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4/14/23
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BELLWETHER ENTERPRISE REAL ESTATE CAPITAL -- Tom Turnage and Joe Galosic, Jr with Bellwether Enterprise originated a $58 mil loan to finance a luxury apartment community in Santa Barbara County. The property is a best-in-class, garden-style apartment community located in a supply-constrained coastal community. It offers top-of-the-line amenities, including a heated pool and spa, high-end fitness center, two-story clubhouse with a game room, TV lounge, full gourmet demo kitchen, electric vehicle charging stations, dog park, pet spa and playground. Unit amenities include air conditioning, full-size washer and dryer, high-speed fiber internet, smart home technology, quartz counters, luxury vinyl plank flooring, stainless steel Samsung appliances and storage closets. Delivered in 2022, the project had stabilized occupancy prior to loan funding. The loan, which was funded through a life insurance company, includes a 10-year term and 30-year amortization schedule. The interest rate is fixed for the term and was locked at loan application. The loan is non-recourse and includes a step-down prepayment schedule in the second half of the term with the last two years open at 0%.
MARCUS & MILLICHAP CAPITAL CORPORATION -- Ronald Balys with Marcus & Millichap Capital Corporation arranged $18 mil in refinancing for APEX Apartment Complex, a 73-unit multifamily property located at 530 W Wilson St in Santa Ana. The three-story multifamily property is ideally located steps away from multiple grocery stores, retailers, cafés, and dining options, as well as the Costa Mesa freeway providing direct access to Huntington Beach and the Balboa Peninsula, and the greater Los Angeles metropolitan area. The loan terms include a 5.58% interest rate, a five-year term and a 60% loan-to-value ratio.
GANTRY -- Tony Kaufmann and Alex Poulos with Gantry secured a $10 mil loan to refinance a three building, 38.3k sf, flex complex located in South Marin County. The light industrial buildings are located at 45, 55, and 65 Koch Rd, fronting the 101 Fwy in Corte Madera. The buildings are 100% leased to two long-term tenants. The fixed rate loan secured is at a low interest rate and was provided by a life company lender.
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