Paul Schroeder, Principal at Barry Slatt Mortgage, recently closed a refinance transaction on a 46,352-square-foot office building located in Burlingame, California. Schroeder placed the 7-year fixed-rate loan with 30-year amortization (years 1-2 interest only) and a very competitive interest rate through one of Barry Slatt Mortgage’s correspondent Life Company relationships. Barry Slatt Mortgage will be servicing the loans as part of their $3.8 billion servicing portfolio.
One of the challenges Mr. Schroeder faced was the fact that over the next 7 years, 100% of the existing tenants have upcoming lease maturities. Given the 7-year loan term request, the lender was able to get comfortable with this transaction.