Transaction Overview
Gary E. Mozer, Katie H. Rodd, Michael Anderson and Kyle Howerton successfully placed $6,150,000 in permanent debt on a 92% occupied, 1970’s constructed unanchored multi-tenant retail property in Santa Clarita Valley. A national electronics retail chain, currently in bankruptcy, occupies approximately 10% of the property’s gross leasable area. This strong retail location and demographics supported the lack of credit tenants and a tenant in bankruptcy. The loan enabled the Sponsor to refinance existing debt at a lower cost of capital and lock in a 4.16% coupon for 10 years with two years interest only, and 30-year amortization thereafter.
