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November 22, 2019
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Commercial Real Estate Financing Briefs

10/21/19

JLL - Aldon Cole and Daniel Pinkus with JLL have arranged $57.5 mil in financing for Latitude 37, a two-phase, 172-unit luxury mid-rise apartment community in South San Jose. Latitude 37 is located on three acres at 1255 and 1277 Babb Court in the Willow Glen submarket, which provides connectivity to the Bay Area via nearby Highway 87. Phase I was completed in 2012 and Phase II was completed in 2018. Each phase encompasses 86 units featuring a mix of studio through three-bedroom units averaging 1.1k sf. Community amenities include a fully equipped fitness center, a swimming pool and spa, outdoor lounge with grilling area, subterranean parking and electric car charging stations. The 10-year, fixed-rate non-recourse loan was funded through a correspondent life company lender. Loan proceeds refinanced and consolidated the two existing construction and agency loans.

CBRE - John Nelson and David Kaim with CBRE have arranged $43 mil in non-recourse construction financing for the development of an AC Marriott hotel, Marin County's first major hotel to be built in over two decades. The 140-room hotel will be located in downtown San Rafael, on the corner of Fifth Ave and B St. Construction of the hotel will begin immediately, and it is anticipated to open the third quarter of 2021. The borrower is Monahan Parker Inc, while CSI Construction will serve as the general contractor for the project. The floating-rate financing was provided by ACORE Capital, a leading commercial real estate finance company. The projectís excellent location in the heart of downtown San Rafael, the nexus of Marin County, continues to flourish due to BioMarinís expansion and new Sonoma Marin Area Rail Transit Center (SMART Train), which provides easy access to San Francisco.

JLL - Chris Collins and Brad Vansant with JLL have arranged $15.1 mil in financing for the development of Palatine Bankers Hill, a five-story, 16-unit luxury condominium project in San Diego, California. Palatine Bankers Hill is located at 2750 Fourth Ave in the heart of the Bankers Hill/Park West neighborhood, just two blocks west of the historic Balboa Park. Due for completion in early 2020, the property will consist of 16 for-sale residential units, 1.1k sf of ground-level commercial space and 38 subterranean and grade-level parking spaces. Residences will include a mix of two-, three- and four-bedroom layouts that will feature luxury finishes, including Turkish stone tile and hardwood flooring, quartzite countertops, sustainable wood cabinetry, Miele appliances, large private terraces, customizable closet systems, ThermoPad thermostats, automated Lutron lighting, keyless entry and electric car charging stations. The one-year, floating-rate construction loan was funded through a New York City-based debt fund on behalf of the developer, INI Greenfield.

GEORGE SMITH PARTNERS Ė Shahin Yazdi, Jonathan Lee, David Stepanchak, Olga Brandeis, Matthew Kirisits, Paul Monsen and Samuel Sarchar with George Smith Partners arranged $3.35 mil n proceeds for the purchase of a 13-unit multifamily property located in an infill area of Los Angeles. The loan is structured as $1.963 mil at closing and $1.387 mil in holdbacks for capital expenditures and interest reserves. Six of the thirteen units were vacant at close. The fully funded loan represents 70% of the project capitalization. The selected capital provider was the only one to provide non-recourse execution with a rate in the 5ís. The loan did not stipulate a required debt yield based on the stabilized cash flow. Additionally, the lender released additional money at closing for expenses the buyer incurred while in escrow. This amount totaled $260k in reimbursements for soft costs. The loan closed about 45 days from the signed application.







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