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5/10/12
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Neal Churney, CCIM, Senior Vice President, and Don Burnes, Senior Vice President, in Johnson Capital’s Phoenix office, have assisted one of their clients by arranging the refinancing of a 23k sf retail property in Phoenix with a new $3.1 mil loan.
The multi-tenant property is called 38th Street Plaza and is located at the signaled intersection of Indian School Rd and 38th St. It was built in 1979 and is fully leased to 17 tenants engaged in retail, service and restaurant businesses. The center is owned by two California-based investors who own the property as “tenants-in-common.” The borrowers had engaged Churney and Burnes to explore multiple alternatives and then arrange the right financing solution for the borrowers’ particular situation.
The “cash-out” refinance was underwritten to a 75% loan to value ratio and carries a ten-year term with a 30-year amortization schedule. The non-recourse loan has a very attractive interest rate that is fixed for the entire term.
Commenting on this transaction, Churney said, “While much of the activity in lending has been in multifamily, this transaction shows that now is a great time for owners of retail properties to analyze their capital situations and explore their financing alternatives. With our owner-focused approach, we can show borrowers many capital options and create a financing solution to best fit their objectives.”
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