Andrew MacLeod, Commercial Mortgage Banker in the Burlingame office of Barry Slatt Mortgage, recently closed a $11,000,000 loan on a Nissan/Subaru auto dealership in the San Francisco Bay Area.
The Assignment Presented Several Challenges:
The borrower specifically requested a long-term fixed rate loan and did not want to refinance with a CMBS lender. We took the deal out to market and contacted several lender types including National & Regional Banks, Credit Unions and Life Insurance Companies.
The existing CMBS loan was coming due and had to be paid off on a specific date or the borrower would incur a massive penalty. This required a coordinated effort between our team, the borrower, the existing and new lender, as well as the support of title, escrow, and attorneys.
Barry Slatt Mortgage contacted several lenders and ultimately placed the loan with StanCorp Mortgage Investors on a 15-year permanent loan with a 5-year term reset option with a fixed rate locked at application. Barry Slatt Mortgage will be servicing this loan as part of its $3.7 Billion portfolio.