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8/03/12
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NEWMARK REALTY CAPITAL -- Newmark Realty Capital Inc has arranged $7.5 mil in permanent financing on a 13.20-acre lot in Spokane, WA that is leased on a long-term basis to Lowe's. Newmark’s Demetri Koston arranged the 20-year term, fixed-rate, non-recourse financing through a correspondent life insurance company. The loan will fully amortize over the 20 year fixed rate term. Newmark will service the loan. While Lowe’s corporate credit is highly sought after in the capital markets, this particular transaction posed some unique and significant financing challenges related to the lessee, timing of occupancy, and relatively smaller market.
BEECH STREET CAPITAL -- Kristen Croxton and Greg Reed of Beech Street Capital LLC originated a $6.5 mil Fannie Mae conventional loan to refinance Charlmont Village Townhomes, a 55-unit condo mapped property in Ontario. Constructed in 1985, the property has been owned by the borrower since 2001 and is condo mapped—100 percent owned by the borrower. Consisting of 12 townhouse-style buildings, each unit has an attached two-car garage as well as a private back yard, and all units have recently undergone full renovations. The property is proximate to all major employment centers within the region and is easily accessible from the major highways and thoroughfares. Amenities include a pool, spa, gated access, video surveillance cameras and an on-site office. The property is currently over 98 percent occupied, due in part to its central location within the Inland Empire. The fixed-rate loan has a 10-year term, five years interest-only, and a 30-year amortization period.
ALLIANT CAPITAL – David Kidder of Alliant Capital LLC arranged three recent multifamily loan closings totaling over $6.6 mil for the same borrower. The financing included a $1.787 mil, 4.27% interest rate, 10-year term refinance for a 10-unit property, built in 2011; and a $2.98 mil, 4.38% interest rate, 10-year term refinance loan for a 20-unit property, built in 2007. Both properties are located in Buellton, California. The last loan is a $1.84 mil, 4.40% interest rate, 10-year term refinance loan for a 20-unit property, built in 1986. This property is located in Solvang, California.
HFF - HFF arranged a $4 mil acquisition loan for an 82.5k sf industrial building in Fullerton for Cohen Asset Management. The 100% leased property is located at 531 Airpark Dr, within one mile of the Fullerton Municipal Airport. The 10-year, fixed-rate loan was funded through a life insurance company. HFFwill also service the loan.
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