Barry Slatt Mortgage Manager, Gregory Gray, along with Commercial Mortgage Banker, Andrew MacLeod, recently closed a $74,600,000 portfolio loan on three office buildings in the Northern California Bay Area.
The loan was placed with a single CMBS lender and required creative solutions to overcome several challenges, including an existing cross-collateralization structure, ground leases on two of the properties, as well as high tenant vacancy and roll over risk. Barry Slatt was able to separate the collateral on three different executions: 10-year fixed interest only, 5-year fixed, and an 18 month floating rate.
|PROPERTY||LENDER TYPE||TRANSACTION TYPE||LOAN AMOUNT||PRODUCER|
|Walgreen's Stores||2 CMBS / 1 Bank||Purchase||$14,700,000||Michael Kaplan|