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10/08/18
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CBRE CAPITAL MARKETS - Mark McGovern, Scott Peterson and Brian Cruz with CBRE Capital Markets’ Debt & Structured Finance team have arranged a $23.9 mil loan through CapitalSource for the acquisition of Camelback Arboleda, a 294.3k sf office project located at 1661 East Camelback Rd in Phoenix, AZ. The property was recently purchased for $25.3 mil by San Diego-based Fenway Capital Advisors and Iron Point Partners, as reported by RENTV two weeks earlier. Camelback Arboleda is situated on 6.75 acres and consists of one, four-story office building leased to a diverse mix of tenants including engineering, technology and medical offices; one free-standing single tenant building leased to a family-owned deli and market; and one, four-level parking structure and surface parking lot. The new owners plan to invest more than $7 mil in capital improvements, tenant improvements and lease commissions. They plan to update the elevators, corridors, lobby, courtyard, landscape, lighting, and exterior paint and signage.
NORTHMARQ CAPITAL - John Marshall with NorthMarq Capital arranged a $10 million bridge loan to acquire, renovate, and lease a 56.1k sf, vacant office building located in Pleasanton. The loan provided future funding for building renovations, tenant improvements, and leasing commissions. It includes deferred equity disbursements, extension options with minimal covenants, and flexibility to execute multiple business plans.
NEWMARK – Demetri Koston and Skip Slavin with Newmark® have arranged $5 mil in permanent financing for the Village at Regal Pond, a 22.4k sf retail property in Spokane, WA. The 100% occupied property is situated in a premier submarket of the Inland Northwest. The non-recourse, 20-year term, fully-amortizing loan was funded through a life company at a competitive rate. The loan will be serviced by Newmark at no additional cost to the borrower.
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