Emilia at Lost Creek – David B. Norton Inc. arranged ground-up financing for the construction of a 125-unit apartment complex in the Boerne submarket of San Antonio. The funded loan and equity sources secured by David B. Norton Inc. included a construction loan from a regional bank and a preferred equity investment institutional equity provider. In total, the capital stack arranged exceeded 76% of the total project capitalization. The 4.1 acre property is located within the City of Boerne within Kendall County, Texas along the 10 Freeway, 30 miles north of San Antonio. All entitlements and permitting have been completed for the property which is prepared for immediate start of construction. The completed project will be a 4-story apartment constructed as a single building which surrounds a central pool and common area. The property will deliver high level amenities, interior finishes, and design which will position the property at the top the of area’s multifamily market. This is the second ground-up construction financing package David B. Norton Inc. has obtained for the multi-national development group. The capital structure included a preferred equity investment of approximately 42% of the total equity raise. David B. Norton Inc. was able to successfully structure and close the transaction despite the continued challenging interest rate environment and overall softness in the greater San Antonio multifamily market. The transaction closed in April 2024. _____________________________________________________________________________________ Universal City Land – David B. Norton Inc. arranged the land loan for the acquisition of 14 acres of undeveloped land in Universal City, Bexar County, Texas. The land buyer is a long-term client of David B. Norton Inc. who has an extensive track record of developing multifamily apartments throughout the Austin, Dallas, Houston, and San Antonio markets. The developer has completed extensive pre-development work on the project to construct a 268-unit, Class-A, garden style multifamily community. It is anticipated that the property will break ground in early to mid-2024. Despite the challenging rate and lending environment, David B. Norton Inc. was able to provide this land loan from a regional bank sized at 65% of the purchase price. This regional bank has also provided a forward commitment to fund a future construction loan. The property is located within city limits of Universal City, a suburb of San Antonio. Only 20 minutes from downtown San Antonio and less than an hour drive to Austin, the property has extensive demand drivers for future occupancy. The property is positioned with great visibility, limited competition, and proximity to multiple expressways. The transaction closed in November 2023. _____________________________________________________________________________________
Westpointe Oaks – David B. Norton Inc. arranged the ground-up financing for the construction of a 350-unit garden style apartment complex in the Far West submarket of San Antonio. The financing stretched to 98.2% of the total cost of the project and included both a construction loan from a regional bank and an investment from a joint venture equity partner. The developer is a long-term client of David B. Norton Inc. who has an extensive track record of developing apartments throughout the San Antonio area. David B. Norton Inc. was able to introduce the developer to a new regional bank, expanding the client’s borrowing capacity. There were a number of challenging factors in securing financing for the development, most significantly the aggressive interest rate environment along with the corresponding volatile market outlook. The development group included a large number of guarantors including international guarantors which required extensive and time consuming underwriting. During this period, interest rates continued to rise forcing multiple banks to re-underwrite and adjust their ability to maintain their loan commitments. David B. Norton Inc. was able to successfully guide the project through these challenges first, by securing an interim land loan to ensure that the property did not fall out of control and secondly, by providing a fixed rate loan which was required to support the project’s pro-forma financial projections in light of expected rate increases. It was a significant win to be able to place well-priced fixed rate debt with accompanying equity beyond 98% of the capital stack. In light of the current market turmoil, we are pleased to be able to pass along this win to our valued clients. The development is located in the northern portion of the Far West submarket of San Antonio, approximately 17 miles northwest of Downtown San Antonio in Bexar County. This area has seen significant growth over the past few years and represents a trend expected to continue for the foreseeable future. The area has experienced rising rental rates and low vacancy levels in stabilized assets which support new construction, despite new properties being constructed in the region. The property is fully permitted and entitled for immediate construction of the 350 units across 13 buildings. The property will deliver high-level amenities, interior finishes, and design which will position the property at the top the of area’s multifamily market which will be attractive to institutional end-buyers and renters. The transaction closed in November 2022. _______________________________________________________________________________________
