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June 15, 2024
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Commercial Real Estate Financing Briefs


Union Apartments, Chula Vista
Union Apartments, Chula Vista
NORTHMARQ - Northmarq’s Aaron Beck, Wyatt Campbell and Conor Freeman, in partnership with Mikee Anderson-Mitterling of Ballast CRE, secured a $46.5 mil refinance for Union Apartments, a 170-unit apartment community in Chula Vista. The loan was arranged for the borrower through Northmarq’s Fannie Mae DUS platform. The newly constructed property is well located within a supply-constrained submarket that has strong demand for rental housing. This is evidenced by the overall submarket vacancy rate in the 4% range, among the lowest in the San Diego metro and continued rent growth in the area. The property benefits from a robust local amenity base as well as proximity to regional freeways and Naval Base San Diego. Property highlights include park-like grounds with ample gathering areas to include a pool and spa, clubhouse, playground, barbeque areas and a state-of-the-art fitness center. According to Beck, the borrower was able to take advantage of the property’s affordability component and Fannie Mae’s buy-down option in order to lock the interest rate at sub-6%. This lower interest rate allowed for greater loan proceeds and significant interest savings over the term of the loan. At roughly 60% loan-to-value and a 1.25x debt service cover ratio, the new non-recourse Fannie Mae loan replaced the floating rate construction debt with fixed-rate, full-term interest only payments.”

GANTRY - George Mitsanas, Bahman Mirhashemi and Keegan Bridges with Gantry secured a $19 mil permanent loan to cross collateralize and refinance the acquisition costs of three single-tenant industrial properties totaling 155k sf, with two located in California’s San Fernando Valley and a third in Grand Prairie, TX, a suburb of the Dallas Metroplex. The five-year loan was placed with one of Gantry’s correspondent insurance lenders at an attractive fixed rate. Gantry will service the loan. According to Mirhashemi, the borrower had acquired three assets in the past two years, including two that were acquired completely vacant. After executing on a value-add leasing program bringing the portfolio to 100% occupancy with a weighted average lease term exceeding 10 years, the three assets were cross-collateralized into one permanent loan at an attractive rate for a legacy hold. The sponsor was also able to repatriate approximately $3 mil of equity to redeploy towards future investments or investor returns.”

KAIROS INVESTMENT MANAGEMENT COMPANY - Kairos Investment Management Company has provided an $8.14 mil senior bridge loan to a private real estate firm to support the conversion of a former data center in downtown Salt Lake City (SLC), UT into a multifamily and retail development. The site, located at 205 East 200 South, comprises a parking lot and an approximately 350k sf vacant building. Located in the SLC central business district, the property is within walking distance to public transportation and provides convenient access to Utah’s freeway infrastructure. The redevelopment plan involves retrofitting the existing building and adding a new eight-story structure at the property’s north end. Upon completion, the property will offer residential units, 10k sf of ground-floor retail, and amenities that include a pool. Kairos structured financing based on the land’s current worth, as well as the project’s potential upside upon its completion.

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