Producer: Behzad Boroumand
City: Hartford County
State: Connecticut
Lender type: Bank
Property type: Retail
Transaction type: Refinance
Loan amount: $7,200,000

Barry Slatt Mortgage Vice President, Behzad Boroumand and Analyst Jason Wang, recently closed a $7,200,000 loan for a big box retail property in Hartford County, Connecticut. Due to concerns surrounding larger footprint single-tenant retail properties, many lenders are hesitant to issue loans on these properties. Through our national network of funding sources, we were able to secure a competitive rate on a 14-year term and a 30-year amortization. Utilizing in-depth market and tenant data we were able to obtain a loan term that was longer than the remaining lease term. The refinance was structured with a reasonable 3-year, 1% prepayment penalty. The borrowers chose Barry Slatt Mortgage for the placement due to our ability to quickly source, negotiate and present several competitive loan proposals for the refinance.