G.S. Wilcox & Co. secured $25.2 million in financing for the site development of a future Lowe’s Home Improvement Warehouse, which has a 20-year ground lease, in Yorktown, New York.
The financing, arranged by David Fryer, principal, was secured with a two-year construction period and a 20-year term thereafter.
The CTL bond structure included an extended amortization period beyond the initial lease term without the use of residual value insurance.
Located at the intersection of the Taconic State Parkway and US Route 202, the site has three additional pad sites that were left unencumbered allowing the borrower to lease those to tenants and secure necessary financing.
“The site’s attractive location along the Taconic State Parkway combined with the credit worthiness of Lowe’s made this an extremely attractive opportunity for the lender and advantageous for the borrower who was able to lock the rate prior to the recent run up in treasuries,” Fryer said.