The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 4, 2020
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Commercial Real Estate Financing Briefs

11/19/20

CBRE CAPITAL MARKETS DEBT & STRUCTURED FINANCE - Dana Summers, Doug Birrell, Robert Ybarra, Bruce Francis and Shaun Moothart with CBRE arranged a $39.7 mil loan for the purchase of two multifamily properties in Phoenix, The Vicinity and Ascent 1829. The Vicinity is located at 6131 N. 16th St and was originally built in 1975. The complex is comprised of 10 multi-story buildings with a total of 125 units. Amenities include pool, clubhouse, barbecue area, laundry facilities and fitness center. Originally built in 1980, Ascent 1829 is located at 1829 E. Morten Ave and is comprised of 16 two-story buildings with a total of 180 units. Amenities include pool, barbecue and picnic area, cabanas, laundry facilities, fitness center, dog park and outdoor firepit. The communities are within two miles of each other and are both adjacent to AZ-51, a major freeway that connects to the rest of the Phoenix metropolitan area. The assets are within nine miles of both Downtown Phoenix and Phoenix Sky Harbor International Airport. The five-year loan was funded through MF1 Capital on behalf of the buyer, a private investor who plans to spend approximately $18k per door on unrenovated units to further improve the quality of the assets and generate superior value. Due to the two properties being in proximity to each other and in the same submarket, the borrower plans to create efficiencies by consolidating management and maintenance.

CUSHMAN & WAKEFIELD SENIOR HOUSING CAPITAL MARKETS - Richard Swartz, Jay Wagner, Aaron Rosenzweig and Associate Bailey Nygard with Cushman & Wakefield arranged a $13 mil refi loan for The Palazzo, a 327-unit, rental continuum community located in Phoenix. The property is owned by a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting LLC. Located in a heavily trafficked area of northern Phoenix, The Palazzo was originally acquired in 2017 by the Borrower and expands over a 14-acre campus. The property has recently undergone an extensive $10 mil renovation/repositioning plan and the refinance will replace the original acquisition financing while current ownership finishes executing their business plan. The community is a full continuum rental community comprised of two towers, each of which stand three stories and totals approximately 335k sf, comprised of 100 IL units, 171 AL units, 29 MC beds, and 60 SNF beds for a total of 360 beds and “neighborhood” style commons areas with kitchen, dining, activity and outdoor space available.

NORTHMARQ CAPITAL -- Steve Hollister with NorthMarq arranged a $10 mil refi of TPO and East Otay, two yard-storage properties. The properties comprise a total of 80 acres and are located in Otay Mesa, at the southern end of San Diego County. TPO consists of 64 acres of fenced, gated and gravel lots and is 100% occupied by four transport/logistics tenants. East Otay consists of 16 acres of fenced, gated and gravel lots that are primarily used for outdoor storage. It is 100% occupied by ten tenants with uses ranging from car and truck parking, scrap metal recycling, tire recycling, and other similar outdoor uses. Both assets possess quick access to the 905 and 125 Freeways, the Otay Mesa Port of Entry (where all commercial truck traffic between San Diego County and Mexico must pass) and the new POE, which is expected to be open by 2022. The transaction was structured with a fully-amortizing 15-year loan. NorthMarq arranged the fixed-rate loan through one of its correspondent life insurance company relationships.

JLL CAPITAL MARKETS -- Chris Collins with JLL Capital Markets arranged $3.45 mil in construction financing for the 10-unit Carlton Oaks Townhome development in East San Diego County. The for-rent townhome community, being developed by Responsible Residential, will consist of two three-story buildings with 14.8k sf of rentable area. Each townhome averages 1.5k sf and includes three bedrooms with three-and-a-half baths and features a two-car garage – also pre-wired for electric vehicle charging – en-suite bathrooms for all bedrooms, stacked in-unit washer and dryer, stainless-steel appliances, chrome and brushed nickel fixtures and carpet and luxury vinyl flooring with some units including balconies and personal patios. Carlton Oaks will be located on the northeast corner of Carlton Oaks Dr and E. Heaney Circle in Santee, a suburb in San Diego County, just a couple of miles from the renowned San Diego Christian College and just 20 miles from Downtown San Diego. The loan was funded through a private lending source.




Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media