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Commercial Financing Briefs

6/10/21

SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company arranged a $30 mil refi of a 78.5k sf, Class A office building located in Manhattan Beach that serves as the new global corporate headquarters of Fisker Inc. The three-story, Class-A office building is owned by Continental Development Corporation and is located within the prestigious Continental Park, a 2.7 msf, mixed-use development located on the Rosecrans Corridor in Manhattan Beach and El Segundo. Continental Park is comprised of Class A office space, first-class retail and recreational amenities in a high-quality campus setting. The Manhattan Beach/El Segundo submarket is the aerospace and defense capital and second only to San Francisco as the home of the most Fortune 500 companies in California. Fisker is a publicly traded American electric vehicle manufacturer founded by Henrik Fisker, an internationally renowned automobile designer and innovator whose cars include the BMW Z8 made famous by James Bond, the Aston Martin V8 Vantage, Aston Martin DB9 and the Fisker Karma. The 10-year, interest-only loan has an interest rate of 3.15% for the entire term.

GEORGE SMITH PARTNERS Gary Tenzer of George Smith Partners (GSP) arranged a $23.95 mil loan for a 240-unit, market-rate, multifamily property in Las Vegas. While not deed restricted, the property is marketed only to seniors. The first mortgage has a 10-Year term at a 3.61% fixed rate, 30-year amortization, with 60 months of interest only. Despite a requirement to pay defeasance to prepay an existing fixed rate loan two years prior to maturity, the sponsor was able to generate over $5 mil of net cash proceeds and reduce the borrowing rate by over 50 bps. The loan was priced in February when interest rates were particularly volatile and increasing rapidly. GSP negotiated a spread of 2.31% as well as having the lender agree to do a forward index lock on the 10-year Treasury at 1.30%.

BRIDGECORE CAPITAL BridgeCore Capital provided a $2.1 mil non-recourse bridge loan on a nine-unit multifamily complex in the Mar Vista neighborhood of Los Angeles. The loan offers a 6.50% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The pay-rate structure significantly reduced the loan costs, providing the borrower with the debt service relief needed before stabilizing the property. The 18-month term, including one six-month extension option, with interest and capital improvement reserves, is providing the borrower the necessary time and capital to renovate and lease-up the three vacant units at market rent, retrofit the building and position the property for an eventual exit with conventional financing.





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