Barry Slatt Mortgage Company President, Michael Kaplan, successfully placed an $8,000,000 loan secured by an un-anchored retail property in Palm Springs, California. The loan proceeds were used to pay off a maturing CMBS loan originated by Kaplan 10-years ago. In an effort to maintain maximum flexibility for the borrower, Barry Slatt Mortgage identified a number of lenders who were able to provide competitive fixed rate term financing that allowed the borrower to rate lock at application and pay off the loan without penalty. The ultimate lender, a Los Angeles Based Credit Union, provided the client with a 10-year term loan, 30-year amortization with an all-in rate of 4.70%. Although the subject property had near term tenant roll-over risk and two owner-user tenants, the lender felt very comfortable with the location within the secondary market, solid tenant mix and long-term track record of the owners in retail property. The loan was approved within 30-days and closed on time with respect to the CMBS payoff requirement.