Current/Icon/Tuscana Portfolio – David B. Norton Inc. arranged a $15,500,000 preferred equity investment for the acquisition of a three property, 722-unit, multifamily portfolio in Texas. The acquisition included a newly constructed Class-A property in New Braunfels and two recently constructed Class-A properties in Corpus Christi. The properties were acquired by a long-term international client of David B. Norton Inc. as well as an experienced multifamily owner and operator who is a new client of the firm. The fully stabilized institutional grade properties provide the new ownership group an opportunity to implement rent increases in their respective high growth Texas markets. The transaction was very complicated due a number of factors including a volatile interest rate environment, the accommodation of numerous 1031 exchanges, and the participation of multiple investors, including the preferred equity piece. The interest rate increases in the market provided the greatest underwriting challenge as the market anticipates significant near-term rate increases to the SOFR curve which is tied to the senior loan. The preferred equity investment was placed behind a $105,000,000 senior loan which stretched the capital stack to 81% LTC when combined with the senior debt. The transaction closed in May 2022. _______________________________________________________________________________________
Redbird Ranch – David B. Norton Inc. has arranged the acquisition and construction financing for a 342-unit garden style apartment complex outside of San Antonio, Texas. The $48,500,000 in financing stretched to 98.5% of the total cost of the project and included both a construction loan from a regional bank and an investment from a joint venture equity partner. The developer is a long-term client of David B. Norton Inc. who has an extensive track record of developing apartments throughout the Austin, Dallas, Houston, and San Antonio markets. David B. Norton provided multiple debt options for this transaction as well as a long-term equity partner across multiple development projects. The high-leverage capital structure, including the joint venture equity investment, allows the developer to pursue multiple projects by retaining seed equity and pre-development dollars for future acquisitions. The development is located in the high-growth region of the Far West submarket of San Antonio, approximately 20 miles west of Downtown San Antonio in Bexar County along Potranco Road. This area has seen significant growth over the past several years and represents a trend expected to continue for the foreseeable future. The area has experienced rising rental rates and low vacancy levels in stabilized assets which support new construction, despite new properties being constructed in the region. The future Class-A property will consist of 12, 3-story buildings including garages on the first floor of several of the buildings. The clubhouse and leasing facility is significantly larger than other competing properties offering extensive amenities to future tenants. The ongoing impact of COVID-19 continues to present challenges to closing large transactions in an expeditious way. Banks & Equity Funds continue to be hesitant to extend credit or make new investments with employment disruption, unstable construction costs, supply chain issues, recessionary/slowdown activity, and overall uncertainty in the market. The transaction closed in October 2021. _______________________________________________________________________________________
Sienna at Westover Hills – David B. Norton Inc. closed ground-up financing for the construction of a 306-unit garden-style apartment complex in the Far West submarket of San Antonio. The financing package David B. Norton Inc. assembled included a construction loan from a regional bank and a preferred equity investment from a newly introduced equity group. In total, the capital stack arranged exceeded 85% of the total project capitalization. The ongoing impact of COVID-19 continues to present challenges to close large transactions in an expeditious way. Banks & Equity Funds continue to be hesitant to extend credit or make new investments with employment disruption, rising construction costs, supply chain issues, recessionary/slowdown activity, and overall uncertainty in the market. Added to the challenge of this transaction was that the development group included international ownership and multiple principals which required extensive planning and coordination. Despite these challenges, David B. Norton Inc. was able to present the developer with multiple lending options. The capital structure included a preferred equity investment of approximately 60% of the total equity raise. The preferred equity structure was beneficial to the developer group as it capped the return to the preferred equity investment, preserving sponsor profits while, at the same time, reducing the sponsor equity requirement. The transaction closed in October 2021. _______________________________________________________________________________________
Melissa Ranch – David B. Norton Inc. arranged the ground-up financing for the land acquisition and construction financing of a 314-unit garden style apartment complex outside of San Antonio, Texas. The financing stretched to 98.5% of the total cost of the project and included both a construction loan from a regional bank and an investment from a joint venture equity partner. The developer is a long-term client of David B. Norton Inc. who has an extensive track record of developing apartments throughout the San Antonio area. David B. Norton was able to introduce the developer to a new regional bank, expanding the client’s borrowing capacity. Additionally, the joint venture equity partner was previously introduced to the developer by David B. Norton Inc. and has become a recurring equity partner across multiple transactions. By creating a capital structure, which stretched to 98.5% of the development costs, the developer was able to reserve their equity for future developments. Placement of the debt and equity was made more complicated by the uncertainty in the market due to COVID-19 followed by a dramatic recent increase in building costs. Despite these factors, David B. Norton Inc. was able to maintain an advantageous capital structure for the developer. The transaction closed in April 2021. _______________________________________________________________________________________
