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February 21, 2024
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Commercial Real Estate Financing Briefs

2/08/24

GEORGE SMITH PARTNERS Steve Bram, David Pascale, Allison Higgins and Nick Rogers with George Smith Partners arranged $15.4 mil in bridge financing for a medical office building in Tarzana that recently underwent a $5 mil+ renovation and conversion from traditional office. The property is almost fully leased and the loan proceeds will allow the borrower to complete the tenant improvements and stabilize the property. The subject building is strategically located down the street from the brand-new Providence Cedar-Sinai Tarzana Medical Center, which opened at the end of 2023. The three-year loan has a fixed rate of Prime + .25% and is based on a 60% LTV.

CBRE - Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE Capital Markets Debt and Structured Finance team arranged $8 mil in acquisition financing on Mesa South Shopping Center, a 133.7k sf, muti-tenant retail property in Mesa, AZ. The center, located at 1230 South Gilbert Rd, was purchased by Mesa South Center LP in a $15 mil deal. Located at the southwest corner of Gilbert Rd and Southern Ave, the center is anchored by Big 5 Sporting Goods, Harbor Freight, and Dollar Tree. At the time of sale, the neighborhood retail center was 85.3% occupied and has eight suites totaling 19.6k sf available for lease. The property was originally built in the 1980s but has undergone renovation, including recent capital investments into the parking lot. Cushman & Wakefield's Michael Hackett and Ryan Schubert represented the seller in the trade, while Regal Properties' Maha Odeh-Arnold repped Mesa South Center LP. The financing has a 10-year (5-year + 5-year) loan term and was funded through a life insurance company.

BRIDGECORE Elliot Shirwo with Bridgecore arranged a $1.25 mil refi loan on a three-building, 13-unit multifamily portfolio in San Diego and National City. The borrower needed to refinance multiple bank loans that required to be taken out due to a change of ownership. The properties had a complex chain of ownership interests, including transfers between entities and individuals over a period of time. The new financing has a fixed rate of 10%.




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