Capmark Finance Inc. Originates $2.1 Million to Refinance Griffin Auto Park in Dallas CBD


Dallas, TX (Vocus) December 11, 2008

Capmark Finance, Inc. has originated a $ 2,100,000 loan to refinance Griffin Auto Park for a local ownership group. The six-story, 539-space parking garage is located in the southeast section of downtown Dallas known as the Government District. The loan has a 10-year term, 20-year amortization and a fixed interest rate below 7 percent.

One of only a few private parking garages in downtown Dallas, Griffin Auto Park has the added advantage of being located within walking distance of Dallas City Hall, the Dallas Convention Center, the Earle Cabell Federal Courthouse Building and a number of other downtown office buildings.

Vice President Ashley Harkness, a mortgage banker in Capmark’s Dallas office, originated the loan, which was funded by Aviva Investors North America. The borrower was Griffin Street Auto Park, Ltd.

“Capmark Finance helped the borrower refinance a maturing securitized loan by arranging the debt through one of our correspondent life insurance companies,” said Mr. Harkness. “It is noteworthy that we were able to secure financing with a favorable interest rate for a parking garage despite one of the most difficult credit environments in recent memory,” he continued.

Photo available upon request.

About Capmark

Marabella Commercial Finance, Inc. Originates Permanent Financing for a 1031 Net Leased Walgreen Pharmacy and Kohls Department Store in Second Quarter 2011


Carlsbad, CA (PRWEB) June 21, 2011

Marabella Commercial Finance, Inc. originates permanent financing for a 1031 Net Leased Walgreen Pharmacy and Kohls Department Store.

Marabella Commercial Finance, Inc. funded a $ 4.8 million loan for the Kohls corporate leased department store. The Buyer for this transaction was involved in a 1031 exchange transaction. The Borrower requested a long fixed rate loan term and amortization. Marabella Commercial Finance, Inc. arranged a Life Company loan with a 15 year fixed rate and 25 year amortization giving the borrower a more manageable balloon payment in the fifteenth year with excellent cash flow. The Borrower wanted a forward rate lock so Marabella Commercial Finance, Inc. structured an approximate 90 day forward rate lock and the rate was locked early in the process at 5.875%. This loan was Non-Recourse with Standard Carve-Outs. Marabella negotiated an annual non-cumulative partial prepayment of ten percent (10%) of the outstanding loan balance without a prepayment premium. This loan was applied for on around March 18, 2011 and funded on June 15, 2011.

For the Walgreen Corporate leased pharmacy Christian S. Marabella of Marabella Commercial Finance, Inc. met with the Borrower at Marabellas satellite office in Beverly Hills, California and structured a Bank Portfolio Loan which will give the Borrower a lot of flexibility in the future if they need to work with the bank for any reason versus that of a securitized loan where the loan is sold to bond investors on Wall Street. The loan amount that was required per the 1031 Exchange came to $ 5,500,000 (Upleg). The rate on this loan was a very low 5.35% and again Marabella Commercial Finance, Inc. negotiated a 90 day forward rate lock on behalf of the clients. The amortization for this loan was 30 years and the loan was due and payable in the 10th year. The Borrowers also requested a Non-Recourse loan with standard carve-outs which was structured. A highlight of this loan was the very friendly prepayment penalty of only $ 2,500 during the first nine years of loan term again giving the Borrowers a lot of flexibility if they consider refinancing or selling the property to a new purchaser in the 10 year period. This loan was applied for on around March 15, 2011 and funded on June 15, 2011.

About Marabella Commercial Finance

Marabella Commercial Finance specializes in arranging financing for 1031 Exchange Net Lease Buyers, Commercial Investment Properties and Large Anchored Centers. Past Credit Tenant Net Lease Properties that Marabella Commercial Finance has originated loans for are; Walgreens, CVS, Kohls, Safe-Way Stores, Rite Aid, Jack in the Box, 7-Eleven, Family Dollar, CSK Automotive, and Large Anchored Centers with credit tenants. MCF is a member of the Mortgage Bankers Association and most recently participated in the International Council of Shopping Center’s 2011 annual convention in Las Vegas. Christian S. Marabella who is President of Marabella Commercial Finance, Inc. is also in charge of Media Relations for the Association of Commercial Real Estate Executives Inland Empire (Ontario, California).

Contact:

Christian S. Marabella – President

Marabella Commercial Finance

We Finance America’s 1031 Exchange Net Lease Properties

(760) 479-0800

Email: nnn(at)marabellafinance(dot)com

http://www.marabellafinance.com

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