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12/23/22
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Cushman & Wakefield -- Lovett Industrial has secured $23.26 mil in construction financing for Broadway Logistics Center, a 201.3k sf, best-in-class industrial project in northwest Denver. The property is located in the city’s central industrial submarket. The loan was arranged by Baxter Fain, Rob Cronenberg, Sarah Dinning and Mickey Moran of Cushman & Wakefield in Denver. It was funded through a regional banking institution. According to Cronenberg, the challenging lending environment was mitigated by the strength of the sponsorship combined with the premier in-fill location, Class A building design, and strong industrial tenant demand.
Northmarq -- Ory Schwartz with Northmarq arranged a $20 mil refi of a 126.6k sf, Class A office property in Beverly Hills. Located at 8750 Wilshire Blvd in the city’s central business district, the property was originally built in 1991 and contains 417 parking spaces. It was originally designed by renowned architectural firm Arquitectonica. The property features curved black granite and a glass exterior wall along with a three-story atrium lobby. The property is strategically located with direct access to the 10 Fwy via Robertson Blvd. It also benefits from its close proximity to the Beverly Hills Triangle, numerous retail and fine dining opportunities, and Cedar’s Sinai Medical Center. The permanent fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule and funded through a life insurance company.
JLL Capital Markets -- Jonah Aelyon and Nick Rango with JLL Capital Markets arranged $15 mil in refi money on two of three Pillar Communities’ West Coast mobile home communities. This includes the $9 mil refinancing of the 104-pad Orchard Lane in Happy Valley, OR and the $6 mil refinancing of the 81-pad Ukiah Country Manor in Ukiah, CA. Both properties provide critically needed affordable housing, with monthly rents that are a fraction of the cost of local apartment rents. Orchard Lane was built in 1959 and features 104 manufactured homes. Community amenities include on-site management, laundry, boat and RV storage and a community green space. Situated at 8525 SE Orchard Ln, the property is within easy walking distance of schools, grocery stores, restaurants and medical services. Built in 1973, Ukiah Country Manor features 81 manufactured homes and offers amenities, including a swimming pool and community center. Located at 3900 North State St, Ukiah Country Manor is proximate to public transportation and Redwood Highway, as well as downtown Ukiah, Mendocino College, Yokayo Shopping Center and Ukiah Municipal Airport.
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