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Done Deals: January 2019

 

The following closed deals are advertised in this month issue of Scotsman Guide Commercial Edition.

Past Done Deals are in the archives. browse archives

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FEATURED DEAL
Columbia Pacific Advisors
Seattle, WA
Contact: Billy Meyer  |  206-734-3979  |  billym@columbiapacific.com
Property Photo   Property: Office
Purpose: Acquisition and refinance
Loan Amount: $5,100,000
Location: Atlanta, GA
Date Funded: September 2018

Columbia Pacific Advisors funded a loan for a $5.1M acquisition and refinance secured by two office and medical office properties located in Atlanta, GA. Loan proceeds were utilized to acquire and provide tenant and capital improvements for the medical offices as well as refinance the office property.
   
SCOTSMAN GUIDE LEAD
FEATURED DEAL
Commercial Loan Center LLC
Blue Bell, PA
Contact: Carl Shorley  |  610-990-6050  |  info@clcllc.net
Property Photo   Property: Retail
Purpose: Cash-out refi
Loan Amount: $1,185,000
Location: Ohio
Date Funded: September 2018
Broker Fee: $23,700

Borrower needed max cash out, but one unit was vacant and the rest were MTM. We let the borrower lease one space, renew existing tenants, underwrote 100% occupancy to get just under 80% LTV at the required debt-service level while the deal was in processing. Used an outside appraisal with a recertification.
   
FEATURED DEAL
Silver Hill Funding LLC
Coral Gables, FL
Contact: Juan Barcelo  |  844-346-2909  |  info@silverhillfunding.com
Property Photo   Property: Warehouse
Purpose: Cash-out refinance
Loan Amount: $960,000
Location: Tinley Park, IL
Broker Fee: $28,000

Silver Hill Funding, LLC helped a business owner in Illinois who needed a cash-out refinance to pay off past due taxes and a high-interest 2nd mortgage. Silver Hill provided a non-bank, reduced doc solution that allowed the borrower to get the cash-out he needed without having to provide tax returns.
   
FEATURED DEAL
Fidelity Bancorp Funding
Orange, CA
Contact: Loan Financing Team  |  877-585-FUND (3863)  |  info@fbfloans.com
Property Photo   Property: Multifamily
Purpose: Purchase
Loan Amount: $465,000
Location: Cudahy, CA

1031 Exchange! Fidelity Bancorp Funding secured the purchase of a 5-unit multifamily property. We were successful in using market rents instead of actual rents to achieve the loan amount desired. The ability to also use market rents on vacant units propelled us to get to the LTV desired. Broker friendly.


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5 Arch Funding Corp.
Irvine, CA
Contact: Michael Miller  |  844-497-5482  |  mmiller@5arch.com
Property Photo   Property: SFR
Purpose: Purchase
Loan Amount: $5,426,562
Location: Newport Beach, CA

Our borrower needed quick funding to secure a prime beachfront fix and flip project. 5 Arch was able to structure a loan that financed the acquisition of the property and the rehab funds necessary to get the property off the market and the project on its way to a profitable exit strategy.

AB Capital
Newport Beach, CA
Contact: Joshua Pukini  |  800-658-1552  |  info@abc-funds.com
Property Photo   Property: SFR Investment
Purpose: Acquisition
Loan Amount: $5,340,000
Location: Montecito, CA

AB Capital, a direct lender and leader in residential, commercial and construction financing funded the purchase of this single family residential investment property in Montecito, CA. The broker came to AB Capital needing a quick close, common-sense underwriting and a team he could trust.

Archway Fund
Los Angeles, CA
Contact: Marissa Wilbur & Tom Noble |  310-447-8899  |  info@archwayfund.com
Property Photo   Property: Industrial
Purpose: Acquisition
Loan Amount: $6,100,000
Location: Santa Fe Springs, CA
Date Funded: September 2018

Archway Fund closed a $6.1M acquisition loan secured by a 100% occupied 40,787 SF industrial building in Santa Fe Springs, CA. The sponsor plans to recapitalize a portion of the equity partner’s acquisition costs and eventually refinance with a long-term SBA loan.

