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August 12, 2020
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Commercial Real Estate Financing Briefs


JLL CAPITAL MARKETS -- Zane Sweet, Chris Casey, and Reid McGlamery with JLL Capital Markets arranged a $48 mil financing package through global investment manager Man Group to recapitalize a portfolio of approximately 300 single-family homes in Northern Los Angeles County. The three-year credit facility allows the owner, a privately held ownership group based on Southern California, to make the individual homes available for sale to homebuyers. The owner acquired most of the homes through distressed situations and foreclosure sales, accumulating a portfolio of high quality assets that they have renovated, rented and managed. The majority of the homes are located near Lancaster and Palmdale, where current median homes prices are in the high $200,000’s and low $300,000’s, respectively. The owner plans to sell the homes to individual homebuyers at current market prices over the next 24-36 months.

NEWMARK -- Adam Parker and Chad Metzger with Newmark® arranged $6.5 mil in financing for a 57.8k sf, flex building in Phoenix. The subject property, which was recently rehabbed and was 100% occupied at closing, benefits from its close proximity to both the Deer Valley Airport and Honeywell Aerospace's headquarters. The loan was funded through a life insurance company lender. The financing offered the borrower more loan proceeds and a lower interest rate fixed for a longer period of time in comparison to their retired bank loan.

IBORROW -- iBorrow has provided a $6.1 mil loan for a three-story, 76.8k sf office building in Spokane, WA. The property, located at 901 North Monroe St, is one of the only available properties that meet the location and space requirements for local government tenants. Spokane office demand is primarily driven by city, county and state government needs, including strong on-going demand from local area FIRE and medical office tenants. The borrower is positioning the building to meet the demand in the local market for office space that is suitable for government and non-profit institutions. With 67% current occupancy, the property has strong in-place cash flow and has had steady leasing traction over the last several months. The loan will enable the borrower to pay the costs related to obtaining new leases and for existing tenant improvements and upgrades, according to iBorrow CEO, Brian Good.

IBORROW -- iBorrow provided a $5.6 mil refi loan on a four-story, 9.6k sf, flex building located at 131 Franklin St in San Francisco. The property, which is situated on a 2.4k sf lot in the trendy Hayes Valley neighborhood, is in close proximity to numerous high tech firms, City Hall, performing arts venues, freeways and public transportation. The property is located less than two blocks from “The Hub,” now called SoMa West, which features multiple high-rise, newly constructed multifamily buildings.

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