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4/05/16
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NORTHMARQ CAPITAL - Eric Flyckt of NorthMarq Capital secured a $31.5 mil, acquisition loan for an institutional-quality office building located along the I-15 corridor in San Diego. The three-story, Class A building is located in the Scripps Ranch/Poway submarket. The loan was funded through a CMBS lender. The borrower is an entity sponsored by the principals of Davlyn Investments.
MARCUS & MILLICHAP CAPITAL CORP - Robert Hodge of Marcus & Millichap Capital Corp arranged $17.5 mil in permanent debt financing for a 292-unit multifamily community in Ontario.The refinancing was structured with a 10-year term amortized over 30 years with interest fixed for five years at 3 percent. The previous loan carried interest at 5.59 percent. By significantly reducing the borrower’s cost of debt, the property’s cash flow is expected to increase nearly $500k per year.
CAPITAL ONE - Damon Reed of Capital One originated a $5 mil, Fannie Mae fixed-rate loan to refinance the Napa Olympia Mobile Lodge, a 201-space manufactured housing community (MHC) in American Canyon, CA, situated 75 miles northwest of San Francisco. Proceeds from the loan allowed the sponsors to retire existing, higher-interest-rate debt, complete renovations to the property, and return equity to the partnership. The borrowers, experienced owners and operators who focus on manufactured housing communities in Western coastal markets, acquired the asset in 2005 with a ground lease in place. The lessor agreed to extend the term of the lease from seven years to 32.5 years from execution, which allowed the sponsors to place new long-term debt on the property. Napa Olympia was constructed in 1968 and is considered a family park. Amenities include a swimming pool, spa, and RV storage. The community is located within two miles of I-80, which provides access to both the greater San Francisco Bay area and the Sacramento region. The fixed-rate loan has a 30-year term with a 30-year amortization schedule payable on an actual/360 basis and 15 years of yield maintenance, followed by one percent until the last 90 days.
BERKELEY POINT CAPITAL - Casey Moore of Berkeley Point Capital recently closed a $3.1 mil supplemental loan for the 48-unit, Class A Washington Gardens Memory Care seniors housing community in Tigard, OR. Secured through Freddie Mac’s supplemental loan program on behalf of Frontier Management LLC, the loan will be used to recycle capital to the owners for strategic growth and property improvements. Opened in December 2011, Washington Gardens Memory Care center is a stand-alone, all-inclusive Alzheimer memory care community. Frontier Management LLC manages 83 properties housing more than 4,000 residents across the United States. In 2015, Frontier Management, LLC was named the 15th largest assisted living company in the United States by Provider Magazine.
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