 3.75% for the first three years, then floats over LIBOR for the last seven. The funds are intended to pay off existing debt and recapitalize the improvements made to the property.

1830 N. Cherokee, Hollywood
1830 N. Cherokee, Hollywood
MERIDIAN CAPITAL GROUP - Kovi Elkus and Seth Grossman with Meridian Capital Group arranged $10 mil in bridge financing for the Commodore of Hollywood Apartments in Los Angeles on behalf of Wilshire Skyline. The property, located at 1830 North Cherokee Ave, is a five-story, 73-unit apartment complex. It is situated in the heart of prime historic Hollywood and offers tenants direct access to a variety of restaurants, shopping and some of Hollywood’s world renowned attractions, including the Grauman Chinese Theatre, the Hollywood & Highland shopping center, the Musician's Institute and the Hollywood Walk of Fame. Built in 1926, the Commodore of Hollywood Apartments was remodeled and features luxury apartments with large walk-in closets, dining rooms and great kitchens. Community amenities include parking, a recreational room with two pool tables, and a business center. The three-year loan, provided by a balance sheet lender, features a LIBOR-based floating rate, interest-only payments and two one-year extension options.

NEWMARK - Mitch Zeemont and Darija Walker with Newmark have arranged $8.5 mil in financing on a 112.2k sf flex office portfolio. The security consists of five, one-story buildings located in the North San Jose submarket of Silicon Valley. The non-recourse loan has a 15-year term, based on a 25-year amortization. The properties are centrally located between I-880 and I-680. The borrowers currently manage over 850k sf of rentable space.

IBORROW – iBorrow has provided a $1.7 mil loan for Milan Business Center, a Las Vegas office building located at 1785 East Sahara Ave, roughly two miles from the Las Vegas Strip. The borrower intends to make cosmetic upgrades to the office space, reposition the property and re-tenant it at market rates higher than what tenants are currently paying. The Sahara property is centrally located within three miles of the Las Vegas Strip and Downtown Las Vegas. The borrower is a skilled real estate investor and broker who owns and actively manages a large portfolio of commercial properties, and is actively involved in the Las Vegas community, serving as a key member in numerous non-profits.






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