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March 25, 2019
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Commercial Real Estate Financing Briefs


Newmark – Robert Slatt, Jeff Wilcox and Charlie Kokernak with Newmark arranged $25.6 mil in permanent financing for 5500-5550 Hellyer Ave, a two-story R&D building in San Jose. Demised into three tenant spaces, the 100% occupied property is comprised of both industrial flex and office space. The 10-year, fixed-rate, 30-year amortization loan was funded through a conduit lender. The long-term financing solution was arranged as a first deed of trust on a non-recourse basis as part of a purchase transaction. This marks the second purchase financing arranged with the same borrower in the last two years.

Greystone – Matt Stevens with Greystone originated a $10.7 mil Fannie Mae DUS loan to refinance Casa Bella Apartments in Los Angeles. Brentwood area of West L.A., Casa Bella Apartments comprises 43 residences including studios and one-bedroom units. The three-story mixed-use complex also includes three ground-floor retail suites and on-site parking. The Fannie Mae DUS loan includes a 10-year term and is interest-only Don Salka of First Pacific Financial acted as correspondent on the transaction. The borrower was Andrew Matyas.

HFF - Greg Brown, John Chun and AJ Manas with HFF arranged the capitalization of Gramercy Plaza, a 158k sf, four-story, Class A office building centrally located along the 190th Street corridor in Torrance. The borrower, Preylock Real Estate Holdings, acquired the asset in June for $26.18 mil. Gramercy Plaza is located at 2050 W 190th Street in the South Bay area of Los Angeles County, which is one of the fastest growing office submarkets in the Greater LA region. This location is proximate to the Ports of Long Beach and Los Angeles, and close to the Interstate 405 and 110 interchange connecting South Bay to the heart of Los Angeles. Gramercy Plaza will also benefit from the Metro Light Rail – South Bay expansion project, which will eventually link Torrance directly to LAX and the broader Los Angeles market. The capitalization consists of both financing and joint venture equity. The financing was structured as a three-year, floating-rate, interest-only loan with a specialty finance debt fund. The total loan commitment is equal to 75% of the anticipated total project costs, including future funding to modernize the building’s interiors and exterior designs and implementation of a leasing initiative. In addition, the team arranged Preylock’s joint venture equity with a national life insurance company.

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