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DEAL #65: A Sweet 1031 |
Property Type: Multi-family
Location: Massachusetts
Loan Amount: $1,425,000
Purpose: Purchase
Rate: 6.5%, 2 year fixed
Term: 30-year fully amortizing
Prepayment: 5% for 5 years
Origination Fee: None
LTV: 75%
Credit: A |
As
part of a 1031 exchange transaction, Bayview financed the purchase
of two contiguous, four-story brick apartment buildings with
a total of 56 units in Springfield, MA. The seller had purchased
the property in foreclosure. $800 million in capital improvements
was required to bring the property up to code before reaching
stabilized occupancy. Despite a lack of stabilized operating
history, Bayview considered the strength of the building’s
recent performance relative to the market place, the real estate
investment experience and the financial strength of the guarantors
as compelling reasons to close this deal. |
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DEAL #24: Help is on the Way! |
Property Type: Retail Center
Location: Alabama
Loan Amount: $6,500,000
Purpose: Cash-out Refinance
Rate: 7.66% 2 year fixed
Term: 15 year full amortizing
Prepayment: 2% for 24 mths, 60 mth lock out
Origination Fee: None
LTV: 57%
Credit: A |
Bayview
financed a $6.5 million refinance of a matured bank note on
an 82% occupied, 211,688 square-foot shopping center in the
central business district of Huntsville, AL. The deal was turned
down by a conduit because of the loss of one of the anchor tenants
during the underwriting process. Deal terms included springing
recourse for bad-boy carve-outs and failure to maintain property.
The borrower executed a reserve agreement for deferred maintenance.
If you have a retail center experiencing vacancy risk, let Bayview
anchor your financing needs. |
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DEAL #36: Hot off the Press! |
Property Type: Light Industrial
Location: Florida
Loan Amount: $1,260,000
Purpose: Purchase
Rate: Prime + 3.5%; 6-month adjustable
Term: 15-year fully amortizing
Prepayment: 5% for 5 yrs; 24-mth lockout
Origination Fee: 1 point to lender
LTV: 68%
Credit: A-
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Bayview
provided the financing for a local printing company, who recently
exited Chapter 11, to exercise a lease-purchase option on a
33,900 square-foot light industrial building in Miami, FL. Our
capacity to understand the borrower’s operating history
and story prevented the borrower from losing a substantial amount
of equity built by years of timely lease payments. The new mortgage
significantly improved cash flow by reducing payments over 40%
and positioned the company for future growth. Bayview required
a 3-month payment reserve as additional collateral. The transaction
was priced, underwritten, and closed in three weeks. |
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DEAL #53: Breakfast is Served |
Property Type: Bed & Breakfast
Location: Rhode Island
Loan Amount: $1,050,000
Purpose: Purchase
Rate: 6.5%; 2-year fixed
Term: 30-year fully amortizing
Prepayment: 5% for 5 years
Origination Fee: None
LTV: 68%
Credit: A |
Bayview
provided matrix financing for the $1.5 million purchase of a
recently restored 7-unit and 2-apartment Bed & Breakfast
in Newport, RI. The Inn’s operational performance suffered
due to absentee ownership, lingering effects of 9/11, the lack
of an on-line reservation system, inadequate marketing, and
poor record keeping. The purchasers have extensive hospitality
and website marketing experience and will reside at the property.
Payments were structured to capture a majority of the annual
debt service during the busy summer months and held in escrow
to be applied during the off-season. The transaction was priced,
underwritten, and closed in less than thirty days. |
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DEAL #19: Attention Shoppers! |
Property Type: Regional Mall
Location: Pennsylvania
Loan Amount: $5,000,000
Purpose: Cash-out Refinance
Rate: Prime + 2%; 6-month adjustable
Term: 20-year fully amortizing
Prepayment: 2% for 24 mths; 24-mth lockout
Origination Fee: None
LTV: 65%
Credit: A
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Bayview
financed a $5 million cash-out refinance of a 405,296 square-foot
regional mall outside of Pittsburgh, PA, anchored by Sears and
JC Penny. The owners, who previously purchased the center for
all cash, were looking to recoup a portion of their equity and
fund improvements to the property. The Sears’ lease expires
in the next two years; Bayview required a $1 million holdback
for tenant improvements and leasing commissions to offset a
possible Sears non-renewal. If you have a retail center with
potential event risk, let Bayview anchor your financing needs.
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DEAL #49: A Quick Cash-Out! |
Property Type: Office Building
Location: Illinois
Loan Amount: $1,625,000
Purpose: Cash-out Refinance
Rate: 7.75% fixed for two years
Term: 15-year fully amortizing
Prepayment: 3% for 5 yrs, 24-mth lock out
Origination Fee: 1 point
LTV: 71%
Credit: A |
Bayview
was approached to refinance a 126,000 square-foot, owner-occupied
office building in Rockford, IL. The $1,625,000 loan was used
to pay off a maturing bridge loan at the end of the month and
$75,000 for working capital. Bayview used its streamlined underwriting
process to close the deal in three weeks from start to finish. |
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