Century Capital Partners
Rochelle Park, NJ
Contact: Victor Cohen  |  201-880-7850  |  victor@centurycapitalfinance.com
Property Photo   Property: Multiple
Purpose: Purchase/Reno
Loan Amount: $750,000
Location: Jersey City, NJ
Date Funded: August 2018
Broker Fee: $15,000

Century Capital Partners closed a deal with Urban Development Partners LLC to fund the purchase and renovation of a 1920 colonial revival home in South Orange. The collaterals are two three-family homes and a restaurant located in Jersey City. A $15,000 broker’s fee was paid.

Cherrywood Mortgage LLC
Diamond Bar, CA
Contact: National Sales  |  800-819-4199  |  info@cherrywood.com
Property Photo   Property: Mobile home park
Purpose: Refinance
Loan Amount: $2,625,000
Location: Pomona, NY

Cherrywood Mortgage recently funded a 75% LTV $2,625,000 rate and term refinance of this 36-unit mobile home park in Pomona, New York providing borrower with a new 30-year, fully amortizing term loan at a lower rate.

SCOTSMAN GUIDE LEAD
Gelt Financial LLC
Boca Raton, FL
Contact: Jack Miller  |  561-221-0900 x238  |  jackmiller@geltfinancial.com
Property Photo   Property: Retail and office
Purpose: Refinance
Loan Amount: $3,848,875
Location: Pittsburgh, PA
Date Funded: November 2018
Broker Fee: $50,000

Blanket commercial mortgage for real estate investor using 2 retail centers and 1 office building. We provided him with the financing he needed when his bank said no, under our bridge loan program. We were happy to to work with a mortgage broker who brought us this loan. When your bank says no, we say yes.





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Kennedy Funding Financial
Englewood Cliffs, NJ
Contact: Loan Officer  |  800-342-8500  |  info@kennedyfundingfinancial.com
Property Photo   Property: Indust office bldg
Purpose: Working capital
Loan Amount: $3,200,000
Location: Stevensville, MD
Date Funded: November 2018

The loan will be used for debt repayment & working capital for RTI Forensics’ HQ. The company specializes in accident & failure investigation, plus safety management. The building has meeting space, dedicated laboratories, offices & storage. An additional 4,800 s.f. is available for expansion or a tenant.

Money360 Inc.
Ladera Ranch, CA
Contact: Gary Bechtel  |  888-908-7027  |  creloans@money360.com
Property Photo   Property: Hospitality
Purpose: Refinance
Loan Amount: $13,700,000
Location: Texas

The borrower’s previous lender couldn’t close in time and the borrower was facing a maturity default and needed funds right away. The entire Money360 team, from origination to underwriting and closing, worked together to fund this loan in order to meet the borrower’s short time frame.

Patch of Land
Los Angeles, CA
Contact: 888-445-6046  |  originations@patchofland.com
Property Photo   Property: Single-family home
Purpose: Refi & rehab
Loan Amount: $845,200
Location: Washington, DC
Date Funded: October 2018

Patch of Land provided a 12-month purchase & rehab loan for this single family residential project in Washington, DC, funded at 80% of the $649K purchase, plus $326K in renovation funds.

SCOTSMAN GUIDE LEAD
PB Financial Group Corp.
Los Angeles, CA
Contact: Pouyan Broukhim  | 877-700-3703  |  info@calhardmoney.com
Property Photo   Property: SFR
Purpose: 1st
Loan Amount: $309,000
Location: Sun Valley, CA
Date Funded: October 2018
Broker Fee: $7,725

Probate loan to the administrator of the estate. Estate needed funds to pay off estate lawyers, fees and beneficiary costs. We provided a stated-income loan with no personal guaranty required and closed 5 days after court approval.

