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.