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10/14/24
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GREYSTONE MONTICELLO -- Darryl Myrose with Greystone Monticello closed on two bridge loans totaling $40.3 mil for two apartment complexes in Las Vegas, NV. The purpose of the loans is to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential sale or permanent financing. The properties total 262 units.
4500 Cannon Rd, Oceanside |
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JLL CAPITAL MARKETS -- Olga Walsh and Jack Wood led a JLL Capital Markets team that arranged a $35 mil construction-takeout refi loan on Ocean Hills Senior Living, a 216-unit, Class A seniors housing campus in Oceanside. Located at 4500 Cannon Rd, Ocean Hills Senior Living sits on a hilltop just 3.5 miles from the Pacific Ocean, at the north end of San Diego County. The property's strategic location provides exceptional surrounding demographics and easy access across the region via major freeways, including SR-78 and I-5. Ocean Hills Senior Living is a resort-style complex offering a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. The campus is well-positioned to serve the diverse and evolving healthcare needs of its resident base. Community amenities include a movie theatre, pickleball courts, sports bar/restaurant, convenience store, six-hole putting green, pool and spa, several activity rooms and a fitness center. The assisted living/memory care phase of the property was delivered in 2019, with the independent living portion opening in 2021. Initially hampered by COVID, occupancy rates have steadily increased, driven by strong demographic trends and limited inventory growth. The campus reached initial stabilization in Q4 2023. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank.
GANTRY -- Tom Dao and Erinn Cooke with Gantry arranged two permanent loans totaling $15.1 mil to strategically refinance a stabilized neighborhood retail center and then retire construction financing for a pre-stabilized self-storage facility. The pair of assets include the OC Point neighborhood retail center located at 19502 Molalla Ave, Oregon City, OR and the Nestory Park self-storage facility at 8750 N. 2nd St, Machesney Park, IL. The loans, which were provided bylife company lenders, included:
• OC Point/Retail: $9.1 mil, five-year, fixed-rate loan with 30-year amortization for a 35k sf, stabilized neighborhood center near Clackamas Community College and other civic facilities.
• Nestory Park/Self Storage: $6 mil, five-year, fixed-rate loan featuring 30-year amortization to retire construction financing for a recently completed, 93k sf, pre-stabilized, self-storage facility.
RED OAK CAPITAL HOLDINGS LLC -- Jeff Joyner, Hermann Wendorff and Jesus Martinez represented Red Oak Capital Holdings LLC in providing $5.46 mil in financing for The Breakers Apartments, a 96-unit garden apartment community located in Ocean Springs, MS. Situated on 6.5 acres at 8100 Seaman Rd, Breakers Apartments is comprised of three, four-story buildings housing 96 one-, two-, and three-bedrooms units averaging 1k sf, as well as a clubhouse and maintenance building. Built in 2009, the 98% occupied community also features a business center, fitness center, laundry facilities, playground, outdoor pool, picnic area, volleyball court and 190 parking spaces. The sponsor, The Breakers Property Owner LLC, consists of seasoned multifamily operators with more than 1,600 units under management across the Southeast, 479 of which are LIHTC units. It intends to complete the renovations initiated the seller last year as tenants are cycled through. Planned cosmetic upgrades including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in a majority of the units. The loan was written under the firm’s Core-Plus Bridge Loan Program, a fixed-rate program for institutional-quality assets in transition. The proceeds will be used to acquire and partially renovate the Jackson County property, which currently operates under the Low-Income Housing Tax Credit program. The interest-only loan has an initial term of two-years with two extension options of six months each. The non-recourse debt also carries an all-in rate of 9.50% and represents 60.00% of the property’s stabilized value.
MARCUS & MILLICHAP CAPITAL CORPORATION -- Kevin Elliott and Chad O’Connor with Marcus & Millichap Capital Corporation arranged a $3.8 mil refi loan on a 34.6k sf industrial property located at 2604 South Malt Avenue in the City of Commerce. The property is located near the Santa Ana Freeway and is currently tenanted by RMD Trading Corp, a used clothing exporter that uses the space for distribution and storage. Terms of the six-year loan include a 5.58% interest rate fixed for the first three years, with 30 years amortization and a loan-to-value of 50%. The loan was funded through a local credit union.
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