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1/17/23
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IBORROW – iBorrow has provided a refi loan of $17.38 mil on two mid-renovation multifamily communities located in Southern California. The bridge loan will be used to refinance the borrower’s existing debt, while also providing the additional proceeds needed to complete full unit renovations and capex work, then lease up the asset to stabilization. The properties include a 76% leased, 50-unit, 44% renovated asset in Lawndale, California and a fully vacant, 18-unit property in Oceanside.
JLL CAPITAL MARKETS – Anson Snyder of JLL Capital Markets arranged $16.3 mil in construction money for The Cannery at Railroad Square, a 129-unit affordable housing project in Santa Rosa. The Cannery at Railroad Square, a development of The John Stewart Companies and Pacific Housing, is located at 3 West Third St, within the city’s Historic Railroad Square District. It is adjacent to the SMART Train Station of Santa Rosa Downtown. The project will consist of all affordable units, with a mix of seven studio, 48 one-bedroom and 74 two-bedroom floorplans. Units will feature private bathrooms, full kitchens, spacious living areas and closets. Community amenities will include management and services office, a computer lab, a community meeting room, two courtyards, on-site laundry rooms and a shared backyard. The 15-year, fixed-rate loan is being funded through Freddie Mac’s Targeted Affordable Housing program.
GEORGE SMITH PARTNERS – Steve Bram, David Pascale, Allison Higgins and Nick Rogers with George Smith Partners arranged $11 mil of non-recourse financing on a five-property portfolio of land parcels in various infill locations in Los Angeles. Most of the land is not fully entitled and is in the pre-development process for multi-family ground-up development. The sponsor needed a lender that could provide structure for the different ownerships and allow for release provisions as the properties become ready for construction. The interest-only loan is fixed at 8.6% for 12 months with one six-month extension option.
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