The Willows – David B. Norton Inc. arranged the construction financing for the development of 109 townhome units in Memphis, Tennessee. The high-leverage revolving construction loan provides the funding of extensive infrastructure work as well as the vertical development of the Willows Townhomes. The Willows Townhomes are part of a luxury master planned community called The Lake District. This is the third financing which David B. Norton has closed for the developers of The Lake District, having previously closed an infrastructure loan and construction financing for the 200,000 square foot retail portion of the master planned community. When complete, the 165-acre Lake District will become a regional destination with retail, entertainment, restaurant, multi-family and single-family residential, office, and hospitality components. The Willows townhomes will be a unique residential product for the City of Lakeland, a suburb east of Memphis. The luxury townhomes will be between 1,700 and 2,000 square feet and provide end-buyers with high-level finishes, favorable floorplans, and a convenient location nearby the numerous retail, restaurants, and specialty shops of The Lake District. The transaction closed in February 2021. _______________________________________________________________________________________
Nashville Parking – David B. Norton Inc. closed a $1,040,000 senior loan secured by a 0.12 Acre undeveloped parcel in Downtown Nashville. The property is currently being operated as a 20 space parking lot. The senior loan provided the long-term owner cash out of equity within the parcel which is located in a prime area of Downtown Nashville. The transaction closed in December 2020. _______________________________________________________________________________________ The Lake District – David B. Norton Inc. closed a $60,000,000 construction loan for the first phase of “The Lake District.” The Lake District is a to-be-built 165-acre lifestyle center development in Lakeland, just east of Memphis in Shelby County, Tennessee. When complete, The Lake District will become a regional destination with retail, entertainment, restaurant, multi-family and single-family residential, office, and hospitality components. The construction loan provides the developer the capital to complete the construction of the first phase of the project and also provides funding toward the ongoing pre-development of future phases of the larger development. The first phase of project will focus on the construction of a mix of in-line retail components and out-parcel buildings which includes a movie theater with bowling alley, a 35,000 square foot specialty grocery store, restaurants, and numerous retail shops. Totaling 200,000 net square feet of retail, restaurants, and entertainment, the first phase has been substantially pre-leased with tenants including Malco Theaters, Starbucks, AT&T, and Firehouse Subs. The transaction closed in February 2020. _______________________________________________________________________________________
Westport Office - David B. Norton Inc. closed the financing a $13,000,000 bridge loan for the acquisition of an 84,000 square foot, Class-A office building located in Westport, Connecticut. The requested loan was sourced and closed within 10 days of the bridge loan engagement. Aside from the necessary tight closing timeline dictated by the seller, the bridge loan was further complicated because it was secured by a leasehold interest in the property. The property is extremely well located and benefits from strong leasing including long-term credit tenants. David B. Norton Inc. worked quickly to present the loan opportunity to qualified lenders to immediately begin the due diligence, legal, and closing process to meet the 10-day closing timeline. The transaction closed in June 2019. _______________________________________________________________________________________ Orangethorpe Industrial - David B. Norton Inc. arranged the financing of a long-term, fixed rate loan for a 63,000 square foot industrial park in Anaheim, California. The $6,000,000 acquisition CMBS loan provided an extremely favorable interest rate, an extended interest only period, as well as preserved the required closing timeline to accommodate the 1031 exchange. As this was the first CMBS transaction for the new owner and their legal counsel, David B. Norton Inc. was closely involved throughout the complicated CMBS underwriting as the central interface between buyer, lender, seller, listing brokers, and attorneys in order to efficiently execute a close. The transaction closed in June 2019. _______________________________________________________________________________________ Lake District - David B. Norton Inc. arranged the financing of a $10,000,000 Bridge Loan secured by 165 acres of land entitled for future mixed use development. The loan provides capital to complete the extensive infrastructure at the property required to prepare the land for future development. The loan is structured as a short term loan, allowing the developer to replace the bridge loan with a construction loan within one year. David B. Norton Inc. is already working closely with the developer to structure and source the capital required for the vertical construction of future phases. The property is located in Lakeland, Tennessee, 20 miles north of Memphis. Lakeland is a thriving suburban residential community which lacks existing retail opportunities. This property and its tenants are well positioned to take advantage of the shortage of retail supply in the area. Future development of the property will consist of multiple phases including retail, residential, and hotels. The development’s first phase consists of approximately 150,000 square feet of retail and is already substantially pre-leased to major retail credit tenants and will include a large grocery store, movie theater, and multiple retail tenants. The transaction closed in May 2019. _______________________________________________________________________________________ Timberhill Commons - David B. Norton Inc. arranged the ground-up financing for the acquisition and development of a 340-unit garden style apartment complex outside of San Antonio, Texas. The financing stretched to 98.5% of the total cost of the project and included both a construction loan from a regional bank and a Joint Venture Equity Partner. The developer is a long-term client of David B. Norton Inc. and has an extensive track record of developing apartments throughout the San Antonio area. By introducing