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December 11, 2023
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Commercial Real Estate Financing Briefs


NORTHMARQ CAPITAL - Ory Schwartz with NorthMarq Capital secured Freddie Mac financing totaling $38.4 mil for two NoCal multifamily properties totaling 445 units. The financings were on behalf of two tenants in common, consisting of private investors. One of the properties was Austin Commons, a 209-unit multifamily property located at 50 Austin Ave in Hayward. The property received a $16.8 mil refi loan, which was structured with a 10-year, interest-only term. The other property, Gateway Apartments, is a 236-unit multifamily property located at 902 Davis St in San Leandro. The $21.6 mil refi transaction was structured with a 10-year, interest-only term.

HIGHLAND REALTY CAPITAL - Mike Guterman and Brad Sevier with Highland Realty Capital secured a $38 mil construction, takeout loan for the Mayfair Hotel in DTLA. Los Angeles-based ICO Group in September completed a $35 mil renovation of the 290-room hotel that includes two bars and the Eve American Bistro restaurant as well as a 150-person ballroom. The loan was provided by a local bank and included funds to complete a pool, cabana area and outdoor F&B area, which will allow for outdoor space with views of downtown for evening events in the ballroom. The boutique hotel is located on West 7th St, two blocks west of the Medici apartments in the transitioning Westlake District area.

THOROFARE CAPITAL - Thorofare Capital has funded a $15.5 mil, short-term bridge loan for the refinance, capital improvements and capacity expansion of Portola Gardens, an assisted living facility in the Portola Gardens District and University Mound sub-market of San Francisco. The proceeds from the 1.5-year, floating rate, interest-only loan were utilized by the sponsor to repay its original acquisition financing, continue the expansion of the bed count to increase capacity and complete an ongoing renovation of what was previously a distressed asset due to an unsustainable capital structure for the facility’s prior owners. The 37k sf, three-story facility is managed by an experienced third party Northern California-based senior living operator. The sponsor is an Irvine-based commercial real estate development company and full-service management company that has developed or repositioned more than 150 assets nationwide since 2001.

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