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7/22/21
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GANTRY - Mitchell Zeemont and Tony Kaufmann with Gantry secured a $44.25 mil loan for a single-tenant life sciences building located in the East Bay’s Emeryville submarket. The 67k sf building is 100%t occupied by a publicly traded, fast-growing life science firm headquartered in the East Bay. The property was renovated in 2019 and is positioned in one of the Bay Area’s most desired infill concentrations for life sciences operators with convenient access to I-80 and the Bay Bridge. The 10-year permanent loan was funded through a commercial bank lender. project that recently received approval from the city.”
PCCP LLC - PCCP LLC has provided a $29 mil construction loan to Rockworth Companies for the development of TwentyOnes, a 108-unit urban infill multifamily project with 20.5k sf of ground floor retail located at 2041 S and 2100 E in Salt Lake City, UT. The site is located in the Sugar House submarket, one of the oldest and most established neighborhoods in the metro area and is less than 15 minutes southeast of downtown Salt Lake City. With construction anticipated to complete in the first quarter of 2023, TwentyOnes will encompass two buildings on a 2.5-acre site. One building will feature ground floor retail with second floor residential and both buildings will provide elevatored access to a subterranean garage. The property will provide residents with a boutique living experience and Class A amenities including a rooftop deck, patio/lounge areas, and a clubhouse. The unit mix of studios (21%), one bedroom (56%) and two bedrooms (23%) will average 729 sf and units will be built with high quality finishes, such as wood plank-style flooring, quartz countertops, custom cabinetry and walk-in closets, and smart home packages. Select units will have private balcony or patio access.
10865 Road to the Cure, La Jolla |
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JLL CAPITAL MARKETS - Aldon Cole and Bharat Madan with JLL Capital Markets arranged $15 mil in senior financing for La Jolla Spectrum, a 51k sf, Class A life sciences facility in La Jolla. La Jolla Spectrum is located at 10865 Road to the Cure in the Torrey Pines life sciences area. Completed in 2000, La Jolla Spectrum is fully leased with Becton Dickinson as the primary tenant. The 15-year, fixed-rate loan was funded through Nationwide. The borrower, Altman Investment Management LLC, was led by company principals David Odmark and Nevins McBride.
BRIDGECORE CAPITAL - BridgeCore Capital provided a $12.45 mil bridge loan to acquire a 100% occupied grocery and pharmacy-anchored retail center in Atwater, CA. The borrower was unable to secure traditional financing, since conventional lenders would not provide the flexibility required in the loan structure to allow for the sell-off of individual parcels of the property during the loan term. BridgeCore provided a highly competitive interest rate of 6.90%, with a 24-month term, including two six-month extension options. The favorable terms are allowing the borrower the necessary time to sell-off individual parcels, reduce the principal loan balance, and eventually to refinance with conventional financing on any remaining parcels.
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