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Contact: Jessica Neuman
IDEA HALL
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Buchanan Street Partners Secures $98 Million for Westlake Development Group to Leverage Portfolio
- Deals in three states capitalize on Westlake's holdings in office and retail
Newport Beach, CA (November 7, 2006) - Buchanan Street Partners, a national real estate investment
bank, structured over $98 million in CMBS permanent loans to help Westlake Development Group, LLC take
advantage of attractive mortgage rates and return some of its capital following all cash purchases of
certain properties acquired in an exchange following the sale of its senior living business portfolio.
The properties, located in Oregon, Nevada and New Mexico, consist of Class "A" office and mixed
use commercial.
"We appreciate the trust and confidence Westlake Development placed in Buchanan Street Partners to
execute the multiple financing needs they had," said Tom Sherlock, managing partner, Buchanan
Street Partners.
All loans were arranged through Wells Fargo Bank and were initiated to finance/refinance the
properties-some recently acquired and one that was facing an interest rate swap expiration. The terms
on each permanent loan were structured with no loan fees, as non recourse and with all reserve
requirements waived.
The properties are:
Gresham Station North: $21.9 million loan to leverage the 145,300-square-foot Class "A"
retail space in Gresham, OR.
Gresham Station Shopping Center: $41.5 million to refinance the 296,000-square-foot retail space
in Gresham, OR.
City Center West, Building B: $21 million loan to leverage the approximately 106,000-square-foot
Class "A" office space in Las Vegas, NV.
The Molina Building: $13 million loan to leverage the 127,600-square-foot Class "A" office space
in Albuquerque, NM.
"Buchanan had to move quickly and get through a number of challenges to complete these deals with the
very favorable terms and in the time frame we wanted," said. Gary Wong, President of Westlake
Development Group. "There is definitely the potential to slip when juggling so many things at once,
but Buchanan communicated well with all involved and met our needs quite nicely."
About Buchanan Street Partners…
Buchanan Street Partners is a national real estate investment bank that
provides real estate capital for owners and developers and investment management for institutions and
private investors. The firm's investment banking services include debt and structured finance and
investment sales for commercial, multi-family and hotel properties. Offices are located in Newport
Beach, Los Angeles, San Francisco, Chicago, Atlanta and greater Washington D.C.
About Westgate Development Group, LLC…
Westgate Development Group is the asset manager for a family trust holding
an extensive portfolio of commercial and multi-family properties. It's affiliate, Westlake Realty Group,
Inc. provide property management services to the family trust as well as other property owners.
Westlake is headquartered in San Mateo, California. For more information, visit
www.westlake-realty.com.
