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May 24, 2018
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Commercial Real Estate Financing Briefs


NORTHMARQ CAPITAL -- Gardiner Champlin and Marty Meagher with NorthMarq Capital arranged the $61.2 mil refinance of three garden apartment complexes totaling 488 units owned by a local private family office. The properties are located in San Diego, Poway and La Mesa, CA. The transaction was structured with a 12-year, interest-only term. The loan was funded through Fannie Mae’s Green Rewards program, based on the sponsor’s commitment to make property improvements to reduce energy usage at the properties. The program allowed the deal to lock at a spread 39 basis points below a comparable conventional deal. The sponsor achieved significant cash-out even at the Tier 4 financing level, while reducing monthly loan payments due to a significant drop in interest rate from the prior loans paid off with this refinance.

HFF -- GPI Companies has acquired a six-acre parcel in West Los Angeles that includes a 244k sf retail structure occupied by Macy’s and a 1,550-space parking garage. The property, part of the Westside Pavilion Mall, is located at the intersection of Pico Blvd and Overland Ave, close to the 405 and 10 Freeways. The purchase was financed with a $28.7 mil loan arranged by Kevin MacKenzie, Greg Brown, Jeff Sause and Jamie Kline with HFF. The two-year, fixed-rate loan was funded through a life insurance company.

BERKADIA -- Michael Zaremski of Berkadia arranged $17.32 mil in Fannie Mae financing for CollegePlace Provo, a student housing property formerly known as Pacific Heights located in Provo, UT, next to Brigham Young University. CollegePlace Provo is located at 743 N. 900 E, affording convenient access to Brigham Young University. The newly constructed property was built in 2016 and features private rooms with high-end finishes. The property features a state-of-the-art fitness center, three study rooms, two underground parking levels and secure building access. The outdoor areas include grills, fire pits and a hot tub. The borrower was CollegePlace Partners. The 10-year acquisition loan features seven years of interest-only payments.

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