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4/27/18
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GREYSTONE - Simon Herrmann, Todd Vitzthum, and Cody Field with Greystone has provided a $28.5 mil Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento, CA. Located at 7826 Center Pkwy, Carmel Pointe is a garden-style multifamily complex featuring 22 two-story buildings with a total of 332 residences. The complex includes two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court and five on-site laundry rooms. The borrower plans extensive upgrades including reduction of water consumption by more than 25%. The loan carries a seven-year, fixed rate with two years of interest-only and stepdown prepay.
NEWMARK -- Demetri Koston with Newmark arranged $11.77 mil in permanent financing for Creekside Apartments, a 72-unit property in Bozeman, MT. The new, Class A community is located in a high-growth area of the market. The transaction was structured with a highly competitive fixed-rate term of 12 years. The initial five years of the loan were structured as “interest-only”, followed by an amortization based on a 30-year schedule. The loan is non-recourse and requires no personal guarantees for repayment. Newmark arranged the financing with one of its correspondent lenders based in the Pacific Northwest.
IBORROW – iBorrow has provided an $8.9 mil loan for a two-story, 88.5k sf office building at 3000 Pacific Ave South in Olympia, WA. Built in 1987 and renovated in 2001, the property sits on more than four acres of land and is currently 74% occupied. The borrower, OB Investors, which has owned the property for over 10 years, has initiated a plan to re-lease the vacant space and take advantage of the solid market. OB Investors is a partnership between Larry Mattal and the Trust of Howard and Marjorie Gardner. The partnership has successfully invested in real estate of this kind for more than 40 years. Given the contingencies and fast-approaching loan maturity, iBorrow had to work quickly to structure a loan to pay off existing debt on the property, and to fund potential lease renewals and other capital improvements, according to iBorrow CEO Brian Good.
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