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4/01/16
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Walker & Dunlop Inc structured a $12 mil refi loan for Los Coches Village, a 67k sf grocery-anchored shopping center in Carlsbad. The property, located at 3235-3251 Rancho Santa Fe Rd and 3231, 3247,3263 Camino de los Coches, is anchored by a Sprouts grocery store and Big 5 sporting goods.
The financing was structured as a ten-year, fixed-rate, interest-only mortgage. It was arranged by W&D’s Kevin Burkhalter.
The refi of this 2006-era CMBS loan is representative of the large volume of CMBS loans that will be maturing over the next two years and may be refinanced at much lower rates. This conduit loan included amortization while the new insurance company loan is interest-only and featured a 13.7 month rate-lock at an interest rate below 4 percent, including the forward costs.
Rate-lock occurred with advance knowledge the previous junior anchor was leaving the property. Notwithstanding this, the lender was made comfortable with that contingency, given the high quality nature of this property and that the experienced and highly capable borrower had a reputable replacement tenant prospect for the majority of that space.
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