Property:
A grocery-anchored shopping center with improvements totaling approximately 276,900 leasable square feet situated on a 25-acre parcel.
Assignment:
Arrange a new loan to retire an existing acquisition/bridge facility to include future funding for re-tenanting costs, demolition of a portion of the improvements, and subdivision of the property.
Challenges:
Short term remaining on grocery store anchor lease
Vacant co-anchor space
Out-of-favor product type in secondary market
Challenging financing environment
Results:
$7,950,000 (65% LTV)
Term: 2 years plus one 12-month extension
Amortization: Interest only
Prepayment: No lockout; prepayment at par at any time; partial release provisions for the to-be-subdivided parcel
