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3/20/23
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TALONVEST CAPITAL -- Kim Bishop, Eric Snyder and Ivan Viramontes with Talonvest Capital arranged a $114 mil acquisition bridge loan secured by a storage portfolio consisting of 14 assets located in Utah and California. The individual properties are well located in the key markets of Los Angeles County, Orange County, the Inland Empire, San Diego County, and Salt Lake City. Additionally, the facilities benefit from locations with maximum visibility, easy access, high-density/high-income demographics, and proven operational success. The borrower was William Warren Group, in a venture with an institutional equity investment partner. The non-recourse bridge loan was funded by a life company. It features an attractive interest rate with full-term interest-only payments.
Peoria Logistics Park, Peoria, AZ |
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GANTRY -- Tim Storey and Chad Metzger with Gantry arranged $12.9 mil of permanent financing for the acquisition of a newly constructed, 157k sf warehouse facility, fully leased to a single credit tenant. The acquired property includes a dedicated vehicle maintenance building. The modern facility is the first building completed within the Peoria Logistics Park, a 150-acre master planned logistics development at a location two miles east of Loop 101 in the city of Peoria, a Phoenix MSA suburb. The fixed rate, 11-year loan was provided by a life company lender.
GEORGE SMITH PARTNERS – Bryan Shaffer and Ruben Bohbot with George Smith Partners arranged an $8.4 mil acquisition bridge to perm loan for a 122-unit multifamily property portfolio in Dallas. The property was owned by a single family for over 20 years and who never tried to push rents, so the debt service coverage at closing was below 0.20x. In addition to the low debt yield, the property also had a higher vacancy than the rest of the market and higher expenses. The loan is for five years with a fixed rate of 7.4% with interest-only payments for the 24 months.
MARCUS & MILLICHAP CAPITAL CORPORATION – Chad O’Conner with Marcus & Millichap Capital Corporation arranged a $4.3 mil acquisition loan for a 20-unit multifamily property located at 991 Postal Way in Vista. The 40k sf, two-story multifamily property is located on a quiet street, offering rapid access to both the Ronald Packard Pkwy and the commercial corridor on South Santa Fe Ave, and is within walking distance of a variety of grocery stores, retailers, hotels, cafés, and dining options. The financing included a bridge loan with TI dollars in addition to the initial acquisition funding. The terms included a competitive 6.85% interest rate, three-year term and a 65% loan-to-value ratio.
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