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December 6, 2023
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Commercial Financing Briefs


CBRE CAPITAL MARKETS - Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance arranged an $80.5 mil loan for the refinancing of 224 Logistics Park, an industrial facility in Milwaukie, OR. The loan was funded through H.I.G. Capital on behalf of the owner of the property, a joint venture between Specht Development Inc. and a global institutional investor. Located at 6433 SE Lake Rd, the 1.02 msf property is currently leased to three tenants: Bob’s Red Mill, Heritage Specialty Foods and C&S Wholesale Grocer. The joint venture originally purchased the property in 2018 and began repositioning the asset for a multi-tenant use with warehouse, distribution and manufacturing space, freezer and cooler space and excess trailer storage. 224 Logistics Park is proximate to many of the region’s major freeways and is less than ten miles from Downtown Portland.

TOWER CAPITAL - Tower Capital arranged $40 mil in acquisition financing for San Giovanni, a 300-unit multifamily property located in Phoenix. The 2001-vintage asset is encumbered by a Land Use Restriction Agreement (LURA) that mandates 70% of the units must remain affordable until the year 2033. San Giovanni features two sparkling swimming pools, a fitness facility, business center, stand-alone clubhouse with leasing office, spacious outdoor areas with barbeque grills, assigned covered parking, controlled access, and children’s play structure. The property, located at 6901 W. McDowell Rd, offers 50 one-bedroom, 150 two-bedroom, and 103 three-bedroom units. The non-recourse loan provides the borrower with an extremely low 3% interest rate based on a 30-year amortization schedule, as well as a flexible step-down prepayment structure. Additionally, Tower Capital was able to negotiate the borrower’s ability to obtain secondary financing on the asset after an 18-month hold period, allowing them to recoup equity to be used towards additional investment opportunities.

GANTRY - Tony Kaufmann with Gantry arranged a $35 mil loan for Valley Creative Center in San Jose. The 167k sf, six-building R&D complex is 100% leased to diverse roster of tenants in a multi-tenant format. The project was acquired by Redwood City-based Dollinger Properties in August 2021. The 10-year permanent loan was funded through an institutional life insurance company lender. Terms of the financing included a very competitive interest rate and prepayment schedule.

10855 Hidden Pool Heights, Colorado Springs
10855 Hidden Pool Heights, Colorado Springs
KNIGHTHEAD FUNDING LLC - Henry Boeckmann with Knighthead Funding provided a local investor operating as Columbia Victory LLC with a $21.5 mil loan to refinance a newly built Class A, 125.8k sf office building in Colorado Springs, CO. Located at 10855 Hidden Pool Heights, the property, which includes an 1,800-space parking garage was completed in February 2021 and is currently 21% leased. The 24-month, non-recourse loan will allow the sponsor, who developed the property, additional time to market it for lease as creative office space. The property is part of Victory Ridge, a 153-acre master development that includes retail, office, entertainment, and housing.

CBRE - Shaun Moothart and Ryan Nearon with CBRE arranged $10 mil in financing for the purchase of Fallbrook Mercantile Center, an outdoor retail center in North San Diego County. The 70.4k sf property, located at 713, 825, 833, and 835-855 S. Main Ave in Fallbrook, has extensive street frontage along Mission Rd, Main Ave and Fallbrook St. The center is grocery-anchored by Major Market, which has operated at the site since 1989. The center has strong historical occupancy with fourteen tenants having occupied 78% of the property for 11 years or longer. The 10-year loan has a 2.96% fixed-rate. The borrower is Victoria Foyt, a high-net-worth real estate investor and former author and actress.

NEWPOINT REAL ESTATE CAPITAL LLC – Vincent Langan with Newpoint Real Estate Capital arranged three loans totaling $8.54 mil to refinance a portfolio of multifamily properties in Southern California. The garden-style apartment complexes are located at 713 Alturas Lane in Fallbrook, 6081 Fullerton Ave in Buena Park, and 206 North Coffman St in Anaheim, with a combined 60 units. The three 10-year Fannie Mae Delegated Underwriting Services (DUS®) loans feature interest-only payments for the first five years, followed by a 30-year amortization.

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