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August 12, 2020
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Commercial Real Estate Financing Briefs


CAPITAL ONE -- Capital One has provided a $178.3 mil Fannie Mae loan to refinance Anton Menlo, a 394-unit multifamily property in Menlo Park. Anton Menlo is a four-story complex situated on a 9.69-acre site. On-site amenities include a resort-style pool with expansive lounge deck, a rooftop sky lounge with BBQ and fire pit, and fully-equipped yoga and fitness studios. The development features 37 affordable units—22 restricted to 50% AMI and 15 restricted to 80% AMI. The loan was closed through Fannie Mae’s Near-Stabilization loan program by Capital One’s Evan Williams, Kristen Croxton, and Greg Reed. The 10-year loan carries a fixed rate and is interest-only for the full term. Anton DevCo and St. Anton Capital are the co-sponsors of the project.

NEWMARK -- Michael Taylor, Skip Slavin and Patrick Taylor with Newmark® arranged $42 mil in permanent financing for the Village at Sammamish Town Center. The newly completed development is a ground-up, mixed-use property, centrally located on the Sammamish plateau in Seattle. The multi-level design consists of a 37k sf medical office space, a 35k sf Metropolitan Market, and an additional 35k sf of retail. The Village at Sammamish Town Center represents the only new commercial development on the plateau in over 20 years. The non-recourse loan has a 14-year term, based on a 30-year amortization. Newmark will also service the loan.

DAVID B NORTON -- David B. Norton Inc just closed a 10-year, $12.45 mil fixed rate loan for Ocean Point, an 83k sf, multi-tenant office/flex/industrial property in Carlsbad. Ocean Point recently underwent an extensive renovation and repositioning plan. The property is located just west of the 5 Fwy and provides tenants highly upgraded unit finishes. The non-recourse CMBS loan provided an extremely low interest rate fixed for 10 years with a full-term, interest-only provision. The new loan provided significant equity recapture for the owner, who has held and managed the property for over 30 years.

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