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June 3, 2020
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Commercial Real Estate Financing Briefs


MARCUS & MILLICHAP CAPITAL CORP – Sharone Sabar with Marcus & Millichap Capital Corp has arranged $50.5 mil in capital to refinance two SoCal multifamily properties. The first transaction, in the amount of $27.5 mil, refinanced a 136-unit asset in Orange County. The low-leverage loan—55% loan-to-value—was structured with five years of interest-only payments. The second transaction, in the amount of $23 mil, refinanced a 69-unit property in Los Angeles. This loan was leveraged at 65% and structured with a five-year fixed-rate of interest.

NEWMARK REALTY CAPITAL – Tom Dao with Newmark Realty Capital Inc has arranged $16.74 mil for construction of the School of Science & Technology in San Antonio. The new facility for Riverwalk Education Foundation will contain 67k sf and is expected to open this fall. This facility will have an immediate enrollment of 400 students with the capacity to enroll another 400 students. The five-year construction loan is interest-only (until school pays rent), which will be followed by a 30-year amortization.

GEORGE SMITH PARTNERS - Gary Mozer, Katie Rodd, Michael Anderson-Mitterling, Kyle Howerton and Akash Rohera with George Smith Partners arranged $5.475 mil in financing, composed of a $4.275 mil non-recourse first mortgage from a REIT and a $1.2 mil recourse second mortgage from a private-money lender, to acquire a 1980’s-vintage, 100% vacant data center. The 77% of purchase price financing provides 12 months of term to allow the sponsor to 1) implement capital improvements, and 2) generate positive cash flow, prior to putting permanent financing on the property. The lenders did not require an appraisal or other third-party reports, and required only a four-month interest/carry reserve despite no in-place cash flow. The financing is prepayable without penalty throughout the loan term. The interest-only financing has a blended, fixed-rate of 8.8%.

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