Advisors: Michael Kaplan
City: Greater Cambridge
State: Massachusetts
Lender type: Bank
Property type: Retail
Transaction type: Permanent Loan
Loan amount: $10,000,000

Barry Slatt Mortgage Chief Operating Officer Michael Kaplan successfully arranged a $10,000,000 permanent loan to complete a 1031 exchange and acquisition of a newly constructed CVS located just west of Cambridge Massachusetts.

The non-recourse loan, originated through one of Slatt’s correspondent lenders, provided the Southern California based borrower with a 10-year term loan, 30-year amortization, step down prepayment penalty and a fixed rate of interest below 3.90%.

One of the challenges presented to Slatt was the need for the sale to close prior to issuance of a final certificate of occupancy and rent commencement. The lender agreed to close on a temporary certificate of occupancy and outstanding punch list items. The lender felt comfortable closing due to the strength of the property location, credit worthiness of the tenant and sponsor.

San Francisco