Santa Cruz, Calif. –Berkadia Commercial Mortgage originated $7,500,000 in permanent, fixed-rate debt for the refinance of 1200 Pacific Avenue, a mixed-use property in Santa Cruz, Calif.
The fully amortizing, 50 percent LTV loan features a 17-year term and a fixed interest rate of 6.10 percent. Vice President Mark Plenge of Berkadia’s San Francisco office originated the transaction. The borrower was 1200 Pacific LLC under the sponsorship of the long time Santa Cruz firm, Redtree Properties. The lender was ING Financial.
1200 Pacific is a Class A+ mixed-use property that includes a relatively uncommon mix of retail, office and also multifamily uses. Built in 2000, the four-story, 76,000-square-foot building is situated on nearly a half acre in the downtown, pedestrian shopping core of the famous vacation and surfing town of Santa Cruz. Borders Books occupies the entire ground-level retail space. The second and third floors are office space with a mix of professional, banking and small corporate offices. The fourth floor has 20 luxury loft style apartments with views of the Pacific Ocean, the surrounding hills and of the downtown Santa Cruz shopping district.