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June 17, 2024
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Commercial Real Estate Financing Briefs

5/31/24

CBRE CAPITAL MARKETS - Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE's Capital Markets Debt and Structured Finance team secured a $44 mil refi loan on Queen Creek Commerce Center, a two-building complex at 555 East Queen Creek Rd in Chandler, AZ. The center was built in 2022 and consists of two state-of-the-art industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors across 34.54 acres. In total, there is 560,4k sf of space. Building A has 163.1k sf and Building B has 397.3k sf. The property is currently fully occupied. The new loan has a 10-year term loan with a 5.47% interest rates and a 65% loan to value. It was provide on behalf of Schnitzer Properties.

BWE - BWE closed four loan deals totaling $40.15 mil to finance four retail and mixed-use properties across California. One of the deals was a $12.25 mil bridge loan to provide financing for the acquisition and redevelopment of a 28k sf strip retail property in Rancho Palos Verdes. Anchored by O’Reilly’s, the property is 67% preleased and includes retailers like Habit Burger, Mattress Firm, Urbane Café, and California Fish Grill. The loan features a 75% loan-to-cost ratio and includes an $8.5 mil holdback to complete the full rehab of the property. BWE’s Mike Guterman originated the loan from Calmwater Capital on behalf of West Hive Capital. BWE’s Max Sauerman arranged a $7.7 mil non-recourse loan to provide permanent financing for a mixed-use property in Santa Monica,. The improvements consist of office (46%) over retail (54%) and the property was 100% leased to seven tenants at closing of the loan. The property is currently 91% leased and has 13 tenants. Tenants include DD’s Discount, Raising Cane’s, O’Reilly Auto Parts and Five Below. The loan has a 10-year term with a 30-year amortization period and includes prepay flexibility for the borrower. In another deal, BWE’s Tom Kenny and Josh Boehling arranged an $11.2 mil loan to provide financing for a 155.6k sf anchored retail center in Fresno. The fixed-rate loan, which was locked at the loan application, has a 10-year term with two years of interest-only payments followed by a 30-year amortization period. The rate is fixed for the initial five years with a rate reset thereafter. And in the fourth deal, BWE’s Tom Turnage arranged a $9 mil loan to provide financing for a 52.1k sf grocery-anchored retail center in Torrance. The shopping center is 90% leased and has 13 tenants, with the new grocery-anchor not opening for business until after loan closing. The fixed-rate loan, which was locked upfront at application, has a three-year term with one year of interest-only payments followed by a 30-year amortization schedule. The loan also has a three-year extension option.

JLL CAPITAL MARKETS - Chris Collins and Emily Pohlman with JLL Capital Markets arranged a $5.11 mil refi loan for 330 S. Home St, a 21-unit multi-housing community in Oceanside. The property is approximately 30 miles north of Downtown San Diego in the North County submarket and has easy access to the San Diego Freeway and State Highway 78, as well as a nearby Amtrak station providing access to all of greater Southern California. The property is less than one mile from the beach and close to numerous restaurants, retail amenities, the Oceanside Pier and outdoor activities such as surfing, biking, hiking, boating and more. The property consists of 17 original units that were built in 1970 and renovated in 2023, as well as four newly constructed accessory dwelling units. Parking is available on-site and includes eight garage spaces. Individual units average 715 sf each and feature new kitchens with modern appliances and renovated bathrooms with high-end fixtures. On-site amenities include a surf shower, secure electric bike parking, common area grill and LA-inspired artwork featured throughout the community. The borrower was a joint venture between Westview Real Estate, led by Rob Perkins, and Pace Properties, led by Matt Pace, to secure the three-year, fixed-rate loan through a regional bank.




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