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December 18, 2018
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Commercial Real Estate Financing Briefs

11/20/18

GEORGE SMITH PARTNERS -- Zack Streit, Malcolm Davies, Evan Kinne, Rachael Lewis, Alexander Rossinsky and Aiden Moran with George Smith Partners arranged $45 mil in non-recourse financing for a mixed-use production studio and office property in the heart of Hollywood. The sponsor purchased the property all-cash in late 2017, with the knowledge that the in-place tenant had an early 2018 lease maturity and would not be renewing. Shortly after purchasing the asset with no tenant in tow, the sponsor signed a long-term lease with a high profile media technology company for the entire property. The new non-recourse loan, carries a seven-year term, floats at an attractive rate of Prime less 0.25% (5.00% today) and is freely prepayable at any time with no penalty or exit fee.

NEWMARK -- Robert Slatt and Charlie Kokernak with Newmark arranged $13.25 mil in fixed-rate financing for the Village at Park View, an 85-unit garden style apartment complex in Antioch. Located adjacent to CA Hwy 4, just blocks from the Somersville Town Center Shops, the complex is comprised of a mix of one-, two-, and three-bedroom units in ten separate two-story buildings. The acquisition financing, funded through a regional bank, will be fixed for five years, with a 30-year amortization.

IBORROW - iBorrow has provided a $10.25 mil loan for a single-story, 244.6k sf industrial building that includes 16.1k sf of office space in Arlington, WA. The property is currently 84% leased. The borrower group, headed by long-time industrial real estate investors, will use the proceeds to fund the value add component of the property. The property has been the beneficiary of the tight leasing market and continued growth in the area. The loan will enable the borrower to pay off the existing mortgage and make significant improvements to accommodate tenants that require specialized industrial spaces in the growing aerospace and technology industries.




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