Western Real Estate Business

JUL 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1001516

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Page 9 of 32

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • July 2018 • 9 HUNT MORTGAGE ARRANGES $16.9 MILLION IN FINANCING FOR THREE-PROPERTY MULTIFAMILY PORTFOLIO BAKERSFIELD, CALIF. — Hunt Mort- gage Group has provided two Freddie Mac Small Balance Loans and a Fannie Mae Conventional Green mortgage to refinance a multifamily portfolio in Bakersfield. The loans totaled $16.9 million. The transactions include a $6 million Freddie Mac Small Balance Loan for Village Lane Apartments, a 200-unit property at 5101 Marsha St.; a $1.9 million Freddie Mac Small Bal- ance Loan for River Oaks Apartments, a 46-unit multifamily property located at 336 Roberts Lane and 314 and 400 Locust St.; and a $9 million Fannie Mae Conventional Green mortgage for Park Village Apartments, located at 1405 White Lane. The two Freddie Mac loans feature a 10-year term and fixed rate with no interest-only period and a 30-year amortization schedule. The conventional mortgage features a 12- year term with a 30-year amortization. VRS INTERNATIONAL ACQUIRES 38,900 SF INDUSTRIAL BUILDING FOR $6.5 MILLION CARLSBAD, CALIF. — Carlsbad- based VRS International has pur- chased an industrial building, locat- ed at 1958 Kellogg Ave. in Carlsbad. Bend, Ore.-based Canard Add Ven- tures sold the property for $6.5 mil- lion. The 38,900-square-foot industrial building features a two-story lobby, heavy power and fenced yard. Kelly Nicholls of Lee & Associates – North San Diego County represented the seller and buyer in the deal. CIT GROUP ARRANGES $107.5 MILLION IN FINANCING FOR 333-UNIT MULTIFAMILY PROJECT OAKLAND, CALIF. — CIT Group's Real Estate Finance division was the sole lead arranger for a $107.5 mil- lion construction loan for Station on 12th, a 333-unit multifamily project in downtown Oakland. The borrower is a joint venture between a Brookfield- sponsored private real estate fund and The Martin Group, the developer and operating partner for the project. MERIDIAN SELLS MULTI-TENANT OFFICE BUILDING IN BAY AREA FOR $39.5 MILLION BRISBANE, CALIF. — Meridian has completed the disposition of a multi- tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transac- tion. Built in 1983, the six-story build- ing features 104,000 square feet of office space. CBRE's Northern Califor- nia Capital Markets team represented the seller and buyer in the deal. G.H. PALMER RECEIVES $158.8 MILLION REFINANCING FOR 752-UNIT APARTMENT PROPERTY SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifam- ily property located at 17621 Pauline Court in Santa Clarita. The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site communi- ty amenities include a fitness center, swimming pool and spa, and a picnic area. Gary Tenzer of George Smith Partners (GSP) arranged the financing for the borrower. The new loan replac- es a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value. PACIFIC COAST COMMERCIAL ARRANGES SALE OF 13,428 SF RETAIL PROPERTY SAN DIEGO — Pacific Coast Com- mercial has arranged the sale of a re- tail and office property located at 2790 Lytton St. in San Diego. Greentree En- terprises sold the property to Global Disposal for $2.1 million. The proper- ty features 13,428 square feet of retail and office space. David Dilday and Erik Anderson of Pacific Coast repre- sented the buyer and seller in the deal. Every time SIORs walk into a room, their reputation precedes them. Experienced, knowledgeable, and focused, SIORs represent the absolute best in commercial real estate. Access the world's most elite network and open the door to game- changing opportunities. SIOR . Your next big win is just four letters away. www.SIOR.com MARK'S GOT THIS.

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