$2,162,000
Cash-Out Permanent Loan
Non-Recourse
3.62% fixed rate
30-year amortization
Rate Locked at Application
DETAILS:
Property was recently improved and sponsor desired to recap some of the capex. Property is well occupied, stabilized, well managed, and performed very well during covid.
Dan Bockstoce – db@banyancc.com
Michael Brown – mb@banyancc.com
$2,015,000
Cash-Out Permanent Loan
Non-Recourse
3.85% fixed rate
25-year amortization
Rate Locked at Application
Stepdown Prepayment
DETAILS:
Sponsor required non-recourse terms and a bank execution. Not the easiest placement in the current office environment. However, this property had a strong operating history during covid, and excellent sponsorship. Property has: mostly small local tenants, a few healthcare related, good parking, and is overall a very well maintained property.
Michael Brown – mb@banyancc.com
Cash-Out Permanent Loan
3.50% fixed rate
25-Year Term with 25-year amortization
Rate Locked at Application (July 2021 for closing 6 months later)
YM for 12 years followed by step-down
Life Insurance Company execution
DETAILS:
Sponsor was concerned about where rates were going and wanted to lock in prior to the pre-payment window opening on the existing agency loan on the property. The goal was to never have to refinance again and to payoff the property at very low fixed rate with matching term amortization. Banyan was able to secure several competitive life company quotes with varying rates and terms.
Dan Bockstoce – db@banyancc.com
Michael Brown – mb@banyancc.com
$10,460,000
Ground Up Construction Loan – partial recourse
4.00%
72 months, 3 years of Interest Only followed by 25 year amortization
Recourse burn-off after lease up
No prepayment penalty
DETAILS:
Banyan Commercial Capital was able to secure a lender that was able to get comfortable with less than 50% pre-leasing. This property will consist of 5 restaurants, making it more difficult during Covid than prior. The lender was able to minimize (starting at 25%) the recourse during construction and lease up. After lease up, the loan is non-recourse. This was accomplished due to the borrowers great experience in the sector and geographic area.
The property is located adjacent to a large regional mall, and in an area that has many office buildings. The sponsor smartly chose this location for this development due to the lack of available food options nearby. The sponsor is working to create the optimal tenant mix to enhance the success of each tenant.
This loan was for a repeat client.
Zach Nimhauser – zn@banyancc.com
Michael Brown – mb@banyancc.com
$5,050,000
Cash-Out Permanent Loan
3.40% fixed rate
Interest only period followed by 25-year amortization
Rate Locked at Application
3,2,1,0,0,0,0,0,0,0
DETAILS:
A very well located stabilized multi-tenant office building in Coral Gables. A major tenant was having covid related issues relating to the entertainment industry being shut down during the pandemic. We were able to secure a lender that would work through this while still providing the necessary loan proceeds and cash out.
Nico Pepia – np@banyancc.com
Michael Brown – mb@banyancc.com
$2,000,000
Cash-Out Permanent Loan
3.55% fixed rate
Locked at Application
2,1,0,0,0,0,0
DETAILS:
Client sought to cash out during covid, while many tenants still have remote employees. This property consists of primarily short term leases, which many lenders have avoided. Banyan was able to procure a loan which provided a very low fixed rate (locked at application) with a very flexible prepayment structure. In fact, after year 2 of this 7 year loan, there is no prepayment penalty.
Zach Nimhauser – zn@banyancc.com
Michael Brown – mb@banyancc.com
Non-Recourse Construction Loan
Allows for partial releases of pad sites which are being built as an IHOP and a Children of America daycare.
Interest Only Full term
No prepayment penalty
DETAILS:
Client purchased this vacant grocery store in suburban Philadelphia and was able to get approval to scale the use down to self storage, which has a lower parking requirement than retail. This allowed for the plotting of 3 pad sites, two of which will be improved with an IHOP and a Children of America Daycare, the third was still available as of the time of closing. Sponsor has the ability to sell off those parcels within the parameters of the loan.
Sponsorship required a non-recourse construction loan, which Banyan was able to accommodate with a close relationship lender. Loan was originated and closed during Covid despite delays from the local building department. Sponsor has flexibility in management of the facility and have circled two potential managers, both national chains.
Zach Nimhauser – zn@banyancc.com
Michael Brown – mb@banyancc.com
$9,000,000 – initial quote to final funding in 36 hours!
Short term bridge loan
Fixed Rate
Interest Only Full term
No prepayment penalty or exit fee
DETAILS:
Client had an emergency. His relationship lender of many years pulled out 10 days before closing, client was hard on contract and stood to lose a large deposit. Banyan was tasked with finding a lender that could close in very tight time frame. We found several, but the lender chosen was able to close within 36 hours of quoting the loan. Loan closed and funded on time, and client is very pleased.
In order to close so quickly, everybody involved work tirelessly to underwrite, analyze, approve, paper and close this loan. All worked together in a remarkable way.
Property is 186,176 SF with tenants including: Target, Walgreens, TJ Maxx, West Marine, HSBC, ACE Hardware, a 26,000 SF dark movie theater, several local tenants and 47,000 SF of vacant space. A large portion of this property is on a ground lease, which added a layer of complication to the transaction.
Property was purchased via auction and had to close on a specific date or sizable deposit would be lost. Note, property had been owned by a loan servicer for close to 5 years prior to this sale. New owner has a long track record of buying distressed retail centers and has a very aggressive business plan to bring the center to a very successful state.
Zach Nimhauser – zn@banyancc.com
Michael Brown – mb@banyancc.com
$17,000,000
Fixed Rate 2.92%
Locked at Application
15 year term / 25 year amortization
Non Recourse
DETAILS:
As rates dropped during Covid, client wanted to lock in a very long term fixed rate in order to fix their cost of debt taking advantage of today’s situation. Banyan provided the client with two options, this one and a 25 year fixed rate term as well (same interest rate).
Dan Bockstoce – db@banyancc.com
Michael Brown – mb@banyancc.com
$20,000,000
Fixed Rate 3.75%
8 year term
Interest only during construction, then 25 year amortization
DETAILS:
Repeat Client
Tenants include: Publix, Marshalls, Five Below, Chipotle, Dunkin’ Donuts, Aspen Dental, Wells Fargo, Publix Liquor. This loan was quoted, processed and closed during Covid. While many lenders are not comfortable with retail currently, Banyan Commercial Capital was able to procure several interested lenders, with aggressive terms.
Closed by:
Dan Bockstoce – db@banyancc.com
Michael Brown – mb@banyancc.com