$6,250,000 – 10-Year Fixed Rate, Non-Recourse, Cash-Out Office Building Refi, Jupiter, FL

/in

$6,250,000

Cash-Out Permanent Loan

Non-Recourse

3.75% fixed rate

10-Year Term

25-year amortization

No Prepayment Penalty

Rate Locked at Application

Regional Bank Execution

DETAILS:

This loan was for a repeat client. This is a 3 tenant property in a prestigious area in Jupiter. Client required non-recourse and no-prepayment penalty which we were able to negotiate favorably at a very good rate of 3.75%. 

Zach Nimhauser – zn@banyancc.com

Michael Brown – mb@banyancc.com

$11,000,000 – 15-Year Fixed Rate, Non-Recourse, Cash-Out Multifamily Refinance, Fort Lauderdale, FL

/in

$11,000,000

Cash-Out Permanent Loan

Non-Recourse

4.17% fixed rate

15-Year Term

30-year amortization

Early Rate Locked as Rates starting Increasing

FNMA Execution

DETAILS:

This loan was for a repeat client, and in fact, the principals of Banyan Commercial Capital had financed this property for this sponsor nearly 10-years prior. The objective was to lock in a maximum term fixed rate (longer than the normal 10-year term) with the ability to early rate lock if rates began to move. This is a well maintained 124 unit multifamily property that has experienced tremendous rent and collection growth during the covid pandemic. Very clean and well maintained property now set with a long term fixed rate loan and cash out for other investments. 

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com

$10,000,000 – Non-Recourse, Fixed Rate, 10-Year term, Cash-Out Refi, Retail Center on Dale Mabry, Tampa, FL

/in

$10,000,000

Cash-Out Permanent Loan

Non-Recourse

3.75% fixed rate

10-Year Term

25-year amortization

Rate Locked at Application

NO PREPAYMENT PENALTY!!

DETAILS:

Sponsor required non-recourse terms and a bank execution. Property included a Dispensary, as well as CVS, several restaurants, and local tenants. This is the second time that Banyan Commercial Capital has financed this property. 

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com

$1,995,000 – Cash-Out Refi, Medical Office within Residential Condo, Miami, FL

/in

$1,995,000, cash out refi

7.5 year fixed rate loan + 5 year extension option

25 year amortization

3.75% fixed and locked at application

3,2,1,0,0,0,0

Property consists of entire grade level commercial condominium, and adjacent 7,425 square foot surface parking lot, a well as 31 garage spaces. We had financed this property a few years ago, and were able to provide cash out and a lower rate and payment to sponsor.

Closed by Michael Brown

mb@banyancc.com

 

$2,162,000 – Non-Recourse, Fixed Rate, 10-Year Perm, Cash-out, Multifamily, Miami, FL

/in

$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 – Non-Recourse, Fixed Rate, 10-Year term, Cash-out, Office Building, West Palm Beach, FL

/in

$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

$6,500,000 – 25 year, fixed rate, self liquidating loan, rate locked 6 months prior to closing, Fort Lauderdale, FL

/in

$6,500,000

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 – Restaurant Row, Boca Raton, FL – Construction Loan

/in

$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 Fixed Rate Perm Multi-Tenant Urban Office Building, Coral Gables, FL

/in

$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 Fixed Rate Perm Multi-tenant suburban office building, Miami, FL

/in

$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