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June 15, 2024
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Commercial Financing Briefs


CBRE - Bill Chiles, Scott Peterson and Morgon Fraser of CBREs debt and structured finance arranged a $47.6 mil loan for the construction of Geo Queen Anne, a 168-unit multifamily community in Seattle, on behalf of the owner of the property, San Diego-based AAA Management. Located at 2222 15th Avenue West in the Queen Anne Submarket of Seattle, the six-story building is expected to be completed in early 2023. The 148.2k sf project will be comprised of 168 units, 20% of which will be qualified for affordable rates. Community amenities will include a state-of-the-art fitness facility, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in an underground structure.

NORTHMARQ - Eric Flyckt and Casey Allred with NorthMarq arranged two loans totaling $45.548 mil secured by two contiguous multifamily properties in Simi Valley. The properties are very similar in design, size and age. They total 180 units, comprise one-, two-, and three-bedroom units, and each offers a pool and spa, garages and fitness center. The Fannie Mae DUS financing was part of Fannie Maes Green Rewards program, which provided a lower interest rate and higher loan proceeds in exchange for future property improvements that result in energy and water savings. The seven-year loans, with a rate in the mid 2% range, was structured with full-term interest-only payments and provided a significant return of equity to the borrower. The properties have a strong history of maintaining high occupancy levels and were 100% occupied at the time of the financing.

JLL CAPITAL MARKETS - Alanna Ellis and Jeff Sause with JLL Capital Markets arranged $31.6 mil in acquisition and mezzanine financing for Estancia Senior Living, a 103-unit, 114-bed newly developed Class A assisted living and memory care community in the SoCal community of Fallbrook, on behalf of Contour. The financing consists of a $24 mil, three-year, floating-rate bank loan and a $7.6 mil, four-year, fixed-rate mezzanine loan. Located at 1735 South Mission Rd, Estancia Senior Living is a brand-new senior living community, which debuted summer 2021. The Class A, 104-unit two-story facility is 88.9k sf and features a mix of 79 assisted living accommodations and 25 memory care rooms on a 3.4-acre site. The sale also included approximately five acres of additional vacant land, located directly adjacent to the property. Estancia Senior Living is operated by Meridian Senior Living. Amenities include restaurant-style dining, two landscaped courtyards, fitness classes, physical therapy center, daily wellness and social activities, beauty salon, spa and hot tub, movie theater, transportation services, laundry facilities and more. The property offers residents excellent access to a variety of amenities and activities such as the private-public golf course The Golf Club of California, Pala Casino & Spa and Welk Resorts San Diego and nature trails. Additionally, residents have convenient access to the Interstate 15 and CA-76 highways, providing access to San Diego and surrounding affluent suburbs such as Oceanside, Carlsbad, and Encinitas. Temecula Valley Hospital is located within seven miles of the property.

Estancia Senior Living; 1735 South Mission Rd, Fallbrook
Estancia Senior Living; 1735 South Mission Rd, Fallbrook
GANTRY - Tony Kaufmann and Mitchell Zeemont with Gantry secured $31 mil from a life company lender to refinance the Northgate Plaza Shopping Center, a four-building center located at 101-121 S. Westlake Blvd and 3980 E. Thousand Oaks Blvd in Thousand Oaks, an affluent suburban community located north of Los Angeles. The property is adjacent to the Thousand Oaks Auto Mall and near additional destination retail centers. Northgate Plaza features several national credit tenants, including Bed, Bath & Beyond, BevMo, Starbucks, Verizon, and Fidelity Investments. The loan features a fixed-rate payment over a ten-year term with flexible prepayment and provided cash out proceeds to the property sponsor. The rate, while undisclosed, is considered very favorable to historic norms.

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