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July 24, 2024
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Commercial Real Estate Financing Briefs


JLL CAPITAL MARKETS -- Matt Stewart and Analyst Chris Jaffe with JLL Capital Markets have arranged $69.1 mil in post-close acquisition financing for Walnut Business Park, a 33-building, 334.8k sf light industrial portfolio owned by IDS Real Estate Group located in Walnut, CA. Positioned on 22.6 acres at the northeast corner of Valley Blvd and South Lemon Ave in the desirable infill San Gabriel Valley submarket of Los Angeles, Walnut Business Park is adjacent to CA-60 and the CA-60/CA-57 interchange with additional connectivity to Interstates 10 and 5. The loan was funded by MetLife Investment Management.

GEORGE SMITH PARTNERS – George Smith Partners placed $38.5 mil of floating-rate debt for the cash-out refinancing of a 372,000-square-foot grocery-anchored retail center located in Utah. Fully leased and anchored by tenants like Super Target, Best Buy, and PetSmart, the property boasts a dominant submarket position owing to its diverse assortment of community-oriented tenants and main-and-main location. Loan proceeds were used to pay off existing debt, fund tenant improvements, and leasing commissions, and repatriate Sponsor equity. The five-year loan is interest-only for the first year and is based on 65% LTV.

The Epicenter Apartments, Seattle, WA
The Epicenter Apartments, Seattle, WA
GANTRY – Mike Wood and Alex Saunders with Gantry secured $12.3 mil to refinance a fee-simple ground lease in Seattle’s Fremont neighborhood. The property is home to The Epicenter Apartments, an architecturally distinctive, six-story building featuring approximately 130 rental units above ground-floor retail services including a PCC Markets grocery store, restaurants, and a coffee bar. The building is noted for its bold structural art facade program, making it a standout in one of the city’s most culturally diverse communities. The 10-year, fixed rate, permanent loan was placed with a life company lender. The loan refinanced a pending maturity that was previously financed by Wood.

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