COSTA MESA, CA-A locally based investor-developer has refinanced the 345,410-square-foot Nissan Motor building along the north side of the 405 Freeway in one of two fundings of $11.2 million each that have closed recently despite the nearly frozen credit markets. The other property is a 196-unit seniors housing complex in Chino.

Peter G. Welsh, a managing principal in the Los Angeles office of Newmark Realty Capital Inc., tells that the borrower was able to secure the new financing for the 33-year-old property, a single-story industrial building that is 100% leased to Nissan Motor Corp., for a number of reasons. For one, “The loan was committed back when the capital markets were a little bit more active, at the end of the summer,” Welsh explains.

Although the capital markets had slowed by the summer, they were still more active then than they are now, Welsh points out. And although financing has been growing ever more difficult for the past year or so, Newmark was still able to secure a number of competitive bids for the financing. The lender in this case was Minnesota Life Insurance Co.

“Newmark is a correspondent for 15 life insurance companies, and we’re usually able to obtain several competitive quotes for projects such as this from our group of lenders,” Welsh comments. He says that Minnesota Life offered the most competitive terms for the loan, which was a refinancing of an existing loan that was maturing.

Welsh declined to state the rate or terms of the loan, citing confidentiality agreements, but did say that the rate was “very competitive.” Welsh had originally arranged permanent financing for the property approximately 10 years ago with another lender.

The other $11.2 million loan was a refinancing for Hillsborough Village, a 196-unit senior housing complex at 11902 Central Ave. in Chino, about a half-mile north of the Pomona Freeway. According to senior managing director Paul C. Brindley of Holliday Fenoglio Fowler, HFF placed the financing on behalf of privately held Komar Investments LLC.

Wachovia Multifamily Capital Inc.–FNMA providing the new financing which is a six-year, 5.82% fixed-rate loan. The Hillsborough complex is situated on a 5.8-acre site. It features three residential buildings with 100 one-bedroom, 95 two-bedroom and one three-bedroom unit.

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