Barry Slatt Mortgage Company President, Michael Kaplan, recently arranged financing in the amount of $11,100,000 through one of the company’s correspondent CMBS lenders. The loan was used to refinance Plaza Hacienda, a 138,000 SF regional shopping center in Palm Desert, CA on behalf of a private investor. The loan request, although low leverage, did present itself as a more challenging assignment in the eyes of many lenders due to short-term leases with both anchor tenants, Albertsons and CVS. The lender was able to get comfortable with short term nature of the leases due to factors including, but not limited to, the borrower using a shorter amortization period, strong sales and longtime tenancy for both anchor tenants. The property is in excellent condition and is professionally managed by the very experienced and local management and leasing company, Luko Management.
