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December 10, 2017
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INLAND EMPIRE NEWS
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Commercial Real Estate Financing Briefs

11/02/17

BERKELEY POINT CAPITAL - Berkeley Point Capital recently provided a Prime Residential affiliate with $105 mil in acquisition financing for the purchase of Avion at Spectrum, a 448-unit luxury apartment complex located in San Diego. Avion at Spectrum includes a resort-style spa, pool with cabanas, grilling area, fire pit and a state-of-the-art fitness studio.

The luxury apartments, completed in 2002 and partially upgraded by the seller in 2012, feature oval garden soaking tubs, crown molding, lofty nine-foot ceilings, granite counter tops, stainless steel appliances and much more. The pet-friendly community is within minutes to three major freeways, I-15, I-805, and Highway 163, allowing access to all areas of San Diego. Berkeley Point’s Joel Simmons and

Ryan Greer originated the 10-year, fixed-rate Freddie Mac financing. The loan came in at 75% leverage with five years IO at an all-in rate below 4%.

12301 Wilshire Blvd, Los Angeles
12301 Wilshire Blvd, Los Angeles
QUANTUM CAPITAL PARTNERS - Jonathan Hakakha and Mike with Quantum Capital Partners have arranged $32.85 mil in CMBS debt secured by a six-story, 107k sf office building located at 12301 Wilshire Blvd in West Los Angeles. Proceeds from the 10-year, interest-only loan will be used to retire existing debt and return equity to the ownership, a local partnership of tenant-in-common investors. The ownership group acquired the building in 2014.

Built in 1974 and renovated in 2010, 12301 Wilshire is 96% leased to a mix of office and medical office tenants. The building is located in Los Angeles’ upscale Brentwood neighborhood, which boasts a rich amenity base of restaurants and shopping and is less than five miles from the popular beaches in Santa Monica.

The non-recourse loan, originated by Wells Fargo Bank, was priced at a spread of 171 basis points over the 10-year swaps, excluding the rate lock premium and closed within 45 days of application.

CAPITAL ONE – Andrew Kwok of Capital One originated a $16.9 mil Fannie Mae fixed-rate loan to refinance International Village, a 92-unit, 341-bed student housing apartment on the campus of the University of California Riverside. The borrower is Positive Investments, a firm with a long track record of acquiring, rehabilitating, and managing multifamily properties. In addition to 119 multifamily communities with more than 6,000 units, the company owns shopping centers, offices, and industrial buildings.

Positive Investments purchased International Village, a dedicated student property at University of California, Riverside (UCR) in 2016. The property is subject to a ground lease agreement with the Regents of the University of California. Facing a shortage of on-campus housing, the university encouraged Positive Investments to market the property to the general student body, faculty, and staff as well as its graduate extension students. Since then, International Village’s occupancy has jumped from 78% to more than 93%.

Built in 2001, International Village is located directly across from the University Extension Center. It offers a diversified mix of studio, two-bedroom, three-bedroom, and five bedroom units. Amenities include central air conditioning, flat-screen televisions, premium cable, Wi-Fi, and a utility allowance. Community amenities include a full-length basketball court, soccer field, and gym.

The new 30-year, fixed-rate loan has an interest rate below 5% and will be amortized on a 30-year schedule.







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