|
|
3/30/17
|
SONNENBLICK-EICHNER COMPANY -- Sonnenblick-Eichner Company has arranged $28.125 mil in first mortgage debt from a money center bank to refinance a portfolio of single-tenant ShopKo stores located in Bend, Eugene and Salem, OR. The retail properties are located at the dominant intersection within their respective trade areas. ShopKo Bend is located on Highway 97 adjacent to the Bend River Promenade Mall, which is anchored by Macy’s, Kohl's and T.J. Maxx; ShopKo Eugene is located on Coburg Road at Beltline across from a Costco, PetSmart and Office Depot; and ShopKo Salem is located at South Lancaster interchange and Interstate-5 across from WinCo Foods, Sportsman’s Warehouse, Home Depot and Ashley Furniture. The non-recourse, 10-year financing price was below 5% and replaces a maturing long-term loan.
NEWMARK -- Braden Turnbull, Jeff Wilcox, Robert Slatt and Erinn Cooke with Newmark arranged $22.4 mil in refi money on a 200k sf manufacturing, warehouse and distribution building in Panorama City. Constructed in 2006, the property is 100% occupied by a single tenant and is located at The Plant, a 68-acre retail and industrial complex in the central San Fernando Valley community of Van Nuys.
GEORGE SMITH PARTNERS -- Jonathan Lee, David Stepanchak and Adam Candler of George Smith Partners arranged $13 mil in ground-up construction debt for a mixed-use, 59-unit multifamily Los Angeles rental project that will include 2k sf of ground floor retail. The construction and permanent financing is in one package -- the first five years are fixed at 3.20%, inclusive of the construction phase. Interest is only paid on funds as drawn; there is no negative arbitrage for this fixed rate construction loan. The 10-year term was sized to 63% of actual cost and Phase 1 of the loan will be interest only funded through a reserve until stabilized, which is estimated to be 30 months from ground-breaking.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
