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Commercial Real Estate Financing Briefs

7/19/16

BERKELEY POINT CAPITAL - Berkeley Point Capital recently closed a $32.9 mil, Low Income Housing Tax Credit Loan (LIHTC) for the phase 1 construction of the Las Cortes Apartment Community in Oxnard. The 144-unit community will replace obsolete public housing and incorporate Project-Based Section 8 Vouchers on 142 of the 144 units to maintain the community’s affordable housing supply. The loan closed on June 29, 2016. Berkeley Point Capital originated the FHA 221(d)(4) new construction loan as part of a financing package that includes 4% Low Income Housing Tax Credits and short-term tax-exempt bonds from the State of California (CTCAC) and California Debt Limit Allocation Committee (CDLAC), equity bridge financing, and subordinate financing from the City of Oxnard. Part of a master-planned community, the Los Cortes Apartment Community is a two-phase affordable housing construction project involving both UHC and the City of Oxnard that will consist of one-, two-, three-, and four-bedroom units that will average 950 sf per unit. The community will contain nine two-story town home buildings and one three-story building. Amenities will include a large community building with both fitness and business centers, as well as separate laundry, playground, tot lot, and picnic areas. Free garage and surface parking will be available to residents. All units will be high speed internet-ready and include energy efficient appliances. 24 hour emergency maintenance will be available.

NORTHMARQ CAPITAL - Dan McCarthy with NorthMarq arranged a $12.8 mil refi lona for Westward Ho Mobile Park Home, a 131-unit multifamily property located at 12044 Royal Rd in El Cajon. The transaction was funded through the Fannie Mae DUS program and was structured with a 10-year term and 30-year amortization schedule. The cash-out transaction featured a low fixed-rate with high leverage.

NEWMARK REALTY CAPITAL - Robert Slatt and Charlie Kokernak of Newmark Realty Capital have arranged $6 mil in permanent financing for a single-tenant building occupied by JC Penney in Longmont, CO. The single-tenant and below-investment grade credit rating of JC Penney created a challenging financing assignment, which the Newmark team marketed to numerous conduit lenders, life insurance companies, banks, and credit unions. Ultimately, the maturing CMBS loan on the property was refinanced by a local credit union that offered a fixed-rate solution that featured a 10-year maturity, 25-year amortization, and zero prepayment penalties.

IBORROW - iBorrow has provided a $2.25 mil acquisition loan for the purchase of a nearly 5k sf retail center located east of downtown Long Beach. Although the property is currently 100% occupied, the borrower is planning a major redevelopment and upgrade of the center with a mix of national and local credit tenants. The borrower, Pacific Collective Real Estate Investments, is taking advantage of the below-market month to month lease rates to increase income at the property. The loan was structured with a one-year interest reserve and a $600k holdback, which gives the borrower the flexibility and timing needed to re-develop the center. In addition to the retail property, the loan collateral also includes a nearby single-family residence, which will be sold in the next few months. The proceeds from the sale of the home will be used to pay down the loan.





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