the developer to a new equity partner and a prominent regional bank, David B. Norton Inc. was able to expand the developer’s development capacity beyond their existing established capital resources. Additionally, with the highly capitalized structure, at 98.5% LTC, the arranged financing greatly reduced the required equity and pursuit capital investment by the developer. The property is located in the city of Leon Valley, Northwest of Downtown San Antonio. The property will be constructed as Class-A with full amenities including a club house, pool, business & fitness centers, and will seek National Green Building Standard certification. This will be one of few Class-A properties in the area and the development benefits from its appealing location adjacent to the South Texas Medical Center and provides significantly reduced commuting times over comparable properties further west in Alamo Ranch. The transaction closed in January 2019. _______________________________________________________________________________________ Ocean Point - David B. Norton Inc. closed a 10-Year Fixed Rate Loan for the 83,000 multi-tenant office property, Ocean Point. Ocean Point is located in Carlsbad, California and recently completed an extensive renovation and re-positioning plan. The property is exceptionally located just west of the 5 Freeway and provides tenants highly upgraded unit finishes. David B. Norton Inc. was able to provide the owner of the property multiple financing options from lenders including Life Insurance, CMBS, and regional banks. Ultimately, the owner selected a Non-Recourse CMBS loan which provided an extremely low interest rate fixed for 10 years with a full-term interest only provision. The Owner has held and managed the property for over 30 years, and the new loan also provided significant equity recapture. The transaction closed in August 2018. _______________________________________________________________________________________ Senior Living Portfolio - David B. Norton Inc. executed the closing of a preferred equity investment in a 13-property portfolio of aged-restricted housing. The senior housing portfolio is located across five states in the Midwest and East Coast and are all recently constructed and have a mix of stabilized and partially-stabilized operations. The preferred equity investment closed along with two pools of low-interest permanent financing provided by Fannie Mae and a pool of bridge-to-agency debt for the partially-stabilized properties. The total financing exceeded $175,000,000 for the entire portfolio. This transaction was extremely complex in that the refinance required a year-end 2017 closing and completion of full due diligence including property visits, in under three weeks. The preferred equity investment was extremely advantageous to the property owner because it provided a single equity source rather than a syndication of small friends and family investors. The owner had previously relied on these syndications to provide joint venture equity, so it was critical for David B. Norton Inc. to provide an equity partner who provided the ownership group comfort with surety of performance. The structure of the preferred equity investment also allows for continued long-term ownership of the property and retention of back-end profitability by the ownership group. It is anticipated that the preferred equity investor will be a long-term equity investor for the ownership group as they continue their investment in the development of future senior living facilities. The refinance was completed in December 2017. _______________________________________________________________________________________ Legacy Creekside - Closed the Construction Loan for a 338 unit garden-style apartment development in San Antonio, Texas. The property is being developed by an extremely strong local developer with an extensive track record of constructing similar projects throughout Texas. David B. Norton Inc. was able to introduce the developer to a major regional commercial bank creating a long-term partnership which will be complimentary to both groups. The property is located in the northwest San Antonio market and benefits from adjacent park land. The property will have the standard Class-A amenities with some of the units having yards and attached garages which are in high demand. David B. Norton Inc. continues to see a conservative market outlook by regional commercial lenders, CMBS, and particularly construction lenders who are pulling back on non-core located assets. Despite these new challenges with the lending environment, David B. Norton Inc. was able to secure this construction loan which was aggressively sized at 75% of the total costs. Additionally, the loan included favorable recourse provisions which provided the developer with advantageous burn-offs at key development milestones. The loan includes a three year interest only period followed by a mini-permanent loan at an attractive interest rate. The loan closed in November 2016. _______________________________________________________________________________________ Waller Ranch - Closed the Construction Loan for a 224 unit garden-style apartment development in Waller, Texas. The property is being developed by an extremely strong local developer who has developed similar projects throughout Texas. David B. Norton Inc. was able to introduce the developer to a major regional commercial bank creating a long-term partnership which will be complimentary to both groups. The construction loan was aggressively sized at 75% of the total costs. The property will be the flagship multifamily development of Waller. Waller is an emerging market approximately 45 miles northwest of Houston, Texas. This development represents the first Class-A multifamily property in the market. Although the pioneering aspect of this type of development is always a challenge to commercial bank underwriters, the strength of the growing market overcame any concern with project viability. Waller’s growth is being fueled by the development of new manufacturing facilities and numerous ancillary properties which are bringing many high paying jobs to the area. This property