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July 12, 2024
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Commercial Real Estate Financing Briefs

6/12/24

JLL CAPITAL MARKETS --   Eric Tupler, Kristian Lichtenfels, Chris Collins, Will Mogk and Jarrod Howard with JLL Capital Markets arranged $30 mil in financing for a three-property industrial portfolio totaling 330.2k sf in Texas, California and Arizona on behalf of Sagard Real Estate . The four-year, full-term interest-only, fixed-rate loan was funded through a life insurance company at an all-in note rate of 6.12%. The first property is located at 2230 Ave J in Arlington, TX. The 11.42-acre site consists of 131k sf of Class A distribution product across one building in Dallas Fort Worth’s Upper Great Southwest submarket. The property was constructed in 1992 and renovated in 2012. It features 26-foot clear ceiling heights, 28 dock doors and 233 parking spaces. The second property is located at 6650 Top Gun St in San Diego. It is a 121.5k sf warehouse building in the Sorrento Mesa submarket of San Diego. The reinforced concrete tilt-up property was constructed in 1993, renovated in 2018 and features 24-foot clear ceiling heights, with 16 dock doors, one grade-level door and 200 parking spaces. The warehouse property is ideally located in North San Diego near to the interchange of I-805 and Mira Mesa Blvd. providing direct access to Downtown San Diego, the Port of San Diego and San Diego International Airport. The third property in the portfolio is located at 824 E University Dr in Phoenix. It is a 77.6k sf building in the Airport submarket. The reinforced concrete tilt-up property was constructed in 1989 and features 24-foot clear ceiling heights, five dock doors, two grade-level doors and 80 parking spaces. The warehouse property is ideally located in South Phoenix adjacent to the interchange of I-17 and 7th Street, providing direct access to Downtown Phoenix and Phoenix Sky Harbor International Airport.

GANTRY – Gantry’s George Mitsanas and Doug Tisdale secured a $14.4 mil loan to retire construction financing for the 801 Pearl, Class A apartments located at 801 Pearl St in the heart of La Jolla Village. The recently completed, two-story complex features a mix of modern studios, one-bedroom and two-bedroom apartments and includes approximately 3,.4k sf of street level commercial space. The property sits on a high-barrier-to-entry, infill location in a pedestrian-friendly district offering restaurant, entertainment, and natural amenities including the nearby Windansea Beach and La Jolla Cove. The borrower was a private real estate investor. The financing was secured through a life company lender and features a variable rate tied to SOFR and interest-only terms.

1224 Lemon St, Tempe, AZ
1224 Lemon St, Tempe, AZ
CALMWATER CAPITAL -- Zachary Novatt, Larry Grantham and DaJuan Bennett with Calmwater Capital provided an Arizona-based private investment group with $10.5 mil in short-term first mortgage debt to refinance a 65-unit multifamily property in Tempe, AZ. The two-year senior loan is secured by The Heights on Lemon Apartments, which is located on a 1.74-acre site at 1224 Lemon St. Built in 1966 and renovated in 2021, the garden-style community is made up largely of two-bedroom apartment homes housed in eight, two-story residential buildings. Each unit features stainless steel appliances, wood-style flooring, washer and dryer, and spacious kitchens. Common area amenities include a pool, sundeck, courtyard and BBQ/picnic area. Heights on Lemon benefits from its location in the heart of Downtown Tempe, which serves as a central hub for shopping, dining, nightlife, and recreation for residents in the area, including the approximately 75,000 students and faculty that attend nearby Arizona State University. The property is currently 97% leased. The sponsor, an experienced multifamily investor and operator in the Phoenix area, acquired the property in 2021 with in place rents well below market. Since the purchase, the sponsor has invested more than $1 mil on interior renovations, HVAC replacement, and multiple exterior upgrades.




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