Slatt Capital's President, Michael Kaplan, secured an $10,770,000 non-recourse bridge loan for a portfolio of 6 free-standing single-tenant net lease properties. The loan was originated to provide funds for the leasing and tenant improvement costs associated with the 6 property portfolio and in accordance with each property’s specific business plan, provide funds for debt service, operating carry costs, and the payoff of the borrower’s current indebtedness.
Mr. Kaplan identified a California-based debt fund as a resource that understood the specific business plan due to the lender’s extensive experience in the single-tenant net lease retail space. The lender understood the flexibility needed to execute the business plan while seeing the significant value add with respect to the strong list of retail tenants back-filling the subject properties.
