Location:
US Hwy 101 at State Hwy 46
Paso Robles, California
Client:
Ellis Partners, LLC
Property:
A 193,961 square foot Target shadow-anchored retail power center fronting major US Highway
Assignment: Arrange permanent, fixed-rate financing to defease an existing fixed rate loan on a portion of the property and retire a construction loan on separate portion of the property
Challenges:
“Cash out” of equity
Co-tenancy provisions in major tenant leases
Complicated security including both fee and leasehold interests
Rural, tertiary market location
Results:
$25,000,000 (80% LTV)
Term: 10 years
Amortization: None; interest only for full term
Prepayment: Defeasance
Liability: Non-recourse, with no “warm body” carve outs
