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12/27/22
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Sonnenblick-Eichner Company -- Sonnenblick-Eichner Company arranged $22 mil of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the city of Commerce, approximately six miles southeast of downtown Los Angeles. The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership. Amenities at the hotel include a full-service restaurant and bar, and approximately 9k sf of meeting and banquet space. The hotel also features an outdoor pool and jacuzzi, Fitness Center, Business Center, and up to 420 surface parking spaces.
Gantry -- Robert Slatt, Jeff Wilcox and Andrew Ferguson with Gantry secured $14.3 mil of construction financing for the adaptive reuse of a suburban office property as workforce, multifamily housing. The project is located at 2300 Garden Rd in the city of Monterey, CA, and will be redeveloped to provide 64 one- and two-bedroom market rate units on a 7.23-acre site. The borrow is an experienced local developer. The three-year construction loan was secured through a life company lenders at an attractive rate in the current market cycle, and allows for transitioning the loan to an extended, permanent term at the same rate upon completion of construction. The loan is structured as a traditional three-year construction loan with the option of extending its term to permanent status upon maturity or refinancing into a new loan if rates have improved by that time.
Gantry -- Demetri Koston and Crischell Bacarro with Gantry secured $3 mil of permanent financing for the acquisition of Liberty Square, a 29k sf office building located in Liberty Lake, WA, a suburban community within the Spokane Metro Area. The two-story property features an architecturally distinctive glass curtain wall, two-story lobby, and finished basement. The loan terms include a very competitive fixed rate, 25-year amortization, plus being immediately open to full or partial prepayment at any time with no penalties. The borrower was a private investor.
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