Southern California CVS
Advisors:
City: Norwalk
State: California
Lender type: CMBS
Property type: Retail
Transaction type: Purchase
Loan amount: $8,300,000
TRANSACTION DESCRIPTION
Barry Slatt Mortgage Senior Vice President, Alex Chenarides, recently closed an $8,300,000 loan on an existing CVS location in Southern California. The loan was secured with a CMBS lender with a 10 year I/O loan. The tenant recently renewed the lease for 25 years with 5% increases every 5 years. The loan was underwritten at 63% LTV and a 7.75% debt yield.