will allow for highly paid employees in the region to have access to the highest level of living with full luxury amenities without the need to commute to alternative housing markets in northwest Houston. The transaction closed in May 2016. _______________________________________________________________________________________ Beethoven Office - Closed a Senior Loan for a 45,000 square foot office building in Playa Vista, California. The $9,415,000 new senior loan provided the refinance of two existing debt structures encumbering the property. Although the refinance included significant pre-payment fees, the interest rate improvement and loan term provided substantial incentive to the owners to pursue the new loan. The new loan locks in an extremely favorable interest rate for the life of the 10-year term and provided cash out to the ownership group. The property is 100% leased and is primarily an owner-occupied property, with 30% of the property leased as creative office space to outside entities. Once David B. Norton Inc. was engaged, the firm was able to provide the owner several financing options including non-recourse CMBS and regional bank term sheets. Due to the owner occupied component, significant underwriting and due diligence was undertaken by David B. Norton Inc. in order to exhibit the strong fundamentals of the property. Ultimately, the new 10-year loan was provided by a well-regarded regional bank. Additionally, the new debt instrument preserved the required tax efficiency of the owner affiliated entities involved with the property. The transaction closed in January 2016. _______________________________________________________________________________________ San Pedro Offices - Closed a $2,710,000 Preferred Equity Investment in three adjoining office buildings in San Antonio, Texas. The properties consist of a total of 161,000 total rentable square feet and are operated as Class-B offices with a current occupancy of approximately 85%. The primary property, which was re-financed, consists of 140,000 square feet and has been owned since 2005. The owner was also given the opportunity to purchase the adjacent 2 buildings which total 20,000 net rentable square feet on 3 acres of land. The properties are located on San Pedro Avenue in the Northwest San Antonio office market. The owner was able to accomplish both the re-finance of the existing property debt as well as the acquisition of the neighboring property with a new debt piece and the preferred equity sourced by David B. Norton Inc. which represented 98% of the capitalization. The transaction was made more difficult due to the unusual circumstance with the simultaneous acquisition and refinance which required two escrows in two different time zones. Additionally, the existing note holder incentivized the refinance with a discounted note payoff, however also required a short clock on the closing. The acquisition property was also mired in an existing lawsuit which needed to be resolved within the tight window of the simultaneous closing. David B. Norton Inc. was engaged to provide the Preferred Equity Investment relatively late in the closing process and was able to quickly underwrite the transaction and identify a few different financing options for the owner. The firm provided comprehensive investment banking advisory services throughout the transaction for its client as well as the Preferred Equity investor. The transaction was completed in July 2015. _______________________________________________________________________________________ Ranch at the Guadalupe - Closed the permanent financing on the Class-A Ranch at the Guadalupe property located in New Braunfels, Texas. The owner of the property acquired the newly constructed property in February 2014 utilizing a bridge loan and preferred equity investment which were both provided by David B. Norton Inc. The new CMBS permanent loan provided repayment of both acquisition financing facilities. The new CMBS loan was sized at 75% loan to value of the 180-unit property which was fully stabilized in late 2014. The weakening regional oil market and rising interest rates provided an additional challenge to closing; however, flexibility by both the lender and borrower, and continued strong leasing at the property, supported the loan closing which locked in a favorable interest rate for the 10-year term of the loan with a 3-year interest only period. David B. Norton Inc. provided comprehensive investment banking advisory services throughout the transaction for its client as well as the lender. This transaction also maintained the tax-free exchange investment which required special consideration and unique structuring by the lender. As part of the refinance and lender identification, David B. Norton Inc. provided detailed and ongoing financial modeling, organizational structuring, and document review. The transaction was completed in June 2015. _______________________________________________________________________________________ La Quinta - Closed a $5,796,000 acquisition loan for a 67-Key La Quinta flagged hotel in Tomball, Texas. The loan represented 70% loan to value and has a one year term. David B. Norton Inc. initially sourced the financing as a preferred equity investment with assumption of the existing loan, however a new first trust position loan was determined to be more attractive to the buyer. Although the existing loan required defeasance, the acquisition loan gives the owner time to improve property operations, complete renovations, and increase value with professional management. The new owners will be able to obtain attractive permanent financing within one year. The acquisition loan also included funding for significant capital improvements as required by the La Quinta flag. The property is located in a high growth location in northern Houston with close proximity to major employers like Baker Hughes, HP, and the new ExxonMobil campus. The property has experienced recent expansion in occupancy and ADR growth and will benefit greatly from new professional management and planned capital improvements. The transaction was completed in December 2014. _______________________________________________________________________________________
