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September 24, 2018
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Commercial Real Estate Financing Briefs

3/23/18

NorthMarq Capital -- Stuart Oswald with NorthMarq Capital arranged construction financing of $29.3 mil for Quail Park at Shannon Ranch, a 120-unit senior housing property located in Visalia, CA. The community will open early in 2019. The transaction was structured with a five-year term and funded through a regional bank. The property is owned by the principals of Living Care Lifestyles, several local investors and the Kaweah Delta Hospital. It will be operated by Living Care Lifestyles.

Newmark - Eric Von Berg, Tom Dao and Cristian Streeter with Newmark secured $13.5 mil in financing for two separate self-storage properties located in Morgan Hill, CA and Phoenix, AZ. The loans were made to separate borrowers and funded by separate life insurance companies, with Newmark servicing both loans. In one, Newmark arranged $10.5 mil for Cochrane Road Self-Storage, a 1,098-unit facility, in Morgan Hill. Located just south of San Jose, adjacent to Hwy 101, the facility offered a fully developed property in a great location, professionally managed by a highly reputable and experienced sponsor, and at least 90% occupancy. The 10-year fixed-rate loan has a 30-year amortization and is non-recourse. In the other deal, Newmark secured $3 mil in financing for Extra Space Self-Storage, a two-story indoor facility with 362 air conditioned units. Situated along West Indian School Rd in Phoenix, the property was originally a multi-tenant office but was converted to a self-storage facility in 1995. The immediate area adjacent to the subject property includes a mixture of office, retail, older single family residential subdivisions, and multifamily apartment projects. The new loan has a 65% loan-to-value, a 15-year fixed-rate term and is non-recourse. At close, the property was 83% leased.

ABP Capital - ABP Capital provided a $10.6 mil refi loan for The Enclave at Seabridge, a partially sold-out seaside community in Oxnard. Located in the Seabridge master-planned development, the complex offers both marina and mountain views and features 23 remaining condominiums in a 42-unit development, along with a single level and underground parking garage. The property is situated near Oxnard Shores Channel Island Harbor, a portal to desirable city parks, waterfront activities and is walking distance to a variety of dining and retail destinations. The loan allows the borrower to refinance existing debt to comfortably sell the remaining units.

George Smith Partners – Bryan Shaffer, Max Lehrman, James Long, David Danesh and Jonathan Dunn with George Smith Partners arranged an $8.25 mil, 80% acquisition loan on a large office building in Monterey Park, CA. The sponsor for this transaction was a religious institution who was acquiring the property to serve as its main campus for community service and fundraising events. The religious institution previously operated its community service and fundraising events out of several smaller locations in Orange County, but needed to consolidate into one larger main campus. Fixed for 10 years at 6.75%, the acquisition loan represented 80% of the property’s value and is recourse to an entity. The loan amortizes over 30 years and has a 5,4,3,2,1 prepayment penalty.





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