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1/13/21
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HIGHLAND REALTY CAPITAL – Brad Sevier of Highland Realty Capital secured a $63 mil fixed-rate loan for the acquisition of a 400k sf, Class A warehouse distribution building in Los Angeles County. The non-recourse loan was provided by an insurance company, and the rate was fixed at 2.61% for 10 years with a 30-year amortization. According to Sevier, the quality of the building and location, and the strength of the borrower enabled them to generate significant interest in the loan opportunity.
CBRE CAPITAL MARKETS DEBT & STRUCTURED FINANCE -- Brad Zampa and Mike Walker with CBRE Capital Markets’ Debt & Structured Finance team arranged $31 mil in fixed-rate financing on 350 Holger Way, a 96.5k sf, Class A office building in San Jose behalf of the borrower, Thor Equities. Built in 1999, the three-story, steel-frame building features extensive glass lines and efficient floor plates. The building’s roof and HVAC were replaced in 2018. The property was completely renovated in 2019, including new interiors, an outdoor amenity area, and upgraded exteriors, landscaping and parking lot. The property is 100% leased to an investment-grade tenant through 2027. Wells Fargo provided a ten-year full-term interest-only loan and a competitive interest rate.
NORTHMARQ CAPITAL - Joe Giordani, Scott Botsford and Brendan Golding of NorthMarq Capital arranged a Freddie Mac refi loan for $13.7 mil on Somerset Apartments, a 116-unit multifamily property located in Chino. The permanent-fixed loan was structured with a 10-year interest-only term and an interest rate below 3%.
BRIDGECORE CAPITAL INC -- BridgeCore Capital has closed a $5.1 mil loan on a 52-unit apartment complex in Stockton. The borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The new loan has a 5.50% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The pay-rate structure significantly reduced loan costs and afforded the borrower with additional cash flow to invest in other value-add opportunities. BridgeCore also assisted in sourcing a new second trust deed lender to relieve the financial burden of high-cost, subordinate debt that was previously in place.
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