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3/25/24
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8634 Garfield Ave, South Gate |
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CBRE -- CBRE's Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek arranged a $43 mil refi loan on El Paseo Shopping Center, a 300k sf retail center in South Gate. The five-year, full-term non-recourse loan is interest-only. The loan allows the borrower to pay off the existing lender while providing tenant improvement dollars to the major tenants. It also allows for the potential release of a portion of the collateral for future redevelopment.
BWE – Mike Guterman with BWE arranged a $12.25 mil bridge loan for the acquisition and redevelopment of a 28k sf strip retail property located in Rancho Palos Verdes. Calmwater Capital provided the 75% LTC financing including an $8.5 mil holdback to complete the full rehab of the property. The property is 67% leased with Habit Burger, Mattress Firm, Urbane Café, California Fish Grill in addition to O’Reilly’s renewing for another 10 years. It is located on Western Avenue, across the street from In-N-Out Burger, Ralph’s, Sprouts, CVS and Ross Dress For Less.
GANTRY -- Chris Funai with Gantry arranged a $7 mil permanent loan to retire construction financing for Epic Storage @ Ann Road, a 681-unit self-storage facility with 46 RV parking spaces. The Class A property, completed and opened in Q3 2023, is located at 10490 Hammer Lane in Las Vegas and is in a prime position to serve the growing suburbs of Northwest Las Vegas with immediate access to the I-215 Beltway. The 10-year loan was provided through an insurance company lender at an attractive fixed rate and 30-year amortization period.
JLL CAPITAL MARKETS -- Rick Salinas, Jonah Aelyon, Sarah Murphy and Will Bond with JLL Capital Markets have arranged $5.2 mil in acquisition financing for 12 Panoramic Way, a 13-unit, six-story student housing community located near the campus of University of California, Berkeley. JLL worked on behalf of the borrower, Valiance Capital, to secure the loan through Knighthead Funding. Built in 1948, 12 Panoramic Way features one- and two-bedroom units, averaging 670 sf. As the property has been owned by the same family for 40 years, Valiance will undergo a value-add business plan that improves the quality and amenities of the entire property. Located on the hillside overlooking the Southside District, the property is just a five-minute walk to campus, one block from Greek life, half a block from Memorial Football Stadium and only an eight-minute walk to The Greek Theatre. Residents are also within proximity of the hundreds of cafes, quick-serve restaurants, brewpubs, fine-dining restaurants and cocktail lounges within Berkeley. The property is a 25-minute walk from the Berkeley Downtown BART station, providing access to San Francisco, Oakland and Silicon Valley, and there are a total of four transit stations within a block of the community. In addition, the location provides easy highway access and is within close distance to a ferry line from Jack London Square that shuttles passengers to San Francisco.
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