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5/13/15
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NBS FINANCIAL SERVICES -- Mike Wood and Austin Johnson of NBS Financial Services have arranged a combined $19.4 mil in financing for a multifamily portfolio totaling 291 units. The loan, structured with a 12-year term and a 30-year amortization, was provided by Fannie Mae through Walker Dunlop. It was based on a 75% loan-to-value. The portfolio consists of two, older Class B properties: Westlakes Apartments, a 181-unit complex in Olympia, WA; and Poplar Lanes Apartments, a 110-unit complex in Lynnwood, WA.
MARCUS & MILLICHAP CAPITAL CORP -- Sharone Sabar of Marcus & Millichap Capital Corp (MMCC) has arranged $11 mil in financing for a 75k sf medical office building in Los Angeles. The refi was structured with a 4.25 percent fixed interest rate and was based on a loan-to-value of 70 percent. According to Sabar, the existing loan was maturing during a time of historically low vacancy for the property. The new 15-year fixed-rate loan has no prepayment penalty.
PACIFIC SOUTHWEST REALTY SERVICES – Mike Tanner of Pacific Southwest Realty Services has closed a $2.75 mil loan secured by a shopping center located in Hesperia. The property, Hesperia Shopping Center, contains 50k sf of space and was built in 1970 on 4.3 acres. It was originally developed by the borrower. The new fixed-rate loan has a 20-year term and is fully amortizing. The interest rate on the debt, provided by Ameritas Life, is approximately 4.55%. The loan was used to cash out the borrower after accomplishing a remodel of the center. In addition, there was a junior anchor parcel that the borrower recently acquired vacant which was renovated as part of the rehab of the property.
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