SCA Office - Secured a $2,000,000 permanent loan for an owner occupied Class B office building. The new non-recourse permanent loan replaced an existing loan that was maturing. The new loan took advantage of lower interest rates, while providing a favorable amortization schedule to the owner. David B. Norton Inc. provided the owner with multiple loan options from numerous local regional banks. David B. Norton Inc. was able to successfully emphasize the strength of the borrower, leasee, and the property itself which allowed for the non-recourse loan provision, which is not typical for this type of transaction. The loan was closed in 24 days, from application to closing. Along with the loan, the lender also provided an attractive line of credit to the borrower. The owner occupied single tenant property is located in the Sugar Land sub-market of Houston. The office market in the area has experienced significant growth in the past two years as there is limited availability in the market. Due to the strength of this market, this 2005 constructed office building holds exceptional value. The transaction closed in September 2014. _______________________________________________________________________________________
Cranbrook Portfolio - Closed a $27,850,000 permanent loan for the Class-C+/B- multifamily portfolio. The new permanent loan replaced bridge and mezzanine debt facilities which David B. Norton Inc. placed in May 2012. The new CMBS permanent debt facility was made possible through the successful implementation of a capital renovation plan provided from the bridge debt facility. The 998 unit apartment portfolio is located in the northern FM 1960 West/Champions Houston, Texas sub-market. This area and the properties continue to benefit from the surge in growth in the Northern Houston market. The transaction closed in September 2014. _______________________________________________________________________________________
Park Place Motors - Closed a $17,350,000 bridge loan for the 5-Acre luxury auto retail facility in Bellevue, Washington. The bridge loan was put in place to re-finance the existing senior loan as well as pay-off existing mezzanine debt encumbering the property and its auto inventory. The property is currently in the process of being condemned under eminent domain to make way for the expansion of light rail in the area. The condemnation process is expected to take another 6-12 months to complete. The new bridge loan will provide immediate credit relief to the ownership so that a replacement location can be identified and operations transitioned to a new facility without any lapse in business. The new bridge loan is only secured by a first trust position on the property and released the ownership of additional encumbrances on business operations. David B. Norton Inc. worked closely with ownership to develop a financing strategy to ensure satisfaction of the existing lender obligations which included debt from a defunct lending institution. David B. Norton Inc. provided comprehensive investment banking advisory services throughout the transaction for its client including the new lender sourced by the firm. This transaction was especially challenging due to the limited information and delayed timing of the eminent domain process as well as the number of existing secured debt positions. The transaction closed in July 2014. _______________________________________________________________________________________
3100 Richmond Avenue - Closed a $3,900,000 bridge loan for the Class-B office building in the Upper Kirby district of Houston, Texas. The bridge loan was put in place to replace the acquisition loan on the property which had matured. The property is on a ground lease and is currently 96% leased. The ownership of the property recently changed management strategy which resulted in increased occupancy and revenue at the property. David B. Norton Inc. worked closely with management and ownership to capitalize on the strengthening operations to quickly replace the matured loan with the new debt facility. David B. Norton Inc. will refinance the bridge facility with long-term financing in the next 12 months. David B. Norton Inc. provided comprehensive investment banking advisory services throughout the transaction for its client as well as the lender. This transaction was specifically challenging due to the ground lease of the property. The leasehold structure immediately reduced the number of available lenders and necessitated a more detailed underwriting of property operations. The transaction closed in May 2014. _______________________________________________________________________________________
Ranch at the Guadalupe - Closed a senior acquisition loan and a preferred equity investment for the acquisition of the newly constructed class-A Ranch at the Guadalupe located in New Braunfels, north of San Antonio, Texas. Construction at the 180-unit property was fully completed in November 2013 and it was 55% leased at closing. The new owners of the property intend to continue the lease up and stabilization of the property and benefit from the long-term growth of this emerging Texas market. The acquisition was financed with a 70% LTC senior acquisition loan which represented and was priced at 4.2% interest only. The new owner of the property also utilized a preferred equity investment to close the transaction. David B. Norton Inc. will refinance both the bridge facility and the preferred equity investment with permanent agency financing in the next 12 to 18 months. David B. Norton Inc. provided comprehensive investment banking advisory services throughout the transaction for its client as well as the lenders. This transaction also utilized tax-free exchange investment which required special consideration and unique structuring by both lenders and investors. As part of the acquisition, along with the identification and sourcing of funds, David B. Norton Inc. provided detailed ongoing financial modeling, organizational structuring, and legal review. David B. Norton Inc. also facilitated the simultaneous closing of adjacent vacant land which will be developed later. The transaction closed in February 2014. _______________________________________________________________________________________
