Johnson Capital announced that Daniel H. Lisser, principal in the firm’s New York City office, along with Better Commercial Mortgage, Inc. have jointly arranged $62,275,000 in financing for a multi-state portfolio of five retail properties.
Three of the properties are located in California, one in Colorado and one in North Dakota. The total square footage of the portfolio is 734,199 s/f.
All of the properties have been owned for over ten years by the same borrower, a Calabasas, CA-based owner of retail properties nationwide.
The transaction entailed the borrower defeasing three loans and paying off two others to lock-in low long term rates. The ten-year non-recourse loan was provided by a CMBS lender with a fixed rate in the high 4.0% range with a 30-year amortization schedule. This is the fourth financing transaction closed by Lisser and the lender in the past twelve months.
Commenting on the debt placement, Lisser said, “Due to co-ordinating three defeasances and paying off two other loans in three states, our focus was on finding a lender who could understand the strength of each property and the individual markets, and give credit for the new tenants that had executed leases but had not yet taken possession. In the end, we ended up with a lender that became comfortable with all of the properties, and the different markets, and who worked diligently to meet tight timelines to close.”
