Deal of the Week

Western Garden Commercial is a retail pad site equaling ~24.5 acres of land just a few miles south of the Cardinals Stadium. The subject is nestled among the Taylor Morrison and Fulton Homes SFR communities and the Algadoon Center being developed by Lennar. The borrower needed to refinance out of a private money deal and needed funding to complete pad delivery for a sale and/or ground lease delivery. More

Northpoint Shopping Center was built in 1987 and has 113,018 s.f. of net rentable area. The deal included a senior bridge loan with a construction draw. This loan funded the first of three acquisitions as a part of a 1031 exchange. While this property and the second of the three are in escrow and have certain closing dates, the third property has been a part of a litigation that may or may not be settled in time to qualify for the exchange. The solution was to put the equity component for the third property into the first property loan and make that money available for the third if and when it closes. More

The tenant on this STNL deal is Liberty Dialysis. The lease was guaranteed by Fresenius, an investment-grade tenant rated BBB by S&P. The 7,600-s.f. property was built in 2015. The Class B asset was owned free and clear. The borrower wanted a non-recourse or limited recourse loan for the maximum possible term. Many lenders have a policy against cash out. If the loan amount was $1, it was a cash-out event. Bison Financial Group, who arranged the deal, needed to find a lender that was comfortable with this fact pattern and based the loan on the value of the property. More

The pandemic and initial supply chain issues made it difficult to reign in the cost of the project. The timing was also tough coming out of the pandemic and financing for hotels was tighter. This is a higher leverage deal where AVANA offered a construction loan that converted to an SBA 504 perm loan. The upper midscale property will have 109 keys. The borrower was getting into a new hotel segment relative to his portfolio. More

Founders Point features 145 newly built detached SFR and townhome units. The borrower purchased the housing community from a major homebuilder in tranches, with each tranche delivered upon completion of construction and the issuance of certificates of occupancy (C-of-O). The structure of the financing was more challenging than a traditional purchase due to the property More

This credit tenant lease (CTL) single-tenant deal is a Walgreens that was built in 1996 and encompasses 16,187 s.f. located on Constitution Avenue in Colorado Springs. The main hurdle of this deal was that the borrower had to execute a 1031 exchange acquisition. More

Main Street at Tuttle Royale is 41 acres of entitled land planned for mixed-use development that will include a range of property types and will be developed in multiple phases. Closing a land loan in today’s market was a major hurdle according to Charles Penan, executive vice president at Aztec Group. Penan noted that the More

Woodshire Apartments, a Class B, 278-unit apartment property, was built in 1975. The most significant hurdle of the transaction was related to insurance. A week prior to closing, the sponsor went to market to bind coverage and despite a comprehensive and broad process, all quoted rates came in at nearly three times what had initially More

The Class C property was built in 1955 and encompasses 32,561 s.f. of space. Most of the tenants of Hialeah Warehouse are month-to-month or have short-term leases, but Symetra liked the deal because the property is located in a very strong industrial area with a low vacancy rate. Also, most of the tenants have been More

The sponsor of the 173-key Holiday Inn Express and Suites needed a very quick close to refinance their existing debt. “We pride ourselves on our firm’s ability to close within a narrow two- to four-week timeframe and sometimes less, which is crucial in today’s extremely competitive and volatile environment,” said Brian Good, CEO of iBorrow.  More

Duffey 2.0 is an adaptive reuse project consisting of three historic manufacturing buildings in the Warehouse District of Minneapolis. The project includes 358 multifamily units, 41,000 square feet of retail space, including a Puttshack, and 326 parking stalls. Pearlmark provided the mezzanine piece, while ULLICO originated the senior loan. Property Type: Adaptive reuse in MinneapolisLoan: More

The Harbor Park office building — built in 1986 — sits on approximately 5.94 acres and offers 61,418 square feet of rental space. Property Type: Office Space in Palm Harbor, Fla.  Loan: $4.2 million refinance  Lender: Securian Asset Management Leverage: 55% LTV Rate: 4.07% fixed The borrower was looking to refinance with the existing lender More