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December 5, 2019
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Commercial Real Estate Financing Briefs

11/20/19

MESA WEST CAPITAL - Mesa West Capital provided The ConAm Group with $40.875 mil in short-term, first mortgage debt for the acquisition and repositioning of South Valley Ranch Apartments in the Las Vegas submarket of Henderson, NV. South Valley Ranch features 292 apartment homes in a mix of one-, two- and three-bedroom floorplans housed in 37 two-story buildings on a 17-acre site. Common area amenities include an outdoor swimming pool, fitness center and dog run. ConAm, one of the largest multifamily owner-operators in the U.S. with more than 53,000 fee-managed and company-owned units under management, has budgeted a multi-million dollar renovation program targeting common areas, amenities and apartment interiors as units roll.”

GEORGE SMITH PARTNERS - Antonio Hachem, Loren Bedolla, Wendy Wang, John Choi, Michael Leahey arranged $34 mil in non-recourse, construction take-out, permanent financing at 3.65% fixed for 10 years for a newly built three-story, mixed-use, 30-unit, high-end building in Santa Monica. The borrower’s existing construction loan was set to mature, and the property had not yet received a temporary Certificate of Occupancy. In addition, the borrowing entity was headquartered in a foreign country with extensive development experience abroad, but this was their first project in the U.S. Furthermore, only one of the three retail spaces had been leased and pre-leasing activity on the apartment units had not yet commenced.The new loan is based on 45% LTV, as-is completed.

NEWMARK REALTY CAPITAL - Tim Storey and Chad Metzger with Newmark Realty Capital Inc have arranged $14.3 mil in permanent financing for the the acquisition of a two-building, Class A, institutional quality industrial property located in Chandler, AZ. Situated east of Interstate 17, within the Deer Valley submarket of Phoenix, the 172.8k sf, multi-tenant industrial property is located on over 10.2 acres. The subject features 32’ clear heights, numerous contemporary amenities including dock high and grade level loading, 4’x 8’ skylights, energy efficient construction, streel truss roof structure, LED lights, and bay depths that are required by sophisticated industrial users. The non-recourse financing was funded through a life insurance company. The sponsor acquired the property through a 1031 exchange.

UNIVERSAL COMMERCIAL CAPITAL – Ivy Baca and Eric Tran of Universal Commercial Capital arranged a $2 mil loan on a nudist camp in Southern California. The property is one of two facilities of this type in the area, with revenues coming from both a daily pass and long-term RV parking and usage. It has been in existence since 1979. The loan was particularly challenging for a number of reasons, including the fact that the property is a unique facility lacking similar properties for comparison. The interest-only loan is for two years with a one-year extension at 75% LTV and at a rate of WSJ Prime + 4%.




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