Prescient Capital Management LLC
Chicago, IL
Contact: Steve Young  |  262-244-0797  |  syoung@pcm-funding.com
Property Photo   Property: Portfolio
Purpose: Partner buyout
Location: Midwest
Date Funded: November 2018

The loan request was for $9,200,000, Prescient Capital secured the loan with a 1st lien on 51.92 acres of entitled commercial land and the pledge of equity totaling $42,511,667 on the borrower’s entire cash flowing commercial real estate holdings. The strategic goal of the borrower was to buy out his partner.

Pyatt Broadmark Management
Seattle, WA
Contact: Peter Meiusi  |  206-623-4119  |  peter@pyattbroadmark.com
Property Photo   Property: Condo
Purpose: Construction/Refi
Loan Amount: $19,150,000
Location: Seattle, WA
Date Funded: August 2018

Pyatt Broadmark Management, a leader in commerical real estate financing, closed a $19.15M construction loan for a 48-unit condo project in Seattle, WA. In 2018 alone, the Broadmark family of funds have closed twelve, $10M+ construction loans. We lend in WA, OR, ID, CO, UT, TX, GA, NC, and TN.




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RCN Capital
South Windsor, CT
Contact: Stephen Ballard  |  860-479-6399  |  sballard@rcncapital.com
Property Photo   Property: Single-family home
Purpose: Purchase & rehab
Loan Amount: $236,250
Location: Burlington, WA
Date Funded: October 2018

An experienced investor had the subject property under contract as a fix and flip investment. RCN was able to provide a loan at 75% of the after-repaired value. The investor plans on spending $50K on renovations prior to listing for sale. Once complete, the investors anticipate a 15% return on investment.

SDC Capital Funding
Burbank, CA
Contact: Shawna Phelan  |  818-342-9555 x202 or x205  |  shawna@sdccap.com
Property Photo   Property: Creative office
Purpose: Partner buyout
Loan Amount: $1,695,000
Location: El Segundo, CA
Date Funded: October 2018

Our borrower came to us to finance the buyout of his partners and fund a TI/LC reserve to re-tenant the property, which would be vacant upon closing. We were able to fund this loan at a 9% rate and 1.5 lender points.

SCOTSMAN GUIDE LEAD
Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  425-455-1733  |  jodegard@sfgfunds.com
Property Photo   Property: Townhomes
Purpose: Construction
Loan Amount: $3,200,000
Location: Kirkland, WA

This veteran builder, with a free and clear lot, is now able to capitalize on a excellently located infill location, thanks to his loan through SFG’s construction lending department. The builder is currently starting 6 of the 12 town homes in the heart of Kirkland, WA.

SCOTSMAN GUIDE LEAD
Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  425-455-1733  |  jodegard@sfgfunds.com
Property Photo   Property: Student housing
Purpose: Purchase
Loan Amount: $7,200,000
Location: Tucson, AZ

Student housing builder came to us with a 2-acre site, steps from the U of A campus. SFG’s construction department and experienced underwriters quickly analyzed and approved the deal. Speed of execution and deal certainty was key as the product must be finished and available for the 2019-2020 school year.

South End Capital Corp.
Wilton, CT
Contact: Myron Alford |  888-268-7778 x10  |  myron@southendcapital.com
Property Photo   Property: Mixed-use
Purpose: Cash-out refinance
Loan Amount: $325,000
Location: Chicago, IL
Date Funded: October 2018
Broker Fee: $6,500

This borrower needed a stated-income loan to cash-out from her mixed-use property in Chicago, but no other stated lenders fund in Cook County, IL. (We do!) We funded a 5-yr. fixed, 30-yr. amortized loan at 8.25% in only 18 days. We provided $150K of unrestricted cash-out at the closing table.

Stronghill Capital
Austin, TX
Contact: Eric Thomas |  888-837-9878  |  erict@stronghill.com
Property Photo   Property: 5 SFRs
Purpose: Cash-out
Loan Amount: $7,064,000
Location: Texas
Date Funded: November 2018
Broker Fee: $141,280

The goal of this deal was to get cash out to assist in the capital stack for the purchase of a bundle of 17 properties, along with cashing out on 3 free and clear owned commercial properties for a total of 20 commercially leveraged properties.




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