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ORANGE COUNTY NEWS
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Commercial Real Estate Financing Briefs

5/03/21

DAVID B. NORTON - David B. Norton Inc arranged $39.3 mil in ground-up financing for the land acquisition and construction financing of a 314-unit garden style apartment complex outside of San Antonio, TX. The development is located approximately 15 miles west of Downtown San Antonio in Bexar County. The property will be constructed as Class A with full amenities including a club house, pool, business, gaming, and fitness centers, dog park, and will seek National Green Building Standard certification. The development will fill a new product void along a highly traveled highway in close proximity to Lackland Air Force Base, Texas Research Park, and the Highway 151/ Westover Hills area. The financing stretched to 98.5% of the total cost of the project and included both a construction loan from a regional bank and investment from a joint venture equity partner.

GANTRY -- Andy Bratt with Gantry has arranged $23 mil in new financing for a 256-unit portfolio encompassing three apartment complexes located in the city of Orange. The properties feature 32 buildings in three adjoining complexes offering a mix of market and affordable one- and two-bedroom units. The 15-year loan is based on a 30-year amortization, with terms featuring a sub three percent interest rate tied to the assetís strong fundamentals and conservative loan to value. It was funded through a life company lender and secured on behalf of a private partnership.

GREYSTONE - Eric Rosenstock with Greystone originated a $17.2 mil, HUD-insured loan to refinance a 103-unit skilled nursing facility in Tucson, AZ on behalf of Eli Atkin & Shua Seif of Sapphire Estates Properties LLC. Located in Pima County, Sapphire Estates Rehab Centre consists of comprehensive skilled nursing services, as well as physical, occupational and speech therapy. The property, built in 2016, offers amenities for residents including a fitness center, spacious dining areas, and outdoor recreational activities. The HUD-insured Section 223(a)(7) financing carries a new 40-year term along with a low, fixed interest rate, creating true cash flow upside, given the debt service savings.

NORTHMARQ - Steve Hollister with NorthMarq arranged a $10.02 mil refinance of an office and industrial building located in San Diego. The multi-tenant industrial building is 99.3k sf and 100% leased to four tenants. It has a 27' clear height, 29 truck doors and all-concrete parking. The multi-tenant office building is a 54.5k sf, two-story structure that is 90% leased to 16 tenants. The fixed-rate loans were structured with 10-year loan terms on a 30-year amortization schedule. They were funded through a life insurance company that refinanced their existing 10-year loans for the borrower that matured in November 2021 and January 2022. According to Hollister, given that the life company held the maturing loans on their books, they were able to provide a 25% discount on the yield maintenance prepayment penalties.






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