Portofino Landing - Provided a $10,450,000 acquisition financing on the 464 unit Class B-/C+ apartment complex located in the northern FM 1960 West/Champions Houston, Texas sub-market. The business plan is to add value to the property through burn-off of existing steep rental concessions, expense efficiency, and implementation of capital improvements. The $10,450,000 senior acquisition loan representing 82% LTC and included a lender funded CapX and interest reserve. David B. Norton Inc. provided comprehensive investment banking advisory services throughout the transaction for its client as well as the lender. After David B. Norton Inc. completed its underwriting and investment summary, the firm was able to source and close the financing within 60 days as required by tight deadlines from the seller. The transaction was completed in February 2013. _______________________________________________________________________________________
Brass Professional Center - Provided a $10,800,000 Preferred Equity Investment for the re-finance of The Brass Professional Center in San Antonio, Texas. The Preferred Equity Investment that the firm sourced, allowed for the re-capitalization of the project providing the owner with all-in 97% LTC financing. David B. Norton Inc. sourced the preferred equity investment which represented 21% of the capitalization behind a new 76% LTC senior loan. The Brass Professional Center is one of the largest office parks in San Antonio and consists of 16 buildings on 47.5 acres. After David B. Norton Inc. completed its underwriting and investment summary, the firm was able to source and close the financing within 60 days as required by tight deadlines from the existing senior lender. The preferred equity investment also needed to conform with the strict inter-creditor requirements of the new senior lender. The re-finance was completed in December 2012. _______________________________________________________________________________________
The Mint at Dairy Ashford - Provided a $9,100,000 bridge loan for the re-finance of The Mint at Dairy Ashford Apartments in Houston, Texas. David B. Norton Inc. sourced the 89% Loan to Cost bridge loan which was utilized to achieve a discounted payoff of the existing debt. The Class C+ property was built in 1980 and recently experienced strong rental growth with occupancy approaching 88%. David B. Norton Inc. was able to identify the bridge lender and close the bridge loan within 39 days to accommodate the short closing window offered by the existing senior lender. The re-finance was completed in November 2012. _______________________________________________________________________________________
Cranbrook Portfolio - Arranged for the acquisition financing on a 1,014 unit Class B-/C+ apartment portfolio located in the northern Houston, Texas. The three apartment complexes were financed with a $20,000,000 senior bridge loan combined with a $3,500,000 participating mezzanine loan. The combined financing represents 89% LTC and included a combined lender funded CapX and interest reserve. The firm provided comprehensive investment banking advisory services throughout the transaction for its client and both lenders. The acquisition was completed on May 11, 2012. _______________________________________________________________________________________
Verona Apartments - Provided $7,790,000 in fixed rate permanent financing for the Verona Apartments in Studio City, California. Financing for this 35-unit luxury multifamily project closed in October 2011, and allowed for five years of interest only payments as well as borrower cash out. _______________________________________________________________________________________
Reliant Corporate Center - Provided a $4,000,000 preferred equity facility secured by three class B office towers located in Houston, Texas. The offices total over 270,000 square feet and are encumbers by existing first trust positions. The preferred equity position, which was placed in March 2009, increased the total capitalization to 75% of the current property value and provided additional liquidity to the ownership group. _______________________________________________________________________________________
Taormina Apartments - Arranged for a $10,000,000 construction loan for the development of a 39 unit apartment building in Sherman Oaks, California. The construction loan, which closed in July 2008, provides for the construction of apartment units to condominium specification. _______________________________________________________________________________________
Vista Paradiso Condominiums - Provided the construction loan for the development of 24 residential condominiums in Studio City, California. A total of $11,400,000 was provided for the tear down of existing apartments and the construction of the new units. The construction loan closed in December 2007. _______________________________________________________________________________________
Tuscany Apartments - Provided $3,300,000 in permanent financing for the Tuscany Apartments in Studio City, California. Financing for this 26-unit multifamily project closed in December 2007. _______________________________________________________________________________________
Skyline Terrace Townhomes - Arranged and closed an $18,150,000 refinance for a 40-Unit condominium conversion in Monterey, California. Replaced existing mezzanine and senior debt of $15,000,000 with a single, high leverage construction loan. The new senior loan closed in February 2007. _______________________________________________________________________________________
Moorpark Apartments - Provided $2,750,000 in permanent financing on the Moorpark Apartments in Sherman Oaks, California. Financing for this 24-unit multifamily project closed in September 2007. _______________________________________________________________________________________
