Barry Slatt Mortgage Co. was provided with the assignment to refinance their client’s existing loan from a local bank with a 10 year fixed rate loan with a life insurance company execution.
 
The subject property is a 4 story, two-tenant creative office building plus a ground floor café’.  The challenges faced were that the existing tenants were local tenants and had lease terms that expired prior to the requested maturity date of the loan. Additionally, the loan request represented a $330 loan per square foot.
 
Barry Slatt Mortgage Co.  was able to accommodate the Borrowers loan request by arranging a loan through one of our correspondent life insurance companies who was familiar with the dynamics of the submarket. Accordingly, they were able to get comfortable with the high loan per square foot and short term leases.  The borrower received a new $8,000,000 loan with a 25/10 structure, fixed for the term.  Additionally, the lender had minimal costs to close this transaction and required no outside counsel legal fees.
 
For additional information regarding this transaction please contact the originating bankers:  Barry Weinstock & Dean Weinstock