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May 18, 2024
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Commercial Real Estate Financing Briefs


CBRE CAPITAL MARKETS - Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE’s Capital Markets Debt and Structured Finance team arranged a $13.5 mil participating construction loan to build a 39.6k sf light industrial warehouse space on 9.77 acres in Billings, MT. The facility will be in a predominantly regionally oriented light industrial district and serve as a distribution warehouse with a 32-foot clear height. The participation construction and permanent loan has a fixed interest rate of 5.75%. Upon completion, the building will be occupied by a single tenant on a long-term basis. The loan came in at 82.5% of the total cost.

GANTRY – Tony Kaufmann and Erin Cooke with Gantry secured a $9.6 mil permanent loan to finance the acquisition of The Plaza, a Best Buy-anchored retail center located at 1730-1900 Grass Valley Highway in Auburn, CA, a suburb of Sacramento. The borrower is a private real estate company. Anchored by Best Buy, the center offers 74k sf of rentable space and a 3.4-acre land parcel poised for future development. Other notable co-tenants in The Plaza include Mel’s Original Diner, Little Caesars Pizza, Mattress Firm, Sola Salon Studios, Garden of Eat’n, Lyon Real Estate, Miracle Ear, Salon Centric, and T-Mobile. The 30-year loan was provided by one of Gantry’s correspondent life company lenders and features a fixed rate for the life of the loan.

JLL CAPITAL MARKETS – Matt Stewart, Ace Sudah and Jacob Michael with JLL Capital Markets recapitalized an approximately 25k sf content and entertainment studio in Los Angeles, paying off bridge financing and preferred equity investors. JLL represented the borrower, Mack Sennett Studios, in securing a $7.5 mil loan from a foreign-based bank with regional offices throughout the United States. Located in the Arts District of Los Angeles, the property benefits from credit tenancy and a massive boost in content creation seen since the start of the pandemic. The Arts District is a fiercely original, urban neighborhood situated on the eastside of Downtown Los Angeles, bordered by the Los Angeles River and walking distance to Union Station and City Hall. The district is home to galleries, restaurants, creative office space, live/work lofts and upscale condos, and its streets are rich in character with a hip urban vibe. The Arts District is one of the most filmed locations in the world, hosting as many as 800 filming days a year. The location is quickly becoming one of the most in-demand content and entertainment production clusters in the nation.

GEORGE SMITH PARTNERS – Steve Bram, David Pascale, Jr, Allison Higgins and Nick Rogers with George Smith Partners arranged a $7 mil loan for infill industrial buildings in San Bernardino and an industrial vacant outdoor storage lot in Livermore. The borrower is a well-funded startup that was planning to develop the properties into commercial EV Charging locations. GSP identified a lender that was non-recourse and comfortable with the unique business plan. The non-recourse loan came in a t 50% LTV with a fixed rate of 11.95% for a 12-month term.

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