Crystal Tree Center - Arranged for a $19,000,000 bridge loan to refinance and renovate an 117,678 square foot multi-tenant retail and office complex located in North Palm Beach, Florida. This new senior loan retired and existing senior and mezzanine loan also procured by David B. Norton Inc. The senior loan closed in March 2007. _______________________________________________________________________________________
Riverfront St. Johns Point - Supplied a $25,000,000 acquisition loan for a 23 acre land development in Jacksonville, Florida. The project is a mixed use development which includes nearly 1,000 residential units and 250,000 square feet of retail and office. The bridge loan closed in December 2006. _______________________________________________________________________________________
Malibu Country Club - Arranged $40,000,000 in acquisition financing for the redevelopment of the existing country club and golf course facility. The plans include the development of a new golf course as well as residential components surrounding the golf course on the 648 acre site. The loan closed in April 2006. _______________________________________________________________________________________
Additional Transactions
(Property - Location - Property Type - Date Transaction Closed)
Crystal Tree Plaza Retail (mezzanine) - Florida - Retail - January 2005
Desert Terrace Apartments - California - Multifamily - September 2004
3883 Connecticut Avenue - Washington DC - Multifamily - July 2004
The Vineyards at Valley View Apartments, Sacramento - California - Multifamily - June 2004
The Crest Apartments - California - Multifamily - March 2004
Terrace Office - California - Office - March 2004
261 Fifth Avenue Office - New York - Office - February 2004
Palms Retail Center - California - Retail - January 2004
Oakwood Dulles Apartments - Virginia - Multifamily - September 2003
Oakwood Las Colinas Apartments - Texas - Multifamily - August 2003
Plaza Del Rey Retail - California - Retail - August 2003
Mission Bay Retail Plaza - California - Retail - April 2003
Terrabay Condominiums - California - Multifamily - February 2003
Fountains at Waterford Lake - Florida - Multifamily - December 2002
Mount Haven Apartments - Tennessee - Multifamily - December 2002
Wilshire Bixel Office - California - Office - December 2002
Cypress/Stonegate/Thornbury/Veranda - Texas - Multifamily - December 2002
Andrex Point Office - California - Office - July 2002
Santa Fe Villas Apartments - California - Multifamily - April 2002
150 Fifth Ave Office - New York - Office - April 2002
Metropolitan Tower - New York - Office - April 2002
Walnut & 38th Street Office - Colorado - Office - February 2002
Parcwood Apartments - California - Multifamily - July 2001
Skyline Apartments - California - Multifamily - June 2001
Medici Apartments - California - Multifamily - June 2001
Park Place Apartments - California - Multifamily - May 2001
Ashford/Westchester/South Gessner Office - California - Office - February 2001
NewCrow IV Office - California - Office - December 2000
Corona Pointe Apartments - California - Multifamily - December 2000
Terra Vista Apartments - California - Multifamily - November 2000
Pacific Pointe Apartments - California - Multifamily - November 2000
The Crossing at Otay Ranch Apartments - California - Multifamily - November 2000
River Ranch Townhomes - California - Multifamily - November 2000
Emerald Oaks, Miner's Station, Verner Oaks - Washington - Multifamily - October 2000
Seven Hills Apartments - Nevada - Multifamily - October 2000
Cedar Glen Apartments - California - Multifamily - June 2000
Center West - California - Office - June 2000
Sunnyvale Town Center - California - Retail - May 2000
South Seattle Bus Park and West Valley Corporate Park - Washington - Office - April 2000
Bay Club, Marina Club and Delta Ridge Apartments - Washington - Multifamily - March 2000
Mid-Atlantic Industrial Park - Washington - Industrial - December 1999
Enchanted Woods, Forest Creek, Spinnaker - Washington - Multifamily - December 1999
Gateway Technology Park - California - Office - November 1999
Windridge and Oakhollow Apartments - Texas - Multifamily - September 1999
Mall of Memphis - Tennessee - Retail - May 1999
Los Cabos I & II & Jovanna Villa Apartments - Nevada - Office - April 1999
Crestwood Park/Amberwood Village - Washington - Multifamily - April 1999
Paramount, Hayward, & Cornerstone - California - Office - January 1999
Whitedove Pointe/Marina Club - Washington - Multifamily - December 1998
Tan Foran Shopping Center - California - Retail - September 1998
20th Century Insurance Building (Renovation) - California - Office - July 1998
Sunnyvale Town Center - California - Retail - July 1998
The Gateway at Keystone - Colorado - Hotel - June 1998
Corporate Office Square Park - Missouri - Office - May 1998
20th Century Insurance Building (Bridge) - California - Office - April 1998
Santa Maria Town Center - California - Retail - March 1998
King Kalakaua Plaza II - Hawaii - Retail - October 1997
Wailua Bay Resort - Hawaii - Hotel - September 1997
2011 North Soto Street - California - Industrial - August 1997
Centerwest - California - Office - July 1997
The Summit at Warner Center - California - Multifamily - July 1997
Southwest Center Mall - California - Retail - June 1997
Westcreek Terrace Apartments - California - Multifamily - May 1997
Westside Towers - California - Office - April 1997
Harbor Bay Development - California - Office - March 1997
Westchase/Gessner/Ashford Xing II - Texas - Multifamily - February 1997
Pine Tree - California - Multifamily - December 1996
Brea Embassy - California - Hotel - November 1996
Jonathon's Landing - Washington - Multifamily - November 1996
King Kalakaua Plaza I - Hawaii - Retail - October 1996
Puente Hills - California - Retail - August 1996
Broadway - California - Office - July 1996
CGS Portfolio - Georgia - Office - June 1996
2700 Colorado - California - Office - June 1996
LAOP Investment II - California - Office - February 1996
LAOP Investment I - California - Office - November 1995
Aviation - California - Office - November 1995
Sawtelle - California - Office - June 1995
Westside Towers - California - Office - March 1995
Centerwest - California - Office - March 1995
Bristol/16000 Ventura - California - Office - March 1995
