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7/16/18
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GREYSTONE - Greystone has provided a $70.8 mil Fannie Mae DUS loan to refinance the newly-constructed 251 Brandon Street apartments in San Jose. Located in a tech hub serving as home base to many employees of Facebook, Google, and Apple, 251 Brandon offers residents an attractive amenities package including outdoor entertaining space, business resources and event spaces. The mid-rise building quickly became fully stabilized after completion, enabling Greystone to execute a swift and permanent exit with Fannie Mae financing. The loan carries a 10-year fixed rate, eight years of interest-only, and a 30-year amortization period. With impending and unknown interest rate increases, locking in a rate and closing the transaction quickly was of utmost importance to the borrower, who had owned the land for years prior to construction, and recently completed the ambitious 271-unit project. The transaction was handled by Greystone’s Simon Herrmann, Todd Vitzthum, and Cody Field.
HFF - Cypress West Partners obtaine $14.5 mil in financing for 101 Gateway and Paradise Valley Professional, two medical office properties in Phoenix, AZ. 101 Gateway is located in west Phoenix near the Loop 101 and Interstate 10 interchange. This location is close to the Banner Estrella Medical Center, which is a full-service medical campus with a 317-bed hospital. The 50k sf, Class A, value-add property is 57% leased and offers large flexible floor plates and an abundant parking ratio of nine spaces per 1,000 square feet. Paradise Valley Professional is a 58k sf, nine-building medical office campus adjacent to the Abrazo Scottsdale Hospital Campus. The property is 85% leased and was most recently renovated in 2016. The 5.62-acre site is located at 16620 N 40th Street, which is situated immediately off of the State Route 52 Freeway near the affluent Scottsdale and Paradise Valley communities. HFF secured two floating-rate acquisition loans through CIT Group Inc’s Healthcare Finance unit. A $6.7 mil, 36-month loan was arranged for 101 Gateway, and a $7.8 mil, 60-month loan was secured for Paradise Valley Professional.
THOROFARE CAPITAL - Thorofare Capital has funded a $13 mil, short-term bridge loan for the refinance and renovation of Park Terrace at Gateway (Park Terrace), a 277-unit assisted and independent living facility located in North Phoenix, AZ. The ADA-compliant property consists of 184 independent living units and 93 assisted living units. It features a garden-style layout, with amenities including multiple recreation rooms, a tennis court, large pool, refurbished outdoor patio space and a walking trail. The Sponsor, a Southern California-based real estate investor with international and domestic assets, purchased acquired the asset, then an Embassy Suites Hotel, in 2015 out of a bank’s REO portfolio. It was converted by the Sponsor to a senior living facility in 2016. The two-year, interest-only floating-rate loan provides an initial advance of $10 mil to repay the construction loan and fund reserves to facilitate the lease-up of vacant units, with $3 million withheld for future funding of the completion of unit renovations and an “earn-outs” based on performance milestones.
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