SOUTH GATE, CALIF. — Newmark Realty Capital Inc. has arranged $40 million in permanent financing for a 370,000-square-foot regional power center in South Gate. The center was completed in 2014. George Mitsanas, Peter HIllakas and Doug Tisdale of Newmark’s Los Angeles office arranged the fixed-rate, non-recourse financing for the borrower, a Los Angeles-based developer. The 10-year, interest-only loan was placed with one of Newmark’s correspondent life insurance lenders.
LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four separate industrial/office buildings that total 22,675 square feet in the Los Angeles submarket of Playa Vista. The funds will be used to refinance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a creative office space catering specifically to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.
LAGUNA HILLS, CALIF. — Grandbridge Real Estate Capital has closed a $14 million loan for a 79,760-square-foot retail property in Laguna Hills. Funded by BB&T Real Estate, the permanent, fixed-rate, non-recourse loan features a seven-year term with a 30-year amortization schedule and a 3.67 percent interest rate. Tom Kenny, Rowin Jacobs, Josh Boehling, Steve Griffin, Thomas Turnage and Mark Durfee of Grandbridge’s Newport Beach, Calif., office secured the financing for the undisclosed borrower.
EL PASO, TEXAS — Capital One has provided a $9.8 million Fannie Mae loan for the acquisition of Indian Springs Apartments, a 232-unit community in El Paso. Chad Thomas Hagwood of Capital One’s Birmingham, Ala., office originated the transaction. Built in 1982, Indian Springs was partially renovated by the prior owner and Talos intends to continue the renovation process. The 10-year, fixed-rate loan has two years of interest-only payments and a 30-year amortization schedule. Talos Holdings was the borrower. Talos develops, owns and operates multifamily properties in the southern United States, and has offices in Scottsdale and Dallas.
BEVERLY HILLS, CALIF. — Quantum Capital Partners has arranged $10.5 million in long-term, fixed-rate financing to recapitalize a retail building located in Beverly Hills’ Golden Triangle. Located at 9650 Bedford Drive, the property offers 15,000 square feet of restaurant and retail space. The building is fully leased to Crustacean Restaurant (House of An) and Maxferd Jewelry of Beverly Hills. Jonathan Hakakha and Mike Yim of Quantum Capital arranged the financing. The 10-year CMBS loan closed at a 4.32 percent interest rate and was structured to include five years of interest-only payments.
ANGLETON, TEXAS — UC Funds has secured a $4.8 million bridge loan for the acquisition and renovation of a 152-unit apartment community located in Angleton. The sponsor will implement a renovation program focused on repositioning the property. The renovation will convert the existing clubhouse into four additional units, bringing the total unit count of the property to 156. The property is situated on a seven-acre site and spans 13, two-story buildings. Angleton is located 40 miles south of Houston.
LUBBOCK, TEXAS — HFF has secured refinancing totaling $15.5 million for three apartment communities in Lubbock known as Stone Lake, Savannah Oaks and The Fountains. Working on behalf of the borrower, HFF placed three separate 10-year loans through Lincoln Financial Group. Each loan has a fixed interest rate with five years of interest-only payments. The communities total 480 units and feature swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks. Stone Lake is a 162-unit complex located at 7414 Elgin Ave. Savannah Oaks is located at 5204 50th St. and includes 150 units. The Fountains is located at 5001 Chicago Ave. and includes 168 units. All three were 97 percent occupied at the time of sale. De’On Collins and John Brownlee led HFF’s debt placement team.
MCKINNEY, TEXAS — Robert Faust Mortgage Company recently arranged $3,813,000 in equity for the proposed Wilmeth Ridge project in McKinney. The proposed residential development will be 124 acres located at the northeast corner of Wilmeth and Ridge roads. There will be 291 lots constructed in two phases. Grand Homes and Shaddock Homes are buying all the lots in Phase I. The developer Wynne Jackson has developed over 10,000 residential lots.
ANAHEIM, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged $98.8 million in financing for the acquisition of three apartment communities in Orange County by A&M Properties. The properties include Springdale Villa in Westminster, Portofino Cove in Anaheim and Tustin Parc in Tustin. The properties contain a total of 723 units. They were built between 1961 and 1971. Doug Taylor and Jason Krupoff of Bellwether arranged the Freddie Mac, fixed-rate financing. Bellwether is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. The team also helped A&M Properties identify Tustin Parc for acquisition.
SAN DIEGO — CityMark Development has received a $48 million loan to develop a 129-unit multifamily project in the downtown San Diego submarket of Little Italy. The community will be located at 2101–2175 Kettner Blvd. The site was formerly occupied by Caliber Collision Center. The new project will contain a six-story apartment building with 8,000 square feet of retail podium space, 100,000 square feet of residential space and 2.5 levels of subterranean parking. Tanner Hecht Architecture will design the community, while Van Tilburg, Banvard & Soderbergh will act as the architect of record. The funds were capitalized by Fident Capital, which has identified an institutional equity partner for this project. The Los Angeles-based fund manages more than $2 billion in assets. It focuses exclusively on urban infill residential projects that contain over 100 units.
