News

$6.5 Million Financed for Bay Terrace Office Building

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Michael Kelly and Michael Stordahl of Q10 Realty Mortgage & Investment Company arranged through coordination with the Houston Q10 Capital Partner, Q10 KDH, $6.5 million in financing for Bay Terrace multi-tenant office building located in Houston, Texas. The financing was provided by a correspondent life insurance company who provided a 15-year fixed-rate loan.

“This loan was a long-term fixed rate with an existing client that holds commercial real estate assets for long term income and value appreciation. The Loan was call protected for the loan term but offered flexible prepayment options to the borrower.” – Michael Kelly

SMALL BALANCE APARTMENT LOAN PROGRAM

Q10 Realty Mortgage & Investment Company is pleased to announce it is providing loans for apartment projects between $1.0 and $5.0 million

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Target Loan Size: $1.0 and $5.0 million – Larger amounts on a portfolio of individual loans of up to no more than $5.0 million each

Maximum Leverage: 75% for Refinance – 80% for Acquisition

Term: 5, 7, 10 and 15 Year fixed rates

Amortization:  Up to 30 Years

Interest Rates: Various Interest rate options are available, including 5, 7, 10 and 15 year fixed or floating rates.

Fees: 1% Origination Fee

Third Party Reports: Appraisal, Property Condition Report, Phase I, Mortgagee Title Insurance and Survey

Target Investments: Conventional apartments with 20 Units or more including apartments with affordable components such as tax abatements and Section 8 Vouchers, etc.

Call Protection: Early prepayment allowed with structured stepdown prepayment or Yield Maintenance

Recourse: Non-Recourse except for Standard Carve-Outs

NOTES:

  • Loan Size $1-$5 mm
  • Number of months open for prepayment without penalty at the end: 3
  • For Hybrid ARMs:
    • Floating rate coupon is based on six-month LIBOR +275 margin
    • During the floating rate period, the rate is reset every six months and amortization is recalculated.
    • Floor rate is equal to the initial fixed rate.
    • Cap Structure: 1-1-5 (Max 1% change in initial reset, max 1% change at each reset, and lifetime cap is 5% over the initial fixed rate.
  • Following the closing, the receipt of all final documentation from Borrower, and the purchase of the Loan, the Good Faith Deposit shall be refunded to the borrower
  • Stepdown Prepay Description: Refers to % of UPB, with years in parenthesis if > 1 year – e.g. 3(2), 2(2), 1(3) is two years at 3%, two years at corresponding pricing changes.
  • For to Markets – 80%/1.2x; For Small Markets – 75%/1.30x; For Very Small Markets – 75%/1.40x
  • Pricing will vary based on many factors, including low LTV and high DSCR. Above rate is only an estimate.  Top Market pricing will be approximately 30-60 bps below Indicative Rate listed.
  • Top Markets: New York – Newark – Jersey City/Boston-Cambridge-Newton/Philadelphia-Camden-Wilmington/Washington, DC-Arlington-Alexandria/Chicago-Naperville-Elgin/LosAngeles-Long Beach-Anaheim/San Fransico-Oakland-Hayward-San Jose-Sunnyvale-Santa Clara/San Diego-Carlsbad/Denver-Aurora-Lakewood/Minneapolis-St. Paul-Bloomington/Portland-Vancouver-Hillsboro/Seattle-Tacoma-Bellvue

Q10 Posts a Strong 2nd Quarter

Q10 POSTS A STRONG 2ND QUARTER WITH $1.5 BILLON IN CLOSED LOANS

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Q10 continues to see an active market in 2015 with over $1.5 billion originated commercial real estate loans in 2nd quarter 2015. Q10 has over 130 highly experienced finance professionals located in 23 offices throughout the country. Our clients include local, regional and national developers, investors, property owners and REITS.

Our business is built on strong relationships, and we strive to deliver the capital you need for you next loan with a hands-on approach. We would appreciate the opportunity to represent you on your next transaction. Please call to speak with one of our producers at (303) 770-5979 or (505) 830-7664 or email mkelly@q10rmic.com.

Clifford Plaza I & II Office Buildings Financed for $7 Million

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Michael Kelly and Michael Stordahl of Q10 Realty Mortgage & Investment Company arranged $7.0 million in new financing for Clifford Plaza I & II office buildings located in Albuquerque, New Mexico.  The three-story buildings are over 100,000 Square Feet and are 90% occupied after a substantial renovation of all common areas and major tenant improvements.

“Clifford Plaza was a Division headquarters for Cardinal Healthcare for many years up until 2013 when the company decided to relocate this division outside of the US. Given the location of the buildings, the layout and flexibility of the floor plates and the quality of the asset, the owners elected to re-tenant the asset into a major multi-tenant office building that is very competitive in the Albuquerque office market.” – Michael Kelly

Happy 4th July from Q10

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Four score and seven years ago our fathers brought forth on this continent a new nation, conceived in liberty, and dedicated to the proposition that all men are created equal.
~ Abraham Lincoln

$3.4 Million Financing for FedEX Ground Facility

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Michael Stordahl, Vice President with Q10 Realty Mortgage & Investment Company arranged $3.4 Million in financing for a FedEx Ground Facility in Dickenson, ND.  The facility contains 21,662 SF of office and warehouse space and is currently 100% occupied by FedEX.  The building was constructed to service the growing demand for shipments in the SW quadrant of North Dakota. Dickinson has become one of the fastest growing cities in the United States with a strong economy and a current unemployment rate that is one of the lowest in the nation at 1.8%.

Michael states, “The key to the success of this financing was the quality and strength of the Borrower and the low loan-to-value and purchase price required by the Borrower.”

Mutual of Omaha Visits Q10 Realty Mortgage

The investment team from Mutual of Omaha visited with the Q10 Realty Mortgage & Investment group this week to discuss lending opportunities.  The evening started with dinner followed by a College World Series game.

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$48.6 Million First Mortgage Financing for San Isidro Plaza Shopping Center

Screen Shot 2015-06-02 at 3.38.19 PMQ10 Realty Mortgage & Investment Company arranged financing for San Isidro Plaza Shopping Center located in Santa Fe, New Mexico.  This Community Center consists of 285,000 SF of Gross Leasable Area plus a large parking deck and is anchored by Lowe’s Home Improvement Center, Regal Theater and Sprouts Grocery Store along with an excellent mix of smaller national, regional and local tenants.

“The center is located in a market with significant barriers to entry and was 100% occupied at closing. The sponsor spent several years assembling the site and obtaining the development approval through the the City of Santa Fe, NM.” ~ Michael Kelly