$5,555,000 – Cash Out Refi- Dibbs Plaza Shopping Center, Tampa, Florida

$5,555,000, Cash Out Refinance

3.67% fixed

7 year fixed rate loan

20 year amortization

No Prepayment Penalty

No escrows

No Reserves

No Covid-19 holdback

An 85,000 SF non-anchored retail center, currently 67% occupied. Tenants are primarily local, with several new tenants under LOI for some of the vacant space. Client wanted a long term fixed rate loan with no prepayment penalty. 

Closed by Dan Bockstoce & Michael Brown

db@banyancc.com

mb@banyancc.com

$28,700,000 Construction/Re-Positioning Loan, Publix Anchored Retail Center, Atlanta, GA

$28,700,000

Libor Floater

Bridge term through construction, build-out and stabilization

Interest only during construction, then 25 year amortization

DETAILS:

Repeat Client

Tenants include: Publix (to be built), TJ Maxx, Crunch Fitness, Rack Room Shoes, Home Goods, Ace Hardware, UPS, and many others. Several interested lenders in this property ranging from banks to life companies. Property is being re-positioned from a 1960s style center to state of the art, with new buildings and a new configuration.

Closed by:

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com

$3,000,000 – Cash Out – 48 Unit Multifamily Property, Tampa, Florida

$3,000,000, Cash Out

3.52% fixed

10 year fixed rate loan

30 year amortization

Non-Recourse

No escrows

No Reserves

No Covid-19 holdback

 

REPEAT CLIENT

A 4-year old stabilized property, great condition, well managed, fully occupied. Owned by the developer, who had built it out of cash. The full loan amount was cash out.

 

 

Closed by Dan Bockstoce & Michael Brown

db@banyancc.com

mb@banyancc.com

$3,000,000 Felicity Harmony Apartments, New Orleans, LA

10 Years Interest Only Cash out refi on 59 units built in 1880!

Two non-adjacent properties in downtown New Orleans.

$3,000,000, refi

3.95% fixed

10 year fixed rate loan, 20 year total term

10 years of interest only followed by 30 year amortization

Step-down Prepayment Penalty

Non-Recourse

RATE LOCKED AT APPLICATION

 

REPEAT CLIENT

This was a refinance of a loan we had closed 4 years ago. The new loan included significant cash out, a lower rate, and full term interest only resulting in a lower payment than the previous loan. Ownership and management have done a tremendous job maintaining this property and its very reliable cash flow. Tenants are treated as family, and retention is extremely high, which contributed greatly to the underwriting of the real estate and ownership.

 

 

Closed by Michael Brown

mb@banyancc.com

$500,000 Rate & Term Refi, Melbourne, FL