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February 21, 2024
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Commercial Real Estate Financing Briefs

1/23/24

GREYSTONE -- has provided a total of $79.125 mil in Fannie Mae (DUS®) loans to refinance three multifamily properties totaling 939 units in and around Tucson, AZ. The financing was originated by Greystone’s Dan Wolins on behalf of affiliated entities of HSL Properties Inc. Each of the non-recourse, fixed-rate loans in the portfolio carries a 30-year amortization schedule, with interest-only payments for the entire 10-year term. The portfolio includes:

• $36.618 mil for the 323-unit Desert Sands Apartments in Casa Grande in Pinal County
• $29.36 mil for the 456-unit Canyon Oaks Apartments in Tucson in Pima County
• $13.147 mil for the 160-unit Brittany Court Apartments, also in Tucson in Pima County

101 E. Valley Blvd, San Gabriel
101 E. Valley Blvd, San Gabriel
CALMWATER CAPITAL -- Calmwater Capital provided Alhambra-based GE Development Inc. with a $32.25 mil construction loan for the completion of The One, an 81-unit multifamily development with over 13k sf of street-level retail in the city of San Gabriel. The One is being built on a nearly one-acre site at 101 East Valley Blvd at the northeast corner with Del Mar Ave, considered the center of San Gabriel’s commercial corridor. The One is directly across the street from the city’s landmark Focus Plaza, which is anchored by the popular ethnic grocery store 99 Ranch Market. When completed in the second quarter of 2024, The One will deliver a mix of studio, one- and two-bedroom market rate apartments in a multi-level four-story building. Common area amenities will include a three-level subterranean parking garage, interior retail plaza and pedestrian promenade, resident sundeck, and rooftop garden. The financing will be used to take out the original construction lender with a portion of the loan proceeds to be used to fund hard and soft costs needed to bring the project to 100% completion. The property was 86% completed at loan closing. The transaction included an additional $3.75 mil in subordinate financing from a Los Angeles-based alternative lender in order to reduce the borrower’s equity commitment. Calmwater Capital’s Larry Grantham, Zach Novatt and DaJuan Bennett oversaw the transaction. Zalmi Klyne and Karl Weidell with Northmarq arranged the financing.

GANTRY -- Mark Ritchie, Amit Tyagi and Alicia Sabanero with Gantry have secured a $28.5 mil construction-to-permanent loan for the re-development of an existing office building 100% pre-leased by the GSA as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. The 66k sf office building, located at 5245 Pacific Concourse Drive in Los Angeles, is strategically planned to deliver a modern facility tailored for use by the agency. The borrower is a private real estate company. The multi-decade, construction-to-permanent loan was provided by a life company lender with a long-term fixed interest rate.

NEWMARK – Brian Bowis with Newmark arranged a $16.5 mil loan to refi CAVU Business Park in Irvine. The property contains 100k sf of space across two four-story office buildings. Located at 18872 and 18952 Macarthur Boulevard, CAVU recently underwent a complete overhaul of building infrastructure including new elevator cabs, HVAC systems and common areas. Floors two through four in both buildings feature a bright and welcoming elevator lobby with natural light. CAVU also offers a free-surface parking lot to its tenants. According to Bowis, with the recent improvements at CAVU, the building has maintained 100% occupancy since the pandemic, demonstrating the demand for quality office product in centrally located Irvine locations. Newmark’s Richard Sung and Andrew Robben handle the leasing of the property.





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