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3/05/25
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649 W. Mission Ave, Escondido, CA |
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GANTRY - Spencer Fisher with Gantry has secured a $21 mil permanent loan to refinance the home of San Diego County’s North Inland Live Well Center at 649 W. Mission Ave in Escondido, an inland North County suburb of San Diego. The 111k sf, build-to-suit office facility was strategically redeveloped for current use in 2015 from a big box retail building formerly occupied by Office Depot and Albertsons. Creatively transformed through a multi-million program to specifically serve the County’s Health and Human Services Agency community-facing programs, the 100%-leased property still includes a small portion of retail space occupied by restaurant tenants within the former retail center’s inline locations. The 10-year CMBS loan features 30-year amortization and non-recourse terms.
13721 Giovanni’s Garden, San Antonio, TX |
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SLATT CAPITAL - Makenzie W. Campbell, John Darrow and Dominic Sestito with Slatt Capital arranged financing for the Villas at Bella Vista, a 43-unit Build-to-Rent (BTR) townhome project recently constructed in San Antonio, Texas. The $11.2 mil bridge loan was secured through Arixa Capital and will be used to retire a construction loan and bridge the project through to stabilization. Villas at Bella Vista provides an attainable rental alternative to first time home buyers, empty nesters, and young professionals/families, seeking high quality finishes and professionally managed dwellings with fewer amenities and private living spaces. The project is located at 13721 Giovanni’s Garden, roughly 20 minutes West of Downtown San Antonio. The Villas at Bella Vista was delivered by HHS Residential as the general contractor, on time and on budget in 2024. The project sets a new standard with the highest quality construction in the market. The unit mix consists of three- and four-bedroom / three-bath, two-story townhomes averaging 1.9k sf with private back yards and attached two-car garages.
AVATAR FINANCIAL GROUP – Avatar Financial Group has closed on a $7.4 mil bridge loan secured by a multi-parcel industrial asset in Ripon, CA, and a residential development site outside of Sacramento. The financing, structured with a two-year term, 43% combined LTV, and initial interest rate of 11.50%, offers the borrower a strategic solution to refinance maturing debt while executing a long-term business transition. The primary asset securing the loan is a 105.6k sf industrial property in Ripon, comprised of an 82.3k sf manufacturing facility, a 12.5k sf storage structure, and a 7.8k sf office building. Sitting on more than 14 acres of improved yard space at 222 East 4th St, the asset is strategically located in California’s Central Valley, with direct access to Hwy 99 and major regional markets, including direct access to the East Bay area. The sponsor, a long-established steel and industrial equipment manufacturer, has operated from the Ripon facility for decades until faced with sustained revenue disruptions following the COVID-19 pandemic and global supply chain slowdowns. With both senior and junior loans maturing in 2025, the firm needed flexible capital to bridge the gap until it could execute a planned sale-leaseback and relocate operations to Illinois. Avatar structured the loan to include a first lien on both the Ripon industrial property and the Rocklin residential parcel, owned by an affiliated co-borrower. Entitled for 48 single-family lots, the parcel is in negotiations for sale to a national homebuilder. Both assets are currently in active negotiations for sale, with the Ripon property expected to attract strong interest from industrial investors. The structured bridge loan provides the borrower with the runway needed to optimize pricing and maximize their exit strategy.
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