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July 12, 2024
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Buchanan Mortgage Holdings Funds Three CA Loans Totaling $55 Mil


Buchanan Mortgage Holdings LLC (BMH), an affiliate of Buchanan Street Partners L.P., recently closed three loans in California totaling $55 mil. The financing deals were for development land in San Diego, an office to res condo project in Hermosa Beach, and a hotel to apartments conversion project in Rancho Cordova.

Oceanside dev land parcel
Oceanside dev land parcel
In San Diego County, BMH provided a $12.25 mil non-recourse bridge loan for a 12.5-acre development parcel situated within the coastal cities of Oceanside and Carlsbad. The purpose of the loan was to refinance existing debt and provide the sponsor additional time to complete architectural drawings, achieve final development permits and obtain construction financing for a proposed 426-key, Hilton-branded hotel development. This is the first loan that BMH has closed with the sponsor, a Los Angeles-based private investor focused on land development in Southern California markets.

In Hermosa Beach, BMH provided a $14.5 mil bridge loan for the acquisition and conversion of a four-story, 37.7k sf office building into for-sale commercial condominiums. At the time of loan closing, the property was 74% leased to a mix of 24 wellness medical, event planning and healthcare tenants. The property was acquired with a condo map previously recorded. The transaction represents BMH’s fifth lo,an with the sponsor, a privately-held real estate investment company that specializes in the acquisition and conversion of multitenant office and industrial assets into for-sale commercial condos.

And in Rancho Cordova, a suburb of Sacramento BMH provided a $28.3 mil bridge loan to finance the acquisition and value-add conversion of the DoubleTree Suites by Hilton into a 158-unit multifamily community, a suburb of Sacramento. The property is well suited for a multifamily conversion given it was originally built as an extended stay hotel and multifamily is a by-right use under the local zoning code.

Upon conversion the property will benefit from its immediate proximity to light rail public transit and a common area amenity package that is superior to competitive apartment projects. The sponsor is a joint venture between a fund investor and developer that formed a programmatic partnership focused exclusively on hotel-to-apartment conversions. The subject property represents their twentieth transaction together and second loan with BMH.

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