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6/20/24
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La Paz Plaza, Mission Viejo |
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MARCUS & MILLICHAP CAPITAL CORPORATION -- Michael Derk and Paul Bitonti with Marcus & Millichap Capital Corporation arranged a $12.5 mil refi loan on a medical office building located in La Paz Plaza in Mission Viejo. La Paz Plaza is located adjacent to the 405 Fwy, providing direct access to Greater Los Angeles. Additional plaza tenants include two retail buildings, a bank, a fast-food chain and a church. The financing terms include a 6.52% interest rate fixed for 5 years with a 30-year amortization schedule that offers extended payment terms. The loan comes with no prepayment penalty.
GANTRY -- Tom Grzebinski, Stefan Malmlund and Zach Wagner with Gantry arranged a $10.7 mil construction loan for the development of a multifamily condominium project at 1411 North Grove Ave in the city of Ontario. The project will encompass 38.1k sf of space in 28 for-sale townhomes across four buildings. Construction is set to begin this summer with completion expected by early 2026. The two-year construction loan was secured through a debt fund from Gantry’s extensive roster of qualified lenders and features interest only terms and two six-month extension options.
BYLINE BANK -- Joanne Campanile with Byline Bank originated a $3.25 mil loan for the acquisition of a two-acre industrial outdoor storage (IOS) site in Ontario. The borrower is a joint venture between Ambient Capital Partners and their institutional equity partner. The property will house a single tenant. This is the fifth loan Byline has provided to Ambient Capital Partners and their joint venture partner. Previous transactions have financed IOS properties in the Inland Empire, Miami and Dallas-Fort Worth markets.
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