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February 24, 2021
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Commercial Real Estate Financing Briefs

2/19/21

CBRE -- Mark McGovern, Brian Cruz and Colby Matzke of CBREís Debt and Structured Finance team in San Diego arranged a $46.7 mil loan on behalf of Westcore Properties for the firmís purchase of a four-property industrial portfolio in the Western United States. The properties total 704k sf and are located in prime distribution corridors across the western United States. The assets are located at: 14101 E. Otero Ave in Englewood, CO; 19516 S. Susana Rd in Compton, CA; 1551 South Fresno Ave in Stockton, CA; and 4455 W. Camelback Rd in Phoenix, AZ. The properties have a combined vacancy rate of over 50%, providing a value-add opportunity to reposition the space for new tenants. The portfolio consists of both high quality, state-of-the-art industrial buildings along with older, very functional buildings. Westcore plans to institute a capital improvement program and move quickly to lease and stabilize the portfolio.

GANTRY - Gantryís Mike Wood and Alex Saunders secured $9.2 mil in financing for a 2.23-acre land site in the University District submarket leased to developer Phoenix Property Group (PPG) for the development of a 268-unit, Class A midrise multifamily complex currently under construction. The 10-year loan commitment offers an initial interest-only period at a historically favorable rate and was placed with State Farm. According to Wood, the landís prime location near the University of Washington main campus and the continued demand for quality rental housing outpacing supply in the region provides strong long-term fundamentals for the location. The borrower, rather than selling the land, made the decision to sign a multi-generational land lease with the developer to enjoy continued revenue from the asset.

HIGHLAND REALTY CAPITAL Ė Brad Sevier of Highland Realty Capital secured a $10 mil, fixed-rate loan to refinance the 135k sf Mill Avenue Business Park in Tempe, AZ. The project is comprised of both industrial flex and a traditional office building. The non-recourse loan was provided by a national bank and the rate was fixed at 3.15% for 10 years with a 30-year amortization. The loan has a more borrower friendly prepay penalty structure compared to typical yield maintenance, giving the borrower, a tenancy in common structure, more flexibility to prepay the loan in the future.

RADAR CAPITAL PARTNERS - Kevin Marusiak with Radar Capital Partners provided a $2.3 mil construction loan to an Arizona-based real estate group for the development of a Raising Caneís Chicken Fingers property in Phoenix. Construction on the 3.6k sf project has now commenced and is anticipated to complete in summer 2021. This represents the second Raising Caneís project that Radar has financed in the Phoenix market as the tenant continues to expand within the region. According to Marusiak, quick service restaurants (QSRs) like Raising Caneís are thriving in high growth markets like Phoenix as they provide customers with quality food and convenient ways to get it via drive-thrus, delivery, pick-up and app-based ordering.




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