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December 14, 2019
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VENTURA COUNTY NEWS
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Commercial Real Estate Financing Briefs

2/13/19

GEORGE SMITH PARTNERS – Gary Tenzer with George Smith Partners arranged $39.3 mil in forward rate-lock permanent financing on a newly constructed, 154-unit, luxury multifamily property in downtown Ventura, one mile from the Pacific Ocean. The borrower sought a permanent loan to take-out the construction loan on the property. There was significant lease up risk for the permanent lender, as the property had not yet stabilized with less than a month of operating history at the time of loan underwriting. The 16-year, non-recourse loan is based on a 30-year amortization schedule with two years of interest-only payments. It was financed at 60% LTV.

NORTHMARQ CAPITAL – Paul Bruder with NorthMarq Capital arranged $14 mil in refi money for Canyon Crest Apartments, a 106-unit property located at 1550 Central Ave in Riverside. Constructed in 2004, the community is comprised of five, three-story buildings. Amenities include: controlled, gated access, clubhouse, fitness and business centers, pool and spa, picnic areas, as well as carports and garage parking. The non-recourse financing was funded by a life insurance company.

METROGROUP REALTY FINANCE - Scott Botsford with MetroGroup Realty Finance arranged $8.2 mil in financing for the acquisition of a value-add retail center in Moreno Valley. The acquisition included four multi-tenant retail buildings and two retail boxes totaling 117.2k sf, as well as four pads available for future development encompassing 5.24 acres. The assets are located at 27110, 27120, 27130, 27140, 27190, and 27220 Eucalyptus Ave. The sponsor plans to reposition the center in order to appeal to today’s shoppers and was looking for competitive financing that would allow it to fully execute its business plan. The sponsor acquired the asset at fifty% below its replacement cost and plans to make improvements throughout the center, as well as reshape the existing tenant mix to appeal to today’s consumers.






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