Dealmaker: Barry Slatt Mortgage Arrranges $24M for Office, Retail Properties
Michael Tucker email@example.com
Barry Slatt Mortgage, San Francisco, arranged $23.5 million for three office and retail properties in California.
In Larkspur, Ca., Barry Slatt Mortgage CEO Daniel Friedeberg, Commercial Real Estate Banker/Economist Kelvin Lam and Analyst Marina Elias secured $8 million to refinance Bon Air Professional Center. The property's two one-story medical office buildings contain 30,000 square feet.
Thrivent Financial, Minneapolis, provided a 15-year fixed-rate loan with a 30-year amortization schedule. Barry Slatt Mortgage will service the loan as part of its $3.7 billion servicing portfolio.
In Palm Springs, Calif., a Los Angeles credit union lent $8 million to refinance Vineyard Shopping Center, an un-anchored retail property.
Barry Slatt President Michael Kaplan arranged the loan, which paid off a maturing commercial mortgage-backed securities loan that he originated nearly 10 years ago. The sponsor sought fixed-rate term financing that allowed rate-lock at application with no prepayment premium. The credit union provided a 10-year loan with a 30-year amortization schedule at a 4.70 percent all-in rate.
"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," Kaplan said. "The loan was approved within 30 days and closed on time with respect to the CMBS payoff requirement."
Barry Slatt Senior Vice President Greg Gray and Analyst Jerry Hseih also arranged $7.5 million in acquisition financing for Newark Square Shopping Center, a 50,000-square-foot unanchored shopping center in Newark, Calif.
Life insurance company Woodmen of the World, Omaha, Neb., provided the financing.