|
|
1/25/17
|
PARTNERS CAPITAL - Partners Capital has funded an $8 mil, cash-out refi on a 30k sf industrial building in downtown San Francisco. The sponsor is under contract to sell the building to a buyer who plans to redevelop the site. The buyer won't close without permits and approvals in hand, therefore the sponsor required a short-term bridge loan to bridge the gap between now and the buyer's expected closing. The loan included an interest reserve to assist with the cash flow shortfall.
NEWMARK - Mitch Zeemont and Darija Walker with Newmark have arranged $5.7 mil in acquisition financing for the purchase of a 28.2k sf, single-tenant space in Citrus Heights. The newly constructed space is occupied by a Smart & Final, which opened in May 2016. The property is situated among several shopping centers and suburban housing developments making it a prime location in Citrus Heights. The non-recourse, 20-year term, 20-year amortization loan was funded by a life insurance company. Newmark will service the loan.
HFF - Jeff Sause and associate Ryan Ash with HFF have arranged $4.48 mil in bridge financing for the acquisition and repositioning of 10401 Jefferson Blvd, a 14.2k sf industrial building in Culver City, on behalf of The Luzzatto Company Inc. Completed in 1982, the building features 22’ clear heights, roll-up doors and open floor plates, all highly sought after creative office design features. Renovations will convert the two-story building into a premium creative office asset with a new lobby, façade, windows and premium interior buildout. Situated on approximately 0.42 acres, the building is just east of Overland Ave in a section of Culver City that is experiencing a growing demand for creative office assets. The non-recourse, five-year floating-rate loan was funded through California Bank & Trust. Loan proceeds are being used to purchase the property and fund capital improvements to reposition the asset as creative office space. Once complete, the property will be a boutique creative office property in one of the strongest office markets in Los Angeles.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
