In the first transaction, Rotkin Real Estate received $10.93 million in financing for the construction of a new 66,800-sf shopping center in Henderson, NV. To be built at the northwest corner of Eastern Avenue and St. Rose Parkway, Southfork Pointe will be anchored by HomeGoods, a division of The TJX Companies Inc., and shadow-anchored by Lowe's Home Improvement.
"This deal was a perfect fit for our high-leverage program," says Inland Mortgage SVP Leslie Lundin. "It has excellent upside and was in a fabulous location in a growing market."
The center was 48% preleased at the loan closing. The loan term is 12 months with two six-month extensions. Inland Mortgage funded 100% of the total cost (71% LTV as stabilized). Lundin was the loan originator, and Garrett Leahy represented Rotkin Real Estate.
The second loan, $10.35 million to an LLC of D&M Development, was to take out the construction loan for Daly City Self Storage, a 987-unit mixed-use property in Daly City, CA, on the San Francisco Peninsula. Located at 307 87th St., the 73,207-sf building includes 987 storage units as well as retail and office space. Ace Hardware anchors the commercial portion of the project.
The loan term is 24 months with two six-month extensions. Inland Mortgage funded 83% of the total cost (69% LTV as stabilized). Cohen Financial represented D&M Development.
The third loan, a $10.2 million first mortgage to Cadence Capital, was for the purchase of the Club Center in San Bernardino, CA. Built in 1988, the Club Center is a 212,010-sf mixed-use office and retail center at 243-295 E. Caroline St. Its major tenants include 24-Hour Fitness, San Bernardino Entertainment and United Education Institute. Cadence plans to spend $1.45 million on capital and tenant improvements for the center.
The term of the loan is 12 months with two six-month extensions. The nonrecourse loan funded 85% of the total cost for the property (70% LTV loan as stabilized). The property was 51% occupied at the time of the loan. Johnson Capital represented Cadence Capital.
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