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August 17, 2019
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TEXAS/SOUTHWEST NEWS
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Commercial Real Estate Financing Briefs

7/12/19

Cambria Hotel Calabasas
Cambria Hotel Calabasas
SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company arranged $29 mil in construction financing for the Cambria Hotel Calabasas, a 125-room, select-service hotel to be located on Las Virgenes Rd, just one block south of U.S. Highway 101/Ventura Freeway in Calabasas. Amenities at the hotel will include meeting space, indoor/outdoor dining and a lobby bar, an outdoor pool, a business and fitness center, and surface parking for approximately 150 cars. The loan provided funding in excess of 65% of total project costs and was provided by an international commercial bank. The hotel’s excellent West San Fernando Valley location provides convenient access to the neighboring communities of Calabasas, Malibu, Westlake Village and Woodland Hills. Calabasas is characterized by its highly affluent gated residential communities, its large base of small businesses and its location within the 101 Technology Corridor.

NEWMARK REALTY CAPITAL – Tim Storey with Newmark Realty Capital arranged $23.75 mil in financing for Valley Commerce Center, a 217k sf office complex within Phoenix’ Camelback Corridor. The mid-town office complex consists of two, four-story office buildings. Originally developed in 1984, the property has undergone over $6 mil in recent capital improvements. The non-recourse loan provided the borrower with funds to acquire the property. It includes provisions to get the borrower additional dollars for both cap ex and tenant improvements / leasing commissions.

GEORGE SMITH PARTNERS - Shahin Yazdi, Jonathan Lee, David Stepanchak, Olga Alworth, Matthew Kirisits, Samuel Sarsahr and Paul Monsen with George Smith Partners arranged a $4.9 mil construction loan for a shuttered assisted living facility near downtown Los Angeles to be converted to a 42 bed co-living facility targeted toward young working professionals. As rental housing prices continue their rise many developers are addressing affordability with smaller units that offer common living amenities to maintain lower costs. The co-living concept of a singular bed/unit is popular in New York, Seattle, San Francisco and has a strong foot-hold in the Hollywood market of Los Angeles. Partially or fully furnished bedroom units are supported by a central communal kitchen. Some units will share a bath. Utilities are provided, including heat, cable and WiFi allowing residents to move-in with simplicity and ease. Social connections are encouraged through property gatherings and a movie room. . Priced at L+400, the two-year term was constrained by 70% of capitalization and 60% of “As-Stabilized” value. There is a six month option to extend for an additional 50 basis points.




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