Paul Schroeder, Principal at Barry Slatt Mortgage, recently closed a refinance transaction on a 111,507-square-foot office building located in San Francisco’s South of Market (SOMA) district. Schroeder placed the 20-year fixed-rate loan with 20-year amortization and a very competitive interest rate through one of Barry Slatt Mortgage’s correspondent Life Company relationships. Barry Slatt Mortgage will be servicing the loans as part of their servicing portfolio.
One of the challenges faced was the seismic (SUL) came in higher than expected, but given the low LTV nature of the deal as well as the properties high land value, the lender was able to waive EQ coverage. The transaction was signed up in early September of 2017 and due to a lower prepay penalty the lender agreed to close it in January without any increase to the interest rate.
