Mixed-Use  Cole Portfolio: $36,000,000 Dexia provided a $36,000,000 bridge loan to refinance the purchase of eight fully stabilized, single tenant properties which were acquired in an all cash transaction in early 2008. The loan is secured by all 8 properties, which are all leased on long term leases to IG rated tenants. The properties, built between 2006 and 2008, total 241,025 sf and include five freestanding Walgreens stores, a Tractor Supply, a BJ's Wholesale Club and an Allstate Insurance Company call center. The weighted average remaining lease term for the portfolio was 19 years. The loan was underwritten to a 62% LTV and 63% loan to purchase price, 1.41x DSCR, and structured on a 36-month Interest Only term with one 6-month extension option. Sponsor of the transaction is an affiliate of Cole Real Estate Investments which is a commercial real estate company that invests primarily in high-quality, freestanding, single tenant and