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Dominion Mortgage Corporation Funds Unique $5.5 Million Double-Leasehold Deal


LOS ANGELES, CALIF. (April 26, 2010) -- Dominion Mortgage Corporation and Dominion America Realty Advisors announced the recent closing of a $5,500,000 refinancing transaction on a single-tenant retail building and an associated long-term leasehold interest in Reno, Nevada. Dominion Mortgage Corporation provided the funding for the unique transaction, which entailed wrapping the existing first trust deed of $3,700,000 with additional mezzanine debt of $1,800,000.

Dominion Mortgage Corporation is a subsidiary of Dominion Corporation, a national commercial real estate banking firm headquartered in Los Angeles, California. Dominion America Realty Advisors is an affiliated entity of Dominion Corporation.

The borrower, a California-based family-owned trust, acquired the 15,067 square foot, single-tenant building in 2004. The structure was originally constructed in 1991 and is currently leased on a long-term, NNN basis to a national, investment-grade retail chain.

Adding a rather challenging twist to the financing, the building was constructed over a public highway in airspace that is leased from the Nevada Department of Transportation, thereby creating the unique double-leasehold nature of the transaction. The borrower acquired the leasehold interest to the airspace as part of the building purchase.

Dominion Executive Vice President Keith Olson structured the complicated transaction, which required just 30 days from start to finish. The short-term financing does not have any pre-payment penalty nor does it require any impounds for taxes or insurance. The loan carries a fixed-rate of 12%, interest-only, through 2013 and includes extension options.

The financing provides the borrower cash-out funds to acquire an additional investment as well as considerable time to sell this property. The borrower is a sophisticated investor who maintains a portfolio of approximately 300,000 square feet of retail properties, all on the West Coast.

“We were able to meet the client’s timeframe by closing in 30 days, thereby allowing the borrower to pull-out cash needed for another investment elsewhere,” commented Olson. “The new loan also left the borrower with the flexibility to sell the Reno property to the strongest buyer when the right opportunity presents itself over the next few years.”


Dominion Corporation was established in 1977 by commercial real estate financing veteran Paul Horvitz and is a “nationwide” provider of real estate loans starting at $1,000,000 and ranging up to over $20,000,000. In addition to offering financing for single-tenant, owner-occupied and most other property types, Dominion has established a reputation for being able to finance properties that other lenders shy away from, such as healthcare facilities and other unique transactions. The company offers competitive rates on most commercial real estate types, including office, industrial, hospitality, multifamily and special-purpose properties. This includes healthcare real estate loans on medical office, clinics, hospitals and most long-term care facilities, such as independent living, assisted living and skilled nursing facilities.

Additionally, Dominion, through its affiliated entity, Dominion America Realty Advisors, is seeking transactions where there is an existing loan that has matured or will mature. Dominion has 37 years of expertise in negotiating with existing lenders and is a member of the Mortgage Bankers Association of America and National Investment Center.

For more information, go to: If you have additional questions or would like to schedule an interview, please contact:

Keith Olson
Dominion Corporation
11355 West Olympic Blvd., Suite 210
Los Angeles, CA 90064
Phone: (310) 477-3041 x133

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