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LOS ANGELES COUNTY NEWS
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Commercial Real Estate Financing Briefs

12/06/19

BERKADIA - Branden McBirney of Berkadia arranged $82 mil in refi money for Silverado Apartment Homes, a garden-style multifamily property in Murrieta. Located at 25100 Vista Murrieta, Silverado Apartment Homes features one-, two- and three-bedroom floor plans with granite countertops, large closets, dishwashers, in-unit washers and dryers and private patios or balconies. Community amenities include two swimming pools, two hot tubs, a fitness center, barbecue areas and assigned parking. The property affords convenient access to California Oak Sports Park, Interstate 15 and Interstate 215. The 10-year loan from Freddie Mac is full-term, interest-only.

SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company has secured $17.5 mil of 10-year, fixed rate, non-recourse financing for the Brentwood Town Center, a 12.8k sf boutique, High Street retail shopping center located on San Vincente Blvd in Los Angeles’ Brentwood neighborhood. Located at the intersection of San Vicente and 26th St, Brentwood Town Center is a two-story luxury destination retail center with subterranean parking for 89 cars. The property is leased to a variety of high-end retailers, eateries and fitness outlets including Blue Bottle Coffee, Le Pain Quotidien, Blush LA, PlateFit, Bar Method, Nagao Sushi and Pressed Juicery. The property is owned and managed by affiliates of Blatteis & Schnur, a Los Angeles-based owner and operator of High Street retail assets. The sponsor also developed the adjacent Brentwood Place shopping center, which is 100% leased to contemporary fashion boutique Theory. Sonnenblick-Eichner Company arranged the construction and permanent loans for this property as well. The interest-only loan was placed with a Wall Street investment bank and was priced at 3.25%, equating to a loan of more than $1,350 per square foot.

NORTHMARQ CAPITAL - David Blum with NorthMarq Capital arranged financing of $8.75 mil for three multifamily properties located in Santa Ana. The financing for all three proeprties consisted of permanent-fixed loans funded through a credit union. The transaction was a non-recourse loan with zero percent pre-payment penalty. One of the loans was a $4.5 mil refi on Ross Manor, a 36-unit property located at 1401 North Ross St. The transaction was structured with a seven-year term on a 30-year amortization schedule. The garden/low-rise apartment project was built in 1983 and is situated on 0.46 acres of land. The property has three floors of units over ground floor parking. Another deal consisted of a $2.6 mil refi loan on Ross Tower, a 105-unit asset located at 1602 North Ross St. The transaction was structured with a seven-year term on a 30-year amortization schedule. The property, built in 1986, was 100% occupied at the time of financing. The property has four stories with a subterranean parking garage. The third transaction consisted of a $1.65 mil refi on Casa De Porter, located at 512 North Porter St. The transaction was structured with a seven-year term on a 30-year amortization schedule. The property, built in 1985, was 100% occupied at the time of origination. The three story building is located on 0.43 acres of land and has 60 covered parking spaces.

MAX BENJAMIN PARTNERS - Max B. Mellman of Max Benjamin Partners arranged $16 mil in financing from a high net worth investor for the acquisition of 23 acres of land on the Big Island of Hawaii. The subject land, located on the highly desirable Kona-Kahalo “Gold Coast” on the Big Island of Hawaii, was purchased from the estate of Paul Allen. The buyer’s plan is to clean up the existing alkaline ponds and maximize value by consolidating and re-subdividing the land into three parcels, to be sold individually. The transaction was for 114% financing on raw land, providing an interest reserve and additional funds for the borrower to execute his business plan.





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