LOS ANGELES, CA – January 6, 2019 – Berkadia today announced $46.95 million in financing for five different properties in Southern California and Texas. Senior Director George Spadier of Berkadia’s Los Angeles office completed the financings for three separate borrowers.
“With recent volatility in rates, lender spreads and floors have been moving significantly and often, making it important to see a full picture of the market. These financings represent diverse properties, borrower types, and capital sources, which we marketed widely while still maintaining the certainty of execution our clients demand,” said Spadier.
The largest single deal was a $25 million, seven-year loan secured by a self-storage facility located in Ventura, California. The loan was structured as a $17 million fixed first lien and a $8 million floating rate revolving line of credit. Both the first and the revolver currently feature rates in the mid to high 3 percent range. The revolver will be used to expand the existing facility, as well as capitalize on new opportunities. The deal closed December 20. The facility currently features 1,400 storage units on 9 acres, including enclosed boat and RV storage units.
Spadier also arranged a $10.05 million, three-year, adjustable-rate construction loan for the development of 45 luxury apartment units in Ventura, CA. The deal closed December 18. The property will feature ocean views from approximately one third of the units and has a fully amenitized rooftop entertainment area. The 70 percent LTC loan currently carries a rate in high 3 percent range and floats over LIBOR.
The final financing totaled $11.9 million in ten year, fixed-rate debt through a correspondent life company. Spadier arranged three separate loans for properties in Texas, including a retail center in Round Rock and two office buildings in Georgetown.