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May 21, 2024
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Commercial Real Estate Financing Briefs


MARCUS & MILLICHAP CAPITAL CORPORATION - Zack Metzner, Daizy Gomez, and Linsey Farrahi with Marcus & Millichap Capital Corporation arranged $96 mil for the refinancing of three multi-tenant retail centers located in North Hollywood, Bakersfield, and Ventura, California. Major tenants across the properties include 24 Hour Fitness, Dollar Tree, Starbucks, Wells Fargo, Tractor Supply, and several restaurants and grocery stores. The balance sheet financing was arranged on behalf of a private investor. According to Metzner, they were able to source a competitive loan option that met the refinancing needs of the investor, offering them 65% loan-to-value on a five-year, fixed full-term interest-only loan at a below-market 5.77% interest rate.

GANTRY - George Mitsanas, Braden Turnbull and Alicia Sabanero with Gantry secured a $28 mil permanent loan to refinance the Torrance Memorial Lundquist-Lurie Cardiovascular Center located at 2841 Lomita Blvd in Torrance. The three-story, 65k sf medical office building is 100% leased for use by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service Cedars Sinai-affiliated hospital. The borrower has a long-term lease in place with a subsidiary of one of the top hospital operators in the nation. The 10-year permanent loan was placed with an insurance company lender at an attractive fixed rate featuring 30-year amortization and pre-payment flexibility after year seven. According to Mitsanas, medical office remains one of the most desirable asset types for insurance correspondents because of its strong demand fundamentals.

3396 Sunriver Rd, Bullhead City, AZ
3396 Sunriver Rd, Bullhead City, AZ
NORTHMARQ - Joe Giordani, Brendan Golding, Scott Botsford and Alvin Cao with Northmarq arranged an $18 mil refinance of Stone Ridge Apartments. Located at 3396 Sunriver Rd in Bullhead City, AZ, the multifamily property was built in 1990 and features 204 units. Residents enjoy many community amenities including two sparkling pools and spas, fitness center, playground, basketball and volleyball courts and two on-site laundry care centers. The pet-friendly community offers studio, one- and two-bedroom floor plans with options for in-unit washer/dryer, fireplace and private balcony. The permanent fixed rate loan was arranged for Clipper Capital Group, through Northmarqs Freddie Mac Optigo lending platform. The transaction was structured on a 10-year term with five years interest-only. The 10-year fixed interest rate is in the mid 5%s.

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