$12,025,000 – Non-Recourse Construction Loan, Self Storage and out-parcels, Cinnaminson, NJ

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$12,025,000

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 – CLOSED IN 36 HOURS DURING COVID! Soundview Marketplace, Port Washington, NY

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$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 – 2.92% 15 Year Fixed Rate – Whole Foods, New Orleans, LA

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$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 Construction Loan, Publix Anchored Retail Center, Miami, FL

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$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

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

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$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

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$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

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$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

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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