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6/21/19
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Highland Pinetree Apts, Fullerton |
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NORTHMARQ CAPITAL - Michael T. Elmore with NorthMarq Capital secured $56 mil in refi money on Highland Pinetree Apartments, a 320-unit multifamily property located at 1501 South Highland Ave in Fullerton. The property is operated by Advanced Real Estate Services. The transaction was structured with a fully-amortizing 10-year term at an interest rate of 3.74%. The permanent-fixed loan was funded through Freddie Mac, which executed a full rate lock one day after loan application execution. The refinance provided $28 mil in net cash out that will be used for acquisitions. NorthMarq also provided defeasance services on the old loan.
PARKVIEW FINANCIAL - Parkview Financial provided a $16.5 mil construction loan to Los Angeles-based 5050 Pico LLC for the development of Kentish Town, a new five-story, mixed-use residential and retail project located at 5050 W. Pico Blvd in Los Angeles. Construction has now commenced with completion anticipated for October 2020. The 60k sf project will include 79 residential units and 2.1k sf of ground floor retail space. There will also be one grade-level parking area and one subterranean parking level totaling 67 spaces. In addition to the retail amenity, other on-site tenant amenities will include two rooftop decks, a bike room with storage, and a resident lounge. The residential units consist of a mix of studio and one-bedroom floorplans averaging 601 sf and will feature engineered hardwood/vinyl flooring, a full kitchen with stainless steel appliances and an in-unit washer/dryer, as well as balconies in the majority of units. Eight of units will be below market rate units. According to Paul Rahimian, CEO with Parkview Financial, the property will be one of only a few newly constructed apartment buildings in its submarket, which has experienced eight years of consecutive rent growth and is currently seeing a low vacancy rate of just 2.4%.
CBRE -- A five-story, extended-stay hotel project in Garden Grove can move forward now that new financing of $15.5 mil has been arranged. The site, located at 13650 Harbor Blvd, is under construction and set to be completed in late 2020. The extended stay Homes2Suites hotel will include 124 rooms. Bruce Francis, Dana Summers, Doug Birrell, Bob Ybarra, Shaun Moothart and David Stinebaugh with CBRE facilitated the loan on behalf of the borrower, Garden Grove Hotel, LLC. The debt has an 18-month floating period during construction and will subsequently convert into fixed interest rate loan for 36 months with two one-year extension options. The lending amount represents 73.5% of total project costs.
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