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August 3, 2020
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Commercial Real Estate Financing Briefs


SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company has arranged $36.3 mil of first mortgage financing for the acquisition of the DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room, full-service hotel located in downtown Campbell, CA. The hotel has an irreplaceable location within The Pruneyard, a 27-acre mixed-use complex offering 365k sf of Class-A office space and 260k sf of retail space. The hotel’s location in Silicon Valley (one of the strongest performing lodging markets in the nation), results in demand generators from the numerous technology companies headquartered in the area, including eBay, Netflix, Roku, Adobe Systems, Apple, and Intel. The long-term, fixed-rate loan facilitated the acquisition of the property and provides funds for a $5.8 mil renovation of the property. The 12-year loan was provided by a life insurance company and was priced at 4.48% with four years of interest-only payments followed by amortization on a 30-year schedule.

NEWMARK REALTY CAPITAL – Andy Bratt and Spencer Seibring with Newmark Realty Capital have arranged $21.7 mil for Union Bay Apartments in Seattle. Centered in the forefront of the city's trendiest area, South Lake Union, the seven-story, 74-unit mid-rise apartment complex offers a variety of spacious studios, one-, and two-bedroom units along with ground floor retail. The loan was structured with a 10-year term loan at a highly competitive rate, through a Wall Street lender. The sponsor, a privately owned Los Angeles based development company, acquired the property two years ago and implemented an intensive value-add strategy. The property was reaching stabilization and the sponsor wanted to maximize cash-out, interest-only, and lock in long-term fixed-rate financing.

RODEO LENDING – Rodeo Lending arranged $6 mil in acquisition money for the purchase of a vacant, 95.2k sf big box retail site on 9.64 acres in Gillette, Wyoming. The funds will be used for tenant improvements for four leases just signed with new tenants at the property. The deal came in at 63% loan to value and has built in interest reserves.

NORTHMARQ CAPITAL – Paul Bruder with NorthMarq Capital arranged $5 mil in financing on Mission Grove - Building C, located at 7894 Mission Grove Pkwy South in Riverside. The building, constructed in 2010, totals 41k sf and is 100% leased to a single tenant. It is situated in Mission Grove Corporate Plaza, a four-building office park with a total of 151.2k sf of space. The new, non-recourse financing has a five-year term and was funded through a regional bank.

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