Slatt Capital Vice President, Sarah Bernhisel along with CEO Dan Friedeberg, Vice President Andrew MacLeod, and Analyst Jason Wang, recently closed a $6,500,000 bridge loan for a ±94,000 square foot retail center in the Mountain West region.
When Slatt Capital was hired to secure the loan for the owner, a credit tenant representing 10% of the space had recently vacated the property, which increased the total vacancy to 24%. This uptick in vacancy paired with the lending market’s diminished appetite for retail at the time presented some challenges for our team. Additionally, the owner was not willing to sign recourse which eliminated a number of lending options. Challenge accepted, our team rolled up our sleeves and got to work.
After several conversations with multiple lending sources, we ultimately secured a 62% LTV non-recourse loan with an insurance company, fixed-rate for 24 months, and interest-only. The owner’s successful track record in retail development & repositioning paired with Slatt Capital’s deep lender relationship resulted in great terms for the borrower as they finish executing their business plan.