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May 31, 2023
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Commercial Real Estate Financing Briefs


NEWMARK REALTY CAPITAL - Demetri Koston and Skip Slavin of Newmark Realty Capital have arranged $10.2 mil in permanent financing for Lincoln Heights, a stabilized grocery-anchored multi-tenant retail center in Spokane, WA. The retail center is fully leased and anchored by Spokane’s first Trader Joe’s grocery store. The center also includes other national brands such as Petco, Jo-Anne Fabrics, Rite Aid, US Bank, KFC, Jimmy Johns, and others. The center is located on the South Hill of Spokane, one of the most highly coveted submarkets in the Inland Northwest. With the introduction of Trader Joe’s in 2011, the center has become one of the busiest retail sites in Spokane, and attracts shoppers from throughout the region. The fully amortizing loan has a 20-year fixed rate term, flexible prepayment structure, and assumability. Further, the loan is non-recourse and does not require a personal guarantee from the borrower. The loan was funded through a life insurance company lender. Newmark will service the loan.

GREYSTONE - Greystone has provided a $5 mil Freddie Mac Small Balance Loan to finance the acquisition of Greystone Place Apartments, a 120-unit res property in Sacramento. The loan for the property, which is not affiliated with Greystone, was originated by John Tilsch of the company’s San Francisco office. The loan carries a 20-year term with a fixed rate for the first five years and one year of interest-only over a 30-year amortization. The financing came in at 73% LTV.

BELLWETHER ENTERPRISE REAL ESTATE CAPITAL -- Laurie Morfin and Scott Hay with Bellwether Enterprise Real Estate Capital arranged fixed-to-floating rate loans totaling $4.4 mil for two apartment properties in the East Bay. One of the properties was Diablo Villas Apartments, a 40-unit multifamily property in Walnut Creek, and the other property was Country Club Apartments, an 80-unit apartment complex in Fairfield. Each of the loans was for $2.2 mil with a 20-year fully amortizing term. The loans were funded through the Freddie Mac Small Balance Loan program with 10-year fixed rates that convert to floating rates for the remainder of the term. The loans included a stepdown prepay during the fixed rate period in the event the client wanted to sell the properties during that time. Freddie Mac’s program also allowed for low closing costs and did not require carve-out guarantors, due to a leverage level below 30 percent.

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