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May 22, 2024
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Commercial Real Estate Financing Briefs


3539 Howard Way, Costa Mesa
3539 Howard Way, Costa Mesa
BANDON CAPITAL ADVISORS - Bryan Kenny with Bandon Capital Advisors arranged an $11.5 mil refi loan for a 3.11-acre covered-land industrial site with space for Industrial Outdoor Storage (IOS) in Costa Mesa, and secured $5 mil in financing for two single-tenant industrial assets in Burbank and Pico Rivera. Both deals feature long-term fixed-rate terms, including interest-only periods followed by 30-year amortization. The borrower was BLT Enterprises. The Costa Mesa site, located at 3539 Howard Way, includes a 12.6k sf truck and automotive maintenance facility and office building. It has been leased to a group of local Hyundai dealerships. The tenants plan to use the property as a reconditioning, repair, and storage location for its fleet. Bandon secured a long-term fixed rate loan with some interest-only periods followed by a 30-year amortization schedule with a trusted life company lender, meeting the borrower’s financing needs. In addition, Bandon has secured refinancing for two single-tenant industrial properties in L.A. County. The properties are located at 2901 Thornton Ave, Burbank, and 7748 Industry Ave, Pico Rivera. The assets, totaling 20.6k sf, landed $5 mil in refinancing via a life company.

GANTRY – Tony Kaufman and Erinn Cooke with Gantry secured a $15.2 mil permanent loan to acquire the Cotton Mill II retail power center located at 755 W Telegraph St in Washington, UT, a fast-growing suburb of St. George. The center covers 18.23 acres and includes a large inline retail building and two outparcel ground leases totaling 165k sf, with an additional buildable pad capable of supporting a 15k sf, multi-tenant inline building. Major credit tenants include Kohls, Natural Grocers, Ross, Jo-Ann Fabrics, Dollar Tree, Red Robin, and a Cache Valley Bank branch. The borrower was a private real estate entity. The 30-year loan was secured through a life company lender and features an attractive, fixed interest rate.

GEORGE SMITH PARTNERS - Steve Bram, David Pascale, Jr, Allison Higgins and Nick Rogers with George Smith Partners arranged a $3.65 mil refi of a mixed-use office and retail property in Santa Barbara. The largest tenants are a restaurant and a movie theater, which have been in occupancy for over 20 years at the property. The 10-year, fixed-rate loan was funded through a life insurance company. It has a 10-year term and a rate of 5.93%, based on a 25-year amortization and a 24% LTV.

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