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November 22, 2019
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Commercial Real Estate Financing Briefs

10/10/19

CONTINENTAL PARTNERS - Brian Asheghian with Continental Partners arranged a $34 mil loan for a newly constructed 144-unit multifamily asset in North Hollywood. The loan serves to refinance the existing construction loan on the property. The 20-year, fixed-rate loan is priced at a rate of 3.57% has a 30-year amortization and a loan-to-cost of 85%. The loan has a yield maintenance with five years of stepdown and no lender fee.

GEORGE SMITH PARTNERS - Steve Bram, Allison Higgins and Patrick O’Donnell with George Smith Partners arranged $13.35 mil of bridge financing for the acquisition and renovation of a an apartment building in West Los Angeles. The building, which was constructed in 1969, is in need of a major renovation. The financing provided 77% of the acquisition and renovation cost. The sponsor intends to complete an extensive renovation to the exterior and common areas. At acquisition the building was 60% occupied, so the sponsor will immediately improve the vacant units and rent at market. The loan was sized to a 6.50% stabilized debt yield, which equated to 77% of total project cost. The non-recourse financing has a floating interest rate of LIBOR + 4.75% and has a 3-year term.


CBRE - Bob Ybarra, Shaun Moothart, Bruce Francis, Dana Summers and Doug Birrell of CBRE’s Debt and Structured Finance team arranged a $13 mil refi loan on a 287.5k sf industrial property located in Las Vegas, on behalf of Pacifica Real Estate Group, a Santa Barbara and Newport Beach-based real estate investment and management firm. The property, Building 5 of Blue Diamond Industrial Center, is a multi-tenant warehouse distribution facility located at 4120 W. Windmill Lane. It is part of a 110-acre master-planned industrial park and in proximity to the I-15 and I-215 Beltway via Blue Diamond Road, McCarran International Airport, and the Las Vegas Strip. The property is encumbered by a ground lease with Clark County that will expire July 2055.





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