$33,750,000 – Metro 1025, Non-Recourse Construction Loan, Hialeah, Florida

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$33,750,000 – Ground-Up Construction Loan

75% LTC

2 Years of Interest Only with 12 month extension

Non-Recourse

Debt Fund Execution

DETAILS:

Development will include 151 rental units with 12,000 SF of retail space. This property is situated near two rail transit stations on the south side of Hialeah. This Transit Oriented Development will provide access to most areas of South Florida from within 2 blocks of the property. Sponsor sought a high leverage execution without a personal guarantee, which Banyan Commercial Capital was able to secure. 

Ross Nimhauser – rn@banyancc.com

Michael Brown – mb@banyancc.com

$13,600,000 – Acquisition Perm – Shopping Center, Coral Springs, FL

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$13,600,000 – Acquisition Perm

4 Year Fixed Rate Term, locked at application

2 Years of Interest Only followed by 25 year amortization

6.75% fixed rate

DETAILS:

Tenants include: Regal Cinema’s, North Broward Hospital offices, Dollar Tree, W Salon, Creative Child Learning Center, Contrology Fitness, Casa Tequila, Cadillac Sports Bar, H&R Block. Total lease area is 115,000 SF+/-. 

Difficult purchase financing due to the anchor tenant, Regal Cinema’s (53% of the total rentable space) currently being in bankruptcy. Banyan Commercial Capital secured a loan through a lender that understands the lack of vacant space in the market, and knows the likelihood of continued success of Regal Cinema’s at this location, which is a top performer for the tenant. 

Zach Nimhauser – zn@banyancc.com

Michael Brown – mb@banyancc.com

$53,000,000 – Cash-Out – Refinance – 11 Retail Centers in FL, AL, GA, KY, IN, & VA

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$53,000,000 – Refinance

10 Year Fixed Rate Term

10 Years of Interest Only

Non-Recourse

6.81% fixed rate

DETAILS:

These 11 properties include a total of 181 tenants, which includes: Walmart, Krogers, Marshalls, Hobby Lobby, Big Lots, Harbor Freight, Hibbet Sports, Bealls, Ollie’s Bargain Outlet, Burke’s Outlet Store, JC Penny, Piggly Wiggly, Dollar Tree, Farmers Home Furniture, Shoe Show, Sav-A-Lot, Dunhams, True Value Hardware. A total of 1,354,381 SF (rentable).  

Sponsor sought a full term interest only loan with flexible terms in order to allow them to continue with their business plan for each property.

Challenges overcome include: anchor lease roll in short term and mid term, tertiary locations of some of the properties, as well as escalating operating costs (insurance for example) and other expenses.

This is the third portfolio loan that Banyan Commercial Capital has closed for this client with a total relationship of over $132,000,000 so far. 

The loan is underwritten off of the interest only payments thus giving the sponsor plenty of room against potential performance issues (leasing, retention, inflation, etc.). 

In addition, this loan allowed for enough cash out to allow the sponsor to pay off all debt on several other properties that are now owned free and clear. 

Zach Nimhauser – zn@banyancc.com

Michael Brown – mb@banyancc.com

95% of Equity Stack (98.5% of Capital Stack) financed, Self Storage Construction – Programatic JV Equity, Hialeah, FL

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Banyan Commercial Capital LLC advisory assisted our client in securing 95% of the equity required to build 5 self storage facilities throughout Florida. For the first property, the client utilized an existing bank relationship for a 70% LTC construction loan. Banyan Commercial Capital secured 95% of the equity stack in a promoted JV structure, which allowed the client to put only 1.5% of their own funds into the capital stack. This first closing was in Hialeah (Miami-Dade), with others planned in other areas of the state over the next 12 months. Banyan secured a source that was able to create a Joint Venture with the sponsor for programatic equity.  The total deal size is $103,000,000. The equity stack is $30,900,000 with $29,355,000 in secured equity. 

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com

$7,000,000 – Cash Out Refi, Fairfield Inn & Suites, Memphis, TN

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$7,000,000

Cash Out for new hotel with only one year of operating history!

5 Year Fixed Rate Term, locked at application

Limited Recourse

6.38% fixed rate

DETAILS:

Sponsor is an active developer in the area with a rock solid reputation. Many lenders in the area do not lend on hotels, which created the challenge for Banyan Commercial Capital to solve for client.

Michael Brown – mb@banyancc.com

Dan Bockstoce – db@banyancc.com

$17,000,000 – 12-Year Fixed Rate – Construct to Perm, Multifamily Construction, Miami, FL

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$17,000,000

Construction Loan with Full Term Perm

18 months of construction, 30 months interest only, then 30-year amortization for remainder of 12 year total term

Non-Recourse at Stabilization

Rate Locked at closing

4.74% fixed rate

No bonding of GC or subs

DETAILS:

Sponsor is a well known Miami GC who is also a developer. HIs goal was to eliminate interest rate risk over a long hold. Banyan was tasked with finding a loan of at-least 10 years in term which can be fixed upfront. Loan has 30 months of interest only, which is enough time to get the property built and leased at or near stabilized occupancy. 

Property will include 103 apartment units and 24 storage units, 50 garage parking spaces, surface parking and 3,500 SF of retail/office.

Michael Brown – mb@banyancc.com

$1,462,500 – 5 Year Fixed Rate Cash Out Refi, 47-Unit Multifamily, Dickinson, ND

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$1,462,500

Permanent Loan

Limited-Recourse

Rate Locked at Application

6.00% fixed rate

5-Year Term with 5 year extension option

20-year amortization

 

DETAILS:

Client had purchased this property from a lender. It was in rough shape at purchase. Client has completed many upgrades since purchase and is still doing more. Banyan Commercial Capital was able to secure a lender that could work with the sponsor though additional improvements and provide a fixed rate in an area where fixed rate financing is difficult to find, as well as provide cash-out. 

Nico Pepia – np@banyancc.com

Michael Brown – mb@banyancc.com

$3,350,000 – Portfolio of Single Family & Small Multifamily Rental Properties, 69 Units, Dickinson, North Dakota

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$3,350,000

Permanent Loan

Limited-Recourse

Rate Locked at Application

6.0% fixed

5-Year Term with 5 year extension option

20-year amortization

 

DETAILS:

Sponsor is out of state and sought to purchase this portfolio of 69 rental units, mostly single family homes. All properties are within the Dickinson, ND energy area, which has a strong economy due to oil prices. Banyan Commercial Capital was able to procure a lender that understood the area, and had local experience.   

Nico Pepia – np@banyancc.com

Michael Brown – mb@banyancc.com

$1,500,000 – 10-Year Fixed Rate of 3.74%, Non-Recourse, Multifamily Refi, Atlanta, GA

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$1,500,000

Permanent Loan

Non-Recourse

Rate Locked at Application

3.74% fixed rate

10-Year Term with 10 year extension option

30-year amortization

 

DETAILS:

This loan will enable the client to perform upgrades that will enhance the tenant experience as well as the marketability of the units to future tenants. Rates at the time of closing were 100 bps+ higher from same lender. 

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com

$4,129,000 – 20-Year Fixed Rate, Non-Recourse, Multifamily Acquisition Perm, Miramar, FL

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$4,129,000

Acquisition Permanent Loan

Non-Recourse

Rate Locked at Application

3.53% fixed rate

20-Year Term

30-year amortization

 

DETAILS:

This loan enabled the client to purchase this 40-unit property which has plenty of rent upside, and has been well maintained by the seller. The early rate locked allowed the client to proceed without fear of rate increase for very inexpensive debt. Rates at the time fo closing were 100 bps+ higher from same lender. 

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com