|
|
3/13/12
|
NEWMARK REALTY CAPITAL -- Newmark Realty Capital has arranged $40 mil in permanent financing for On the Park Apartments, a 268-unit multifamily asset located in Seattle, WA. On the Park’s res units are situated on six floors above a 44.6k sf QFC grocery store. Situated one block north of Ballard’s restaurant and shop scene and 10 minutes north of the Seattle CBD, On the Park is located in one of Seattle’s most desirable residential neighborhoods. Newmark’s Michael Taylor, George Mitsanas and Patrick Taylor arranged the financing on behalf of the property owner, SP/BIT Ballard on the Park LLC, through a correspondent lender. Due to the quality of the asset, the strength of the sponsorship, and the modest leverage request, lender interest in the financing was extremely competitive.
DWYER-CULETT -- Tom Kenny of Dwyer-Curlett arranged a $12.45 mil loan on a multi-tenant industrial/distribution building located in Fullerton. The proceeds were used to pay-off an existing loan that was maturing and recoup a portion of the owner’s equity. The non-recourse loan was placed with Nationwide Life for a term of seven years with a 30-year amortization schedule. An interest rate of 3.375% for the initial three years was locked at application. Constructed in 1985, the 268.6k sf building was 100% leased to three tenants at funding.
DWYER-CURLETT - Shelley Magoffin and Perry Colligan of Q10 Dwyer-Curlett arranged $3.65 mil in debt to finance the acquisition of The Blackhawk Building, a 34.3k sf office building located at 15545 Devonshire St, at the junction of the 405, 118, and 5 freeways. The building was just purchased in February by Santa Monica West LLC for $5.65 mil, as reported on RENTV at the time. At the time of sale, the property was 97% leased. The Blackhawk Building, an attractive three-story office with subterranean and surface parking, provides efficient, high quality multi-tenant office space for small to medium sized business and professional users. The financing, a 10-year fixed rate loan, was provided by an insurance company.
NORTHMARQ CAPITAL -- Dennis Williams of NorthMarq’s San Francisco regional office, arranged first mortgage refinancing of $10.9 mil for Clinton Apartments, a 50-unit, 60.6k sf multifamily property located at 5015 Clinton St. Financing was based on a three-year fixed term and a 30-year amortization schedule and was funded by JP Morgan Chase Bank, N.A.
NORTHMARQ CAPITAL – In a deal from the end of 2011, Northmarq’s Steve Hollister arranged first mortgage refinancing of $4.32 mil for Pomerado 8, a 99.3k sf office building in the San Diego County city of Poway. Financing was based on a 10-year term and a 25-year amortization schedule and was funded by Woodmen of the World. The transaction is a refinance with the existing lender which was committed forward one month (four months from rate lock).
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
