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March 23, 2018
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Commercial Financing Briefs


SKLAR KIRSH - The Abbey Company received $229.3 mil in bridge financing from Citi Real Estate Lending and Barclay’s Bank to recapitalize a 27-property California retail portfolio. The assets securing the loan total approximately 2.1 msf of space with properties located Los Angeles, Orange, Riverside, San Bernardino, Fresno and Kern Counties. The loan proceeds were used in part to refinance the outstanding principal balance of an existing $309 mil bridge loan from an affiliate of Prime Finance. Mark Nicoletti, a partner in Sklar Kirsh’s Real Estate Finance Group, along with colleagues Serineh Baghdasarian, William Walker and Lola Peters, provided legal counsel to The Abbey Company in the transaction.

GEORGE SMITH PARTNERS - Gary Mozer, Katie Rodd, Michael Anderson-Mitterling, Kyle Howerton and Nick Rogers of George Smith Partners arranged a $15 mil, cash-out, partial-recourse refi loan for a 100% leased single-tenant truck terminal industrial facility in Fontana. The loan allows the sponsor to retire its existing construction loan on the asset, lock in a low 4.43% fixed coupon for 10 years, and provide an immediate return of equity. The single tenant has a five-year lease term with two five-year extension options. The interest rate is fixed at 4.43% for a ten-year term on an interest only basis for the initial two years then amortizes thereafter.

HFF – Chris Collins of HFF arranged $6.2 mil in financing for VIVO Little Italy, a newly completed, 18-unit apartment community in San Diego (above). VIVO Little Italy is located at 1929 Columbia Street in the heart of Little Italy, one of San Diego’s most desirable neighborhoods known for its access to surrounding bars and restaurants, downtown San Diego, and recreational and outdoor amenities located blocks away at the Marina. Completed in 2017, the seven-story property features a mix of studio, one- and two-bedroom floor plans averaging 795 sf. VIVO incorporates contemporary finishes, including soft wood accents, custom entertainment closets with shelving, polished quartz countertops and backsplashes, custom cabinetry, energy efficient LED lighting, laundry closets with washers and dryers, outdoor balconies or patios, and panoramic views from the upper floors. The borrower, Valley Development Inc, used the loan proceeds to refinance existing construction financing. The seven-year, 4.05% fixed-rate loan was funded through a commercial bank.

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