$10,950,000 Cash-Out Refinance of a Los Angeles County Community Retail Center 

Transaction Description: Gary E. Mozer, Katie H. Rodd, Michael Anderson, and Kyle Howerton successfully placed the $10,950,000 cash-out refinance on a Los Angeles County multi-tenant retail property anchored by a national off-price department store and variety retailer. 10% of property income is derived from leases whose tenants were not in occupancy at loan closing. Lender structured a capitalized holdback for loan proceeds attributable to the unoccupied space, to be released upon commencement of rent. The 75% leverage non-recourse loan has a 4.36% fixed coupon for the 10-year term. Interest only for the first four years, the loan amortizes over a 30-year schedule thereafter.