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5/04/15
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EAGLE GROUP -- Eagle Group Finance has provided a local investor operating as Vista del Sol Propco LLC with a $3.1 mil first mortgage loan for the acquisition of Vista del Sol, an assisted living and skilled nursing facility in Culver City. Eagle was able to fund the non-recourse, interest-only loan within 10 days of application allowing the experienced healthcare operator to quickly seize on the off-market opportunity. The loan includes an initial term of 12 months, with a one-year extension to provide the borrower the necessary time to complete the lengthy process of obtaining permanent financing through the HUD/FHA Insured program. Built in 1956, Vista del Sol is located at 11620 Washington Blvd and features a 50-bed Skilled Nursing Facility and eight assisted care resident cottages. Philip Cohen of Mansfield Equities arranged the financing.
NORTHMARQ CAPITAL -- Robert R. Hervey of NorthMarq Capital arranged a $10 mil refi of a 154.5k sf industrial building located at 9151 Mason Ave in Canoga Park, in the western San Fernando Valley. The transaction was structured with a 10-year term and 25-year amortization schedule. The loan was funded by Nationwide Life Insurance Company. The property’s tenants include: Portion Pac and MVL Productions.
NORTHMARQ CAPITAL -- Mark Dodson of NorthMarq Capital completed the $3.5 mil refi of San Bernardino Medical Group, a 36.6k sf, single-tenant medical office building located at 1700 Waterman Ave in San Bernardino. The transaction was structured with a 10-year term and 25-year amortization schedule. The loan was funded through a regional bank. San Bernardino Medical Group is the property’s tenant.
NEWMARK REALTY CAPITAL -- Newmark Realty Capital Inc has arranged $5.2 mil in acquisition financing for an 80.8k sf neighborhood retail center located in Mesa, AZ. Constructed in the early to mid-1980’s, the property enjoys excellent access and visibility along two major thoroughfares in the East Valley. Upon acquisition, the borrower has plans to significantly renovate the center by improving the exterior, roof and parking lot. Newmark’s Timothy W. Storey and James M. Dick, along with Chad Metzger and Jay Dick, arranged the 36-month bridge loan.
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