Senior Vice President, John Souza, along with Commercial Mortgage Banker, Andrew MacLeod, recently financed a $7,500,000 loan on a 40,000-square-foot newly constructed office building in Long Beach, California. The non-recourse loan was arranged at 48% of the purchase price with a 25-year amortization and a 10-year fixed rate. Financing was provided by one of Barry Slatt Mortgage Company’s life company correspondents which was able to accommodate the borrower’s request to hold title for several entities under a tenants-in-common ownership structure. Timing and a smooth execution were critical as the transaction was part of a 1031-Exchange that had to close prior to the end of 2017. John and Andrew were supported by analyst Daniel Yeghiazarian throughout the approval and closing process.
