Christian Marabella of Marabella Commercial Finance, Inc. made arrangements to meet the 1031 Exchange buyer in Las Vegas, Nevada at the International Council of Shopping Centers Convention which took place around May 20, 2012. After meeting at the Walgreen Booth at ICSC and discussing the needs of the Buyer / Borrower and various different financing options the client gave Marabella the exclusive authorization to arrange no less than $9 Million in permanent financing for the Buyer’s / Borrower’s replacement up leg properties.
For the Walgreen CMBS permanent loan Marabella arranged a Non-Recourse loan with standard carve-outs. The rate was locked at 4.185% and a 30 year amortization fixed for 10 years was placed. Loan to value for this transaction came to approximately 60%. The Borrower applied to Marabella around September 27, 2012 and the loan was funded on November 20, 2012. Start to finish the loan took approximately 54 days to complete which was very important since there was critical dates that needed to be met per the contract and the 1031 exchange requirement.
For the Dollar General and O’Reilly’s loans, Marabella arranged a 25 year amortized loan fixed for 10 years. Rate is not locked at this time but is in the range of 4.30% to 4.50%. Loan amount for the Dollar General came to $1,800,000 and for the O’Reilly’s came to $1,343,000. Two conditional commitments have been issued and if all conditions are met we hope to fund these two transactions in the 4th and 1st quarter of 2012 /2013 time frame. A portfolio lender was utilized for the Dollar General and O’Reilly loans.