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June 18, 2024
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Commercial Real Estate Financing Briefs


CBRE CAPITAL MARKETS -- Mark McGovern, Colby Matzke, Brian Cruz, Scott Lewis, Matt Ballard and Gaby Llanes with CBRE arranged a $19.1 mil, fixed-rate acquisition loan for 451 South Western Blvd in Denton, TX, which includes two fully leased industrial buildings. The two buildings, Denton Point I and II, total 242.3k sf. The two properties have a total of 28 dock doors, 32’ clear heights and 125 parking spaces. The two buildings are leased to three well-established tenants: DHL, Lowe's and Muenster Milling. The buyer was Westcore Properties, a San Diego-based commercial real estate investment firm who acquired the property from TA Realty.

METROGROUP REALTY FINANCE -- J.D. Blashaw with MetroGroup Realty Finance secured a $10.6 mil bridge loan for a Trader Joe’s-anchored retail center located at 26541 Aliso Creek Rd in the South Orange County submarket of Aliso Viejo. Tenants at the center are popular eateries that are aligned with the borrower’s business plan of repositioning and diversifying the center to serve both daily needs and offer dining destinations. Eureka!, a regional restaurant group with modern craft food and beverage offerings, replaces a former Panera at the property and Lupe’s, a growing local restaurant brand with fresh Mexican fare, is taking over the former Smashburger. The interest-only loan has a term of 36 months and is priced at a floating interest rate over SOFR. The financing replaces a maturing CMBS loan that the firm previously arranged on the borrower’s behalf in 2012.

Park Place at Jordan Downs, Los Angeles
Park Place at Jordan Downs, Los Angeles
JLL CAPITAL MARKETS – JLL Capital Markets arranged $10.5 mil in construction takeout refinancing for Park Place at Jordan Downs, an 80-unit affordable housing development in Southeast Los Angeles. Built in 2022, Park Place is both a rent- and income-restricted at consist of 30%, 40%, 50%, 60% and 80% AMI. The property, situated at 2062 East 99th Place in the Watts neighborhood of Los Angeles, is a part of the Housing Authority of the City of Los Angeles’ (“HACLA”) multibillion-dollar plan to redevelop the Jordan Downs public housing development. Upon completion, the entire development will have nearly 1,600 new affordable and market-rate apartments, some of which will be owner occupied. The complex will include more than 150k sf of commercial space, a large community center and several public parks. JLL represented the borrower, BRIDGE Housing Corporation, to secure the 17-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.

MARCUS & MILLICHAP CAPITAL CORPORATION (MMCC) -- Bradley Buzil with MMCC arranged a $4.6 mil loan for the refinancing of a multi-tenant industrial property located at 4903 Long Beach Ave in Los Angeles. Built in 1967, the single-story, 33.4k sf industrial warehouse facility is conveniently located near Downtown LA. The refinancing features a five-year term, 12 months of interest-only payments, 25-year amortization, 60% LTV and a fixed interest rate of 5.78%.

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