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8/24/23
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JLL CAPITAL MARKETS -- Olga Walsh and Jack Wood with JLL Capital Markets arranged a $28 mil construction take-out loan for Casa Verde, a 94-unit, modern, urban infill apartment community located in the North Park neighborhood of San Diego on behalf of Champion Investments. Casa Verde is located at 3066 North Park Way, within walking distance to over 100 dining and entertainment venues. Additionally, Casa Verde is within close proximity to the I-5, I-805 and multiple public transit options, providing tenants with easy access to area’s employment clusters, cultural attractions and other hallmarks of the San Diego lifestyle. The community consists of studio and one-bedroom units, along with 3k sf of restaurant space on the ground floor. Community amenities include barbeque and fire pit areas, expansive rooftop deck and clubhouse, bike repair and storage, gated parking garage and unobstructed city and mountain views from the top floors. The non-recourse, floating-rate bridge loan retired a high-leverage construction loan, covered transaction costs and carry reserves and provided significant cash out to the sponsor, while allowing sufficient time for stabilization in anticipation of permanent financing.
MARCUS & MILLICHAP CAPITAL CORPORATION – Ron Balys with Marcus & Millichap Capital Corporation arranged $6 mil in refi money for a 36-unit multifamily property located at 840 South Grandview St in Los Angeles. The property was constructed in 1990 and is located in the heart of Los Angeles’ Westlake area, providing direct access to the Harbor and Santa Monica freeways with easy access to the greater Los Angeles region. The loan has a 12-month term with 8.9% interest-only payments and an LTV of 60%.
GEORGE SMITH PARTNERS – Jonathan Lee, Shahin Yazdi, Matthew Kirisits and Nikola Kretschmann with George Smith Partners arranged $4.76 mil in acquisition bridge financing on a 12.3k sf, vacant restaurant/retail building in Los Angeles. The property was delivered as a vacant shell. The buyer intends to lease it to restaurant and retail tenants. The lender provided a five-year loan at 70% of the acquisition price at a rate of 7.325%, fixed for the first three years. The loan was closed with a regional bank.
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