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1/08/25
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BWE – Mike Guterman with BWE arranged a $20 mil bridge loan to finance the redevelopment of an 85k sf Sears outparcel building, adjacent to the Marketplace at Merced shopping mall located in Merced. The redevelopment will see a gut rehabilitation of the property, as well as the addition of two new pad sites totaling 6.2k sf. The property is 100% pre-leased with tenants including Ulta Beauty, Five Below, Petco, Rack Room, and Burlington Coat Factory. The property is located directly off California State Route 59. The City of Merced is situated in the San Joaquin Valley and is approximately 55 miles from the major city of Fresno. The 30-month bridge loan with a 70% loan-to-cost ratio was funded through a debt fund on behalf of Citivest Commercial Investments LLC, an Orange County-based retail owner-operator.
GANTRY – Mike Wood, Demetri Koston and Tim Brown with Gantry arranged an $11.9 mil permanent loan to refinance Dogwood Enterprises Industrial Park, located at 3200 35th Ave NE in Everett, WA, a strategic Puget Sound port community north of Seattle. The four-building property offers 106.7k sf, direct access to I-5, and is situated on a total of 31.6-acres, 12 of which are undeveloped. The park is leased to a single tenant. The 10-year, fixed rate loan was secured from a Credit Union. It features prepayment flexibility and a 25-year amortization. According to Koston, this was an older property with four industrial buildings originally built in 1969, but offering 12 acres of undeveloped property and direct access to the I-5, ready access to the Port of Everett, and a strategic Seattle-adjacent location just 80-miles south of the Canadian border.
MARCUS & MILLICHAP CAPITAL CORPORATION – Michael Derk with Marcus & Millichap Capital Corporation arranged a $7.8 mil refi loan on a 32-unit multifamily property located in Los Angeles. The property is located in Hollywood near the Hollywood Fwy, minutes from Griffith Park and Downtown Los Angeles. Terms of the five-year loan include a 5.75% interest rate with a 30-year amortization period, a 65% loan-to-value and a two-year step-down prepayment penalty. According to Derk, the financing was particularly challenging as the borrower recently foreclosed on the property, which had been over-leveraged by the previous owner/developer due to construction cost overruns and a lack of stabilization.
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