MetroGroup Secures $ 34.3 Million in Partnership Loans; Money360 hits $ 200 million milestone – Orange County Register
MetroGroup real estate financing, a Newport Beach-based private commercial mortgage banking company, secured $ 34.3 million in acquisition financing on behalf of its client, Klein Investment Family Limited Partnership, to acquire a four-building 132,695 square foot office / flex campus in the Kearney Mesa submarket of San Diego to complete an IRS 1031 tax-deferred reverse exchange. The office campus is 100 percent leased to Cobham’s advanced electronics solutions, a subsidiary of the global group based in the United Kingdom Cobham SA, a leading technology company for the aerospace and defense industries. MetroGroup real estate financing provided a bridge loan in the amount of $ 7 million and a permanent loan in the amount of $ 27.3 million. Klein Investment Family Limited Partnership plans to incorporate a series of major tenant and property improvements including roof and HVAC unit replacement, power supply upgrades, fire systems , as well as the closing and filling of car parks.
The Kutzer Company. and OPC Acquisition 2 sold the leasehold interest in the 110,322 square foot Lake Forest Marketplace shopping center in Lake Forest. The unidentified buyer acquired the leasehold interest for $ 9 million. Dixie Walker and Charley Simpson with Cushman & WakefieldThe Retail Services group in Irvine represented the buyer and seller in the transaction. The mall is located on two plots totaling 8.82 acres. Located at 23771 El Toro Road, the center was 100 percent occupied by 22 tenants. Retailers include 99 Cents Only, Guitar Center, Harbor Freight Tools, Bank of America, UPS Store, Metro PCS and recently signed Del Taco and Dunkin ‘Donuts.
Morgan Skenderian Investment Real Estate Group negotiated the sale of a six-unit apartment complex in Anaheim to the Martin Family Trust for $ 1.86 million. The property, located at 1118 and 1120 W. Pearl St., was owned by Kevin Relock. Doug Rodermund and Rick Applebaum of Morgan Skenderian’s Newport Beach office represented the buyer and seller.
Silver360, a Ladera Ranch-based commercial real estate lending platform, has doubled its portfolio, surpassing the $ 200 million mark in closed commercial real estate loans this month, the company said this week. It took over a year and a half for Money360 to hit the $ 100 million mark, but less than six months to hit $ 200 million, and by the end of the year it expects to exceed $ 500 million in transactions.
The company said the $ 200 million milestone follows four recent loan closings totaling nearly $ 38 million. All of these loans represent a loan-to-value ratio not exceeding 75% and include:
• A $ 16.2 million bridge loan for a 71,132 square foot single-tenant office building in Rosemont, Illinois.
• A $ 12.3 million bridge loan for a single-tenant suburban office building in Auburn Hills, Michigan.
• A $ 7.5 million bridge loan for two industrial buildings in Irvine.
• A $ 1.9 million permanent loan for an unanchored, 100% leased commercial building in Smyrna, Georgia.
Sees real estate services in Irvine won a COR $ TAR award of CORFAC International – a network of companies that carry out more than 10 billion dollars in real estate transactions annually. The awards recognize members and companies for their references within CORFAC’s global network of commercial real estate companies. The company took home the award for the largest office, which takes into account dollar value and square footage, in this case, $ 19 million and 107,638 square feet, respectively. The referring broker was Steve Lane.
Real estate records are compiled by editor Karen Levin and edited by Samantha Gowen, business writer at The Register. Send related items to [email protected] Allow a week for the publication. High resolution photos can also be submitted.