Nine-Figure Loans

The commercial real estate financing climate might still be a tad chilly, but things are heating up. Two recent loans on both ends of the American empire highlight that: One in Los Angeles for an apartment complex and the other in South Florida for a hotel resort.

And just a reminder that you can keep up with all the major leasing, financing and sales deals with Commercial Observer’s new Deals of the Week.

— Tom Acitelli, Deputy Editor

KKR Provides $101M Refi for AMCAL’s The Clarendon

Global investment firm KKR has provided the owners of The Clarendon apartment complex in Los Angeles with a $101 million loan, property records show. Santa Monica-based mortgage brokerage company Gortikov Capital arranged and announced the two-year, floating-rate senior bridge loan Friday. Owned by developer AMCAL Housing, the 385,978-square-foot multifamily building consists of 335 units in a five-story building in Woodland Hills, as indicated by AMCAL. The apartment building was developed in 2020 and sits at 22121 Clarendon Street just off the Topanga Canyon Boulevard exit off Highway 101 in the San Fernando Valley. The quality of the Clarendon, as well as its performance thus far and central location, factored into the loan, per Gortikov Capital’s statement.

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Trinity and Credit Suisse Land $575M to Refi Diplomat Resort in South Florida

Trinity Real Estate Investments and Credit Suisse are closing in on $575 million to refinance the Diplomat Beach Resort in Hollywood, Fla., nearly two years after purchasing the oceanfront property in a record transaction. Citi Real Estate Funding and German American Capital are set to provide a $452 million nonrecourse, first-lien loan, according to a report by Kroll Bond Rating Agency. The mortgage, which is scheduled to close June 6, will require monthly interest-only payments and has a two-year initial term with three 12-month extension options. The Diplomat owners also secured a $123 million mezzanine loan from entities named TD Miami Beach Mezz LLC and PPIB Credit Investments III.

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