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12/22/23
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GANTRY – Tom Dao and Erinn Cooke with Gantry secured a total of $17.6 mil in permanent loans to refinance a pair of Bay Area self-storage facilities. The financings included $9.5 mil for SAF Keep San Ramon and $8.1 mil for SAF Keep Hayward. The SAF Keep San Ramon self-storage facility is located at 2001 Faria Preserve Pkwy in San Ramon and offers 106k sf of rentable space. The SAF Keep Hayward self-storage facility is located at 1650 Winton and 22373 Thunderbird in Hayward and features 138.6k sf. Both facilities are professionally managed and maintained by SKS Management. The 10-year loans were provided by a life company lender and feature an attractive fixed-rate locked at application with 30-year amortization.
6100 S. Main St, Los Angeles |
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JLL CAPITAL MARKETS - Greg Brown, Charlie Vorsheck, Kellan Liem and Allie Black with JLL Capital Markets arranged first lien construction financing for 6100 Main, an 87-unit, multi-housing community located in Los Angeles. The construction loan was funded through a regional bank on behalf of the borrower, SoLa Impact. Located within a Qualified Opportunity Zone, the project is designed as a four-story podium that will utilize modular unit construction. The community will be developed on a 0.52-acre site, and upon completion, it will consist of 87 one-bedroom units with stainless steel appliances, well-appointed kitchens, engineered wood floors and soft-close cabinets. Community amenities will include a community room, a spacious roof deck, a ground-floor garage and secure bicycle parking. The project is situated at 6100 S. Main Street, at the southeast corner of S. Main St and 61st St in the Greater Inglewood submarket of Los Angeles.
GEORGE SMITH PARTNERS – Steve Bram, David Pascale, Jr, Allison Higgins and Nick Rogers arranged $9.5 mil in bridge financing for the acquisition and renovation of an 86-unit, 1970 vintage residential community featuring two- and three-bedroom apartments in Grand Prairie, TX. The loan offered an 8.75% fixed-rate rate while providing future capital expenditure funding for the borrower. It was sized to 66.4% Loan to As-Is Value and includes the full capital improvement and renovation budget. The borrower intends on renovating approximately 75% of the units within the three-year loan term. The non-recourse loan includes two 12-month extensions.
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