WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.
SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.
DALLAS — NorthMarq Capital’s Dallas-based regional office has arranged the $6.5 million refinancing of Lakewood Village Shopping Center, a 50,964-square-foot Dallas retail center located at 6434-6444 E. Mockingbird Lane in Dallas. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
MONTCLAIR, CALIF. — GH Palmer Associates has received an $81-million bridge loan to purchase The Paseos at Montclair North, a 385-unit luxury multifamily community near Ontario. The community is located at 4914 Olive Street. The Paseos is situated directly across from Montclair Plaza regional mall. It is one block south of the Metro link commuter rail. The property features one-, two- and three- bedroom units with amenities like gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances and walk-in closets. Community amenities include two resort-style pools, spas with cabanas and pool beds, a central park with a concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a fitness facility. The bridge financing includes a 3.23 percent rate, a five-year term and a 75 percent loan-to-value. Financing was secured by George Smith Partners (GSP). It was one of the last financings completed by GE Capital before its sale this past April. GSP previously secured $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property for the original developer back in 2012.
SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has secured the $16.4 million refinance of The Terrace at Concord Park, a 161,563-square-foot office property located at 607 and 777 E. Sonterra Blvd. in San Antonio. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Nationwide Insurance. The property’s tenant roster includes State Farm, Wells Fargo, Schlumberger and Ryland Homes.
LOS ANGELES — The 379-unit Mariners Bay Apartments in the Los Angeles coastal market of Marina del Rey has received $96.4 million in acquisition financing. The community is located at 14000 Palawan Way. Mariners Bay was built in 1975. It is one of the largest apartment and anchorage properties in Marina del Rey. The community is situated on 19 acres of land. It contains 409 boat slips. The borrower, Legacy Partners Residential, plans to renovate the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping. The floating-rate bank loan was secured by CBRE’s Brian Eisendrath and Brandon Smith.
AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $2.5 million acquisition loan for a 36-unit apartment property located in Austin. The loan features a 75 percent loan-to-value ratio, five-year term, fixed interest rate at 4.37 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s credit union correspondent relationships.
BAYTOWN, TEXAS — KeyBank Real Estate Capital has secured a $21.3 million life insurance loan for Remington Park Baytown, an assisted living and memory care community located in Baytown. Monique Bimler of KeyBank’s Healthcare Mortgage Group arranged the 10-year, fixed-rate loan on behalf of Capital Senior Living, which was used to acquire the property. Capital Senior Living Corp. is a operator of residential communities for senior adults. The company operates 115 senior living communities with an aggregate capacity of approximately 15,000 residents.
LOS ANGELES – The Medallion, a 96-unit apartment building in Downtown Los Angeles, has received a $33-million refinance. The community is located at 334 S Main Street. It is currently 97 percent occupied. The property also contains 80,000 square feet of ground-floor retail space and a 275-car parking garage. The loan is also secured by a fully entitled, two-acre development site that sits adjacent to the Medallion. That site is slated for Phase II of the community, which will include an additional 300 units. It is currently leased to a parking lot operator. The short-term bridge loan was secured by Jonathan Hakakha and Mike Yim of Quantum Capital Partners on behalf of Illusion Holdings and Ocean Blue Investments.
FRIDLEY, MINN. — Grandbridge Real Estate Capital has provided a $4.1 million first mortgage and raised additional equity funds from a regional equity fund secured by a 150,000-square-foot office/tech/warehouse property in Fridley. Minneapolis-based Dave Rasmusen of Grandbridge originated the debt and equity. Grandbridge worked with the borrower, an affiliate of Hoyt Properties, and lender to structure the transaction to meet the borrower’s objectives. The client sought to purchase the value-add property, which was 60 percent leased. Grandbridge brought $4.1 million of non-recourse debt from a local bank and approximately $2 million of equity from a regional equity fund to complete the purchase.