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December 12, 2019
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SAN DIEGO NEWS
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Commercial Real Estate Financing Briefs

5/20/19

Lahaina Gateway, Maui
Lahaina Gateway, Maui
SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company arranged $27 mil of first mortgage leasehold financing for Lahaina Gateway, a 136.6k sf community shopping center on the island of Maui, Hawaii. Current tenants include Foodland Farms, Footlocker, GoWireless and Supercuts. New leases have recently been signed with Ross Dress for Less, Ace Hardware and The Club Maui. The property is located on the Honoapi’ilani Highway (H-30) one mile north of historic downtown Lahaina and seven miles south of the famous Ka’anapali Resort. Proceeds of the non-recourse financing allowed the borrower at closing to repatriate equity it had in the property and provide future funding for tenant improvements, leasing commissions and capital expenditures associated with the lease-up and repositioning of the shopping center. The three-year, fixed-rate, interim loan, with two one-year extension options, allows the borrower to stabilize the property, while providing for flexible prepayment options for a future recapitalization. The financing was provided by a domestic life insurance company who felt comfortable with the borrower’s ability to reposition the asset with new anchor tenants, resulting in a stabilized NOI that provides significant coverage on the loan.

NORTHMARQ CAPITAL - Joe Giordani with NorthMarq Capital arranged acquisition financing of $10.5 mil for 2888 Loker Avenue, an 80.7k sf office property located at 2888 Loker Avenue East in Carlsbad. Built in 2007, the property features modern architectural finishes and efficient design. The 99 existing suites surround a lush tropical outdoor atrium with outdoor covered walkways and exterior suite entrances. The 25-year fully amortizing loan was funded through a correspondent life insurance company. The borrower was Carlsbad Office Tech Center LLC.

NEWMARK REALTY CAPITAL - Adam Parker and Chad Metzger with Newmark Realty Capital Inc arranged $6.5 mil in financing for the acquisition of ~30 acres of land located in Phoenix, just north of the Deer Valley Airport. The subject property did have an income stream as the land was being leased to 17 tenants for storage purposes. All but one of the leases was short-term in nature, which aligned with the buyer’s business plan. The buyer/borrower was purchasing the land to eventually develop a 392k sf industrial warehouse asset in the future. The loan was funded through a regional bank, which also hopes to provide a construction loan to the sponsor when they are ready to develop the industrial warehouse buildings.

WILSHIRE QUINN CAPITAL INC – Wilshire Quinn’s private lending fund, the Wilshire Quinn Income Fund, has provided a $3.625 mil rehab loan on a 37-room assisted living facility in the College East neighborhood of San Diego, approximately a mile from San Diego State University. The facility is comprised of 11k sf on a 35.7k sf lot. The property was recently appraised on as completed basis for $6 mil, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 60% on the transaction.






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