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4/19/17
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PSRS -- Mike Thorp with Pacific Southwest Realty Services arranged an $80 mil loan for a 266-unit walk‐up apartment project near Santa Barbara. The luxury, Class A complex sits on a 13.7-acre lot and includes 18 buildings; one of which is a recreation center consisting of a leasing center, business center, clubhouse, fitness center, swimming pool, BBQ, fire‐pits, and spa. The project also features 205 enclosed garages, 80 carports and 239 open parking spaces for a total of 524 spaces. The 10‐year, fee simple loan will amortize in 30 years. The loan was funded through a life company and was used to pay off construction costs.
VENTURE WEST FUNDING – Matt Douglas of Venture west Funding arranged $28 mil in financing to take out three construction loans on apartment buildings in Los Angeles. Two of the properties are located in Hollywood with the other in the Beverly Grove area of Los Angeles. The newly-built properties total 80 units and feature state-of-the-art amenities including tile/wood flooring, granite countertops, and stainless steel appliances. The borrowers are affiliates of Wiseman Residential, one of the largest multi-family developers on the westside of Los Angeles. The five-year fixed rate loans include flexible pre-payment structures and low third party fees. They were funded by Lutehr Burbank Savings.
HFF - Pacific Medical Buildings secured $8.5 mil construction-to-permanent financing for a 27k sf medical office building in Riverside that the firm is about to build. HFF’s Zach Koucos, Olga Walsh, Jake Rohe, Ben Ryan and Ben Rosenfeld arranged the 12-year, fixed-rate loan through a correspondent life insurance company. Due for completion in January 2019, the entire facility will be leased to RadNet Management, Inc and will operate as a cancer center with linear accelerator vault, imaging center and clinical programs. The property is situated at 4536 Olivewood Ave, adjacent to the Riverside Fwy and just south of its intersection with the Pomona Fwy in the Inland Empire.
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