Barry Slatt Mortgage Company Vice Chairman Barry Weinstock and Senior Vice President Dean Weinstock have placed a $6,000,000 loan on a recently developed retail property in Oxnard, CA. It consisted of two tenants, WSS (Warehouse Shoe Sale) and Krispy Kreme.
The deal was structured as a two member TIC vesting that involved the seller retaining an equity position in the property. The loan was placed with one of Barry Slatt Mortgage Company’s banking relationships. The loan was structured with a 30 year amortization and a 15 year term, fixed for 5 years then reset over the 5 year TCM in years 6 and 11. Additionally, the loan was 50% recourse.