LOS ANGELES — Partners Capital Property has provided a $3.4 million bridge loan for the acquisition of a 245,000-square-foot industrial facility in downtown Los Angeles’ Arts District. The two-building property is situated on four acres. Bobby Khorshidi of Partners Capital Finance arranged the deal. It allowed the borrower to acquire the property. The site was under a long-term escrow.
ONTARIO, CALIF. — A new industrial park that will be situated adjacent to Ontario International Airport has received a $16 million construction loan. The funds will finance the development’s ground-up construction. The borrower was Mission Grove Partners. The loan was provided by Partners Capital Solutions.
SAN ANGELO, TEXAS — Dougherty Mortgage LLC has closed a $3.7 million Fannie Mae loan for the acquisition of Bent Tree Apartments, a 112-unit multifamily property located in San Angelo. Dougherty’s Minneapolis office arranged the seven-year term, 30-year amortization loan on behalf of the borrower, SA Bent Tree Apartments LP.
IRVINE, CALIF. — The Quintana office campus, a 421,935-square-foot office campus in Irvine, has received $100 million in financing. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, which Hines purchased in August. The four-building Quintana campus is situated at the intersection of Main Street and Von Karman Avenue in the Irvine Business Complex. One of the buildings is fully leased to StrataCare, a wholly owned subsidiary of Xerox Corporation. The remaining three are vacant. Quintana represents the largest block of contiguous office space currently available for a large user in Orange County. It is also the only remaining big block in the airport area, according to New York Life Real Estate Investors, which originated the funds on behalf of institutional investors. HFF’s Kevin MacKenzie worked on behalf of Hines. The floating rate debt package has a total available term of five years.
SAN DIEGO — NorthMarq Capital has arranged the $30 million refinance of Carmel Mountain Ranch Town Center, a 172,272-square-foot retail property located in San Diego. Michael Dobbins of NorthMarq secured the fully amortizing, 25-year term loan through a life insurance company. Tenants at the center include Trader Joe’s, Ralph’s, Chico’s, Rite Aid, Bank of America and McDonald’s.
LAGUNA NIGUEL, CALIF. — New York Life Real Estate Investors (NYL REI) has originated a $35 million mortgage loan for The Center at Rancho Niguel, located at 28281 Crown Valley Parkway in Laguna Niguel. The loan has a 20-year term with an opportunity to borrow additional proceeds in the first 10 years of the loan. The borrower was Buie Stoddard Group, an institutional investor. Tenants at the 120,000-square-foot retail property include Wells Fargo, Ralphs Fresh Fare, Jamba Juice, Loehmann’s Shoes, Thomasville Furniture, NY’s Upper Crust Pizza, El Pollo Loco and Precision Fitness.
ASHLAND, ORE. — Contemporary Healthcare Capital LLC (CHC) and Community & Southern Bank (CSB) have jointly provided a $10.5 million loan for the acquisition of a seniors housing community in Ashland, near the California border. The unnamed community is a 95-unit assisted living and memory care facility. Proceeds of the loan will be used to fund the acquisition along with $575,000 in renovations. This is the first joint loan from CHC and CSB since the two companies announced the strategic partnership in May.
DALLAS, ORE. — Cain Brothers has arranged $27.6 million bond financing for Dallas Retirement Village, a continuing care retirement community (CCRC) in Dallas, about 15 miles west of Salem. Operated by Life Care Services, Dallas Retirement Village currently features 45 independent living homes, 73 independent living apartments, 65 assisted living units, 20 memory care units and 121 skilled nursing beds. The proceeds from the bonds will be used to construct 40 new lodge-style independent living apartments and a 21,000-square-foot clubhouse, as well as refund $2.5 million of existing debt. Planning for the campus expansion began in 2007, but was placed on hold during the recession.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $93 million in financing for Timberleaf Apartments and Alderwood Apartments, a pair of apartment buildings in the Silicon Valley submarket of Santa Clara. The funds will allow the borrower, Prometheus Real Estate Group, to lock in low interest rates. Prometheus will also enjoy a period of interest-only payments for part of the loan term. Prometheus built both properties in the late 1980s. The company has made substantial upgrades to both assets over the past 10 years. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the new senior mortgage loans were arranged by through the firm’s correspondent relationship with a life insurance company.
LA VERNE, CALIF. — NorthMarq Capital has arranged the $4.4 million refinance of a shopping center located at 1400, 1410 and 1480 Foothill Blvd. in La Verne. Michael Elmore and Ory Schwartz of NorthMarq secured financing through a national bank. The loan is structured with a 13-year term and 30-year amortization schedule and features a 4.46 percent fixed rate for 10 years with a floating tail. Tenants at the center include RiteAid, Auto Zone and Carl’s Jr.