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September 19, 2020
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Commercial Real Estate Financing Briefs


NEWMARK - Robert Slatt, Jeff Wilcox and Charlie Kokernak with Newmark has arranged $27.2 mil in fixed-rate financing for the Stanford Park Hotel in Menlo Park. The 162 room, full-service hotel opened in 1984. Located on a single-parcel ground lease from Stanford University, the hotels sits adjacent to the University, the Stanford Shopping Center and downtown Palo Alto. The non-recourse loan, which was used to refinance existing debt, cover closing costs, and fund scheduled capital improvements, was funded through an undisclosed life insurance company.

CONTINENTAL PARTNERS - Zalmi Klyne of Continental Partners has secured $9.7 mil in permanent financing for Ten38 Lofts, a 32-unit, multifamily property located at 1038 South Mariposa Ave in LA’s Koreatown submarket. The borrower, a private multifamily investor, had requested a permanent loan to refinance an existing construction loan for the property. Constructed in 2016, the multifamily community offers spectacular 360° views from its rooftop garden, granting visibility to the downtown skyline as well as the Westside. At the time of application, the property was 75% occupied; at the time of close, it was nearly fully-leased at 95% occupancy. Comprised of one- and two-bedroom options, Ten38 features community amenities such as a courtyard area with a lawn and water feature, rooftop garden overlooking the downtown LA skyline, resident concierge services, and more. Apartment amenities include custom Italian cabinetry, Caesarstone countertops, and oversized walk-in showers, among others. The ten-year, fixed-rate loan has a two-year interest-only period and is structured with a 30-year amortization schedule. The non-recourse loan is priced at 4.69 percent, sized to 85 percent of cost with a debt coverage ratio of 1.25.

IBORROW - has provided a $9.3 mil loan to complete the renovation of a 64.1k sf property, which will operate as a high-end assisted living facility when completed. Originally built in 1929, the property will encompass 56 rooms, 82 beds, a rooftop garden, retail amenities and ocean views. The property is located just half a mile from St. Mary’s Medical Center – Dignity Health, a 415-bed hospital.

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