Karlin Real Estate Provides Short Term Loans to Refi Tech and Multifamily Projects in So. California

LOS ANGELES - April 16, 2014 - PRLog -- Karlin Real Estate has funded two separate loans for the refinancing of a multifamily development site and a clean tech industrial facility in Southern California.

         In the larger of the two financings, Karlin provided first mortgage debt to Soitec to recapitalize its 165,659-square-foot North American headquarters and primary assembly facility in San Diego, CA.  The financing was structured as a senior secured term loan at closing with earnouts in future funding. Grenoble, France-based Soitec, a global leader in the manufacture of semiconductor materials for electronic and energy industries, acquired the building from Sony in 2011 to manufacture its Concentrix TM concentrator photovoltaic modules, which supports utility-scale solar projects throughout California and globally. Developed in 1989 by Sony, the building was used until 2011 for the assembly of cathode ray tube monitors and its Vio lap top computer.  The building is located at 16650 Via Espriullo on 14.8 acres in the Rancho Bernardo Industrial Park.

         “The I-15 corridor is one of the most desirable commercial regions in San Diego, and Soitec is an example of the many major employers based in the area,” said Larry Grantham, managing director of real estate lending for Karlin.

         In a separate financing, Karlin funded a $6.5 million bridge loan to finance the recapitalization of a 4.68-acre land parcel in Yorba Linda, CA for a planned 159-unit multifamily development known as Lakeview. Karlin’s loan allows the project developer, ETCO Homes, which has developed several successful housing projects in Orange County, time to complete the permitting process and obtain construction financing.  Construction on Lakeview, which is located on the Southeast corner of Lakeview and Mariposa Avenues, adjacent to Yorba Linda Lakebed Park, is expected to commence later this year.

         “Housing in Yorba Linda is comprised largely of single family residences, with only 15 percent dedicated to rental units,” said Grantham, “With such limited supply and a high barrier to entry for new product, there is tremendous demand for a product like Lakeview, which will include both market rate and affordable housing rentals.”

About Karlin Real Estate

Karlin Real Estate (http://www.karlinre.com) is a Los Angeles-based real estate investment firm. With more than $1.5 billion in unleveraged capital under management, Karlin Real Estate focuses on acquiring value added commercial properties, bundled assets as well as performing and non-performing debt secured by real estate. Through its dedicated debt platform, Karlin has also provided more than $370 million in senior and mezzanine financing for the acquisition and refinancing of opportunistic and transitional real estate assets throughout the United States. Karlin Real Estate is an affiliate of private investment firm Karlin Asset Management.