Loans

Northmarq Negotiates $35M Refinancing for Seven-Building Industrial Campus in San Jose

by Amy Works March 7, 2022

SAN JOSE, CALIF. — Northmarq has arranged $35 million in refinancing for a seven-building industrial asset located at 1100-1070 Commercial St. in San Jose. Built in 1995 on 18.6 acres, the property features 337,585 square feet of industrial space with one-third warehouse space, one-third light industrial and one-third incubator space. John Kerslake and Briana Harney of Northmarq’s San Francisco debt/equity office secured the 10-year, interest-only loan for the borrower through the firm’s correspondent relationship with a life insurance company.

March 7, 2022

Acquisitions Loans Retail Washington Western

IPA Arranges $23.4M Acquisition Loan for Park Place Retail Property in Tukwila, Washington

by Amy Works March 7, 2022

TUKWILA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip mall located at 17501 Southcenter Parkway in Tukwila. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate, for the undisclosed tenant. Built in 1996, the property features 153,454 square feet of retail space. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer and seller were not disclosed.

March 7, 2022

Development Loans Mixed-Use New York Top Stories

Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan

by Julia Sanders March 4, 2022

NEW YORK CITY — Rabina has received $540 million in construction financing for 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development in Manhattan. With site work already underway, the 450,000-square-foot mixed-use tower will be the second tallest building on Fifth Avenue after the Empire State Building. The construction timeline was not disclosed. The project will include residential components, boutique commercial office space, recreational facilities and ground-floor retail. The first three levels will consist of restaurants and then floors four through 28 will be office space. Floors 31 through 68 will feature residential units, according to New York Yimby. The news outlet also said the residential amenities will include a pool, spa, fitness center and sports court. Located on Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood, the property is situated near notable buildings including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building. Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick of JLL Capital Markets represented Rabina in arranging the financing. Bank OZK will provide a $410 million senior mortgage loan while Carlyle’s global credit business will provide $130 million in mezzanine financing. The loan terms were not disclosed. …

March 4, 2022

Loans Multifamily Texas

Ready Capital Closes $20.2M Acquisition Loan for San Antonio Apartments

by Taylor Williams March 4, 2022

SAN ANTONIO — New York City-based Ready Capital has closed a $20.2 million loan for the acquisition, renovation and stabilization of an unnamed, 208-unit apartment complex in the Far West submarket of San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

March 4, 2022

California Loans Retail Western

Gantry Arranges $38M Loan for Rodeo Drive Retail Property in Beverly Hills

by Amy Works March 4, 2022

BEVERLY HILLS, CALIF. — Gantry has secured $38 million in financing for the fee-simple interest in a parcel located at the corner of Rodeo Drive and Brighton Way in the Golden Triangle neighborhood of Beverly Hills. The fee-simple parcel is subject to a long-term ground lease with improvements consisting of an 18,380-square-foot high-street retail structure, which is occupied by Guess, Goyard, Bulgari, Wolford, Chrisofle and Bonpoint. Andy Bratt and Amit Tyagi of Gantry arranged the loan on behalf of the borrower, a private generational real estate family.

March 4, 2022

California Loans Office Retail Western

PSRS Arranges $30M in Financing for Office/Retail Property in Encinitas, California

by Amy Works March 3, 2022

ENCINITAS, CALIF. — PSRS has secured $30 million in financing for Pacific Station, a recently renovated office and retail property in Encinitas. Pasha Johnson of PSRS arranged the financing for the undisclosed borrower. The non-recourse loan allowed the ownership to capitalize on the value created by converting the previously dark space into a modern office and retail community. The loan’s first three years of interest-only payments allow for maximized cash flow and its 10-year, fixed-rate term hedges against interest rate risk.

March 3, 2022

Loans Office Texas

iBorrow Provides $13.9M Acquisition Loan for Austin Office Building

by Taylor Williams March 3, 2022

AUSTIN, TEXAS — iBorrow, a commercial bridge and direct lender, has provided a $13.9 million acquisition loan for an 86,910-square-foot office building located at 1200 E. Anderson Lane in North Austin. The three-story building sits on a 3.6-acre site and was fully leased at the time of the loan closing. The undisclosed borrower will use a portion of the proceeds to fund a capital improvement plan that is scheduled to be complete in October 2023.

March 3, 2022

Loans Montana Multifamily Oregon Seniors Housing Western

LTC Provides $25M Recapitalization for Five-Property Seniors Housing Portfolio in Oregon, Montana

by Amy Works March 2, 2022

OREGON AND MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an internal rate of return of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC.

March 2, 2022

Loans Multifamily Texas

Ready Capital Closes $4.9M Acquisition Loan for Metro Houston Apartments

by Taylor Williams March 2, 2022

PASADENA, TEXAS — New York City-based Ready Capital has closed a $4.9 million loan for the acquisition, renovation and stabilization of an unnamed, 60-unit apartment complex in Pasadena, an eastern suburb of Houston. The nonrecourse, interest-only loan features a 24-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

March 2, 2022

Affordable Housing Development Loans Multifamily New York Northeast

BRP Cos. Receives $294M in Construction Financing for Metro New York City Multifamily Project

by Taylor Williams March 2, 2022

NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …

March 2, 2022

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