Advisors: Michael Kaplan
City: Franklin and Philadelphia
State: Wisconsin and Pennsylvania
Lender type: CMBS
Property type: Retail
Transaction type: Permanent Loan
Loan amount: $8,900,000
Barry Slatt Mortgage COO/Principal Michael Kaplan recently secured $8,900,000 in financing for two Walgreen's Drug Stores in Wisconsin and Pennsylvania. The challenge was to secure a lender comfortable lending to a TIC borrower, and willing to offer an interest-only execution with just 15 years remaining on the lease. Kaplan was able to secure the 10-year fixed rate loans through one of their correspondent CMBS lenders who provided the non-recourse loan with 5-years of interest only followed by a 30-year amortization.