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December 1, 2023
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Commercial Financing Briefs


Sendero Townhomes, Santa Rosa
Sendero Townhomes, Santa Rosa
GREYSTONE - Matt Miller with Greystone originated a $71.34 mil Freddie Mac Optigo® loan to refinance Sendero Townhomes, a 197-unit multifamily property in Santa Rosa. The borrower was Gallagher Companies. Sendero Townhomes offers three-bedroom townhomes and studio apartments with a community pool and sundeck, fitness center, clubhouse with billiards room, and on-site parking. The pet-friendly property is located off Highway 12 and near Hwy 101, offering easy access to outdoor recreation centers, bike trails and downtown Santa Rosa. The fixed rate, non-recourse loan carries a seven-year term with a 30-year amortization and four years of interest-only payments. It enables the borrower to exit the construction loan on the property, which it built in 2021, in an area hard hit by recent wildfires and a dearth of rental housing.

GEORGE SMITH PARTNERS – Scott Meredith and John Thrall with George Smith Partners secured $35 mil (80% Loan to Cost) in non-recourse construction completion debt financing for a luxury condominium property near Lake Tahoe. The 40-unit project is located in a tertiary market near ski resorts and overlooks Lake Tahoe. The sponsor acquired the land and existing, partially completed, four-story concrete and steel structure and underground parking garage at a deep discount as an REO from a bank in 2015. Engineering and architectural updates were completed prior to loan closing.The loan term is 24 months with a one-year extension option.

NORTHMARQ - Steve Hollister with NorthMarq arranged a $25.2 mil, permanent fixed-rate loan secured for a 360k sf industrial building located in Murrieta. The building is 100% leased for 10 years to a non-credit single tenant. The property is a state-of-the-art concrete tilt-up warehouse building with a 32’ clear height, 51 dock-high and two grade-level loading doors. The transaction was structured with a fully amortizing 25-year loan with a fixed rate under 3%. The loan was funded through a life insurance company.

CUSHMAN & WAKEFIELD - Baxter Fain, Ryan Zikas and Sarah Dinning of Cushman & Wakefield’s Equity, Debt & Structured Finance Group arranged $20.7 mil in construction financing and equity for Draper Innovation Center, a 132k sf industrial development located at 12300 South 265 West in Draper (Salt Lake City). The financing included $5.5 mil in equity up to 85% leverage.

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