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April 14, 2021
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PACIFIC NORTHWEST NEWS
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Commercial Financing Briefs

3/03/21

SQUARE MILE CAPITAL - JPI Companies has secured a $69.75 mil loan on its JPI Pacific Beach property, a 172-unit multifamily asset in San Diego’s Pacific Beach submarket. The loan was provided by Square Mile Capital and will replace the existing construction debt now that the property has received its final Certificate of Occupancy as of July 2020. The financing was arranged by Scott Peterson of CBRE’s San Diego office. JPI Pacific Beach is a recently delivered three-story multifamily asset located along Mission Bay Drive and adjacent to I-5, located less than 10 minutes from downtown San Diego. The property is 86.6% leased and residents enjoy direct access to Pacific Beach. Residents have access to a variety of amenities and recreation facilities including a swimming pool, gym, business center, clubroom with a bay view, outdoor BBQ’s, bike lockers, and watersports storage units. Additionally, residents are near to a number of walking, hiking and biking trails as well as the property’s proximity to the boardwalk or Ocean Front Walk, which is a 3.2-mile-long beach path.

TOWER CAPITAL - Tower Capital arranged $24.845 mil in financing for a 224-unit, low-rise, two-story apartment community located in the Phoenix I-17 Employment Corridor. The property was built in 1980 and sits on 8.09 acres. The community features an outdoor swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and a picnic area with propane gas barbecue grilling stations. The seller had renovated 32% of the units in the past couple years. The seven-year floating rate, non-recourse, Freddie Mac loan at 71% LTV offers the borrower a low starting rate and then adjusts monthly over the 30 Day SOFR. With two years of interest only payments and only a one point pre-pay penalty, this gives the borrower plenty of time to increase the value of the property, and then sell or refinance into a fixed rate loan without paying a large pre-pay penalty.

GANTRY - Gantry has secured $12.5 mil in new financing for a single tenant, 100% leased office property at 1144 Eastlake Avenue E in Seattle’s South Lake Union submarket. The building, delivered in 2002, contains 82k sf of space over seven stories. The new loan positions the asset to take advantage of current historically low interest rates with a long-term structure that reflects its stabilized occupancy. The existing lease with the Seattle Cancer Care Alliance, which is celebrating 20 years of continuous operations in 2021, spans the significant majority of the loan’s term. The 10-year loan, originated by Gantry’s Mike Wood and Alex Saunders, refinanced existing obligations and was placed with State Farm on a full-term interest-only basis at a sub 2.50% rate.






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