Advisors: Richard Davidson
City: Sacramento
State: California
Lender type: Bank
Property type: Mixed Use
Transaction type: Permanent Loan
Loan amount: $19,000,000

Barry Slatt Commercial Mortgage Banker Richard Davidson recently closed a $19,160,000 nine-property portfolio loan in the Sacramento metropolitan area totaling 375,918 sqft of space. The portfolio is a combination of office, retail, and industrial properties that the borrower purchased at below replacement cost. The deal was structured with an initial funding based upon 75% of the purchase price, and was placed with one of our community banking relationships. In addition to the initial funding for property acquisition, the bank provided a second earn out loan to fund when the properties are stabilized.

The 3-year term loan has an interest rate based upon a spread over prime. The first year is interest-only, with the second and third years amortized over 30 years. A short time frame to close the loan from start to finish helped the borrower meet the deadlines in the purchase contracts.

Senior Vice President