Cushman & Wakefield served as the exclusive advisor in arranging the financing of five drug stores comprising of four Walgreen’s located throughout the state of Michigan and one Rite-Aid located in New York.
The transaction, structured as two staggered closings to allow the borrower to avoid prepayment penalties, involved securing a total of $18 million in debt financing.
The ten-year senior financing is being provided by Natixis, with $10.8 million having closed in August and the remaining funding of $7.2 million having closed earlier this month.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Dave Karson, Chris Moyer and Sridhar Vankayala, served as exclusive advisor to the sponsor. “The debt markets are particularly liquid right now, and Natixis offered a very attractive package that met all of the client’s needs.” said Dave Karson, executive managing director.