In commercial property, the only constant is change. Notes come due, loan interest rates float, property financial performance is uncertain, spreads narrow and widen, baseline assumptions go by the wayside. Sometimes, it’s just time to go get some new capital and refinance.
Let’s take a look around the national refinancing market for some recent commercial loans:
- Illinois/Florida: A five-year fixed-rate note for $29.05 million in on a five-property office and industrial portfolio totaling 650,000 square feet. Deal midwifed by HFF.
- Texas: $5m in new capital (75% LTV, 5.48%) arranged by the Austin office of Marcus & Millichap for a multifamily apartment property in Alice, TX.
- South Carolina: $6.5 million HUD section (232) loan for 132-bed skilled-care nursing home facility in Greenville.
- California: A pair of Orange County multi-tenant industrial properties got 10-year fixed rate loans worth over $12 million. Capital courtesy of Talonvest.
- Iowa: 258-unit multifamily property in Council Bluffs refinances for $11.5 million on a 20-year note.
- California: The 100% leased Alto Serramonte Retail Center in Daly City snags $8 million. Originated by Kenneth M. Fox, CCIM.
- Minnesota: $55 million in refi loans for three MN multifamily assets under HUD 233(f).
- Washington State: Marcus & Millichap also busy in the Northwest, arranging $15.7 million in debt for two multifamily assets in Bothell and Tukwila, WA.
- Kansas: CBRE goes big on a 2.2 million sq. ft office building in Overland Park. $230 million refi loan.
- New York: Meridian Capital Group makes beautiful music; arranges a $230 million refi for the landmarked Steinway Hall piano store on 57th St.
(Photo credit: SalFalko)