Dealmaker: Barry Slatt Mortgage Secures $50M for Retail, Hotel Assets
Michael Tucker firstname.lastname@example.org
Barry Slatt Mortgage Co., Los Angeles, secured $50.3 million to refinance retail and hotel properties in California and Texas.
In San Jose, Calif., Vice President Behzad Boroumand arranged a $27 million commercial mortgage-backed securities loan to refinance 112,800-square-foot shopping center Sunrise Plaza. The cash-out, interest-only loan was placed with one of the company's correspondent lenders at a competitive 10-year fixed rate.
"We worked with the lender to structure the deal around anchor tenants' near-term lease expirations," Boroumand said, noting Barry Slatt Mortgage will service the non-recourse loan.
The firm also secured $7.7 million to refinance The Convoy, a 51,000-square-foot retail center in San Diego's Kearny Mesa neighborhood. Built in 1973, the center's marketability had suffered from deferred maintenance, visibility and a less-than-ideal tenant mix for the surrounding neighborhood. The project's sponsors approached Barry Slatt Mortgage Commercial Mortgage Banker Cody Charfauros to source appropriate financing for their capital expenditure and lease-up value-add business plan.
The sponsors opted to pursue a three-year bridge loan with two one-year extension options, Charfauros said. The interest-only loan priced at the 30-day LIBOR plus 4.65 percent.
In Houston, Commercial Mortgage Banker David Sarnoff secured $15.6 million for a 292-room hotel. The property received a five-year fixed rate loan with a 25-year amortization schedule per the borrower's request. Total proceeds also include funding for a two-year property improvement plan. A CMBS lender provided the financing.
Sarnoff also brought the sponsor an equity partner.
"The deal was originally signed up in June and was scheduled for an August closing that was delayed indefinitely in the aftermath of Hurricane Harvey," Sarnoff said.