Adam Folz, Commercial Mortgage Banker at Barry Slatt Mortgage, recently arranged financing in the amount of $9,145,000 through one of the company’s correspondent CMBS lenders. The loan was used to purchase Paseo Lindo, a 60,000 SF regional shopping center located in the western states. The center, while not fully built out, is anchored by Petsmart and LA Fitness with Target serving as a shadow anchor.
The moderately leveraged request allowed for a full-term (10 year) interest only. This was the borrowers’ first conduit experience and Adam was able to guide them through the challenging process without incident. The property is in excellent condition and is professionally managed by a very experienced local management and leasing company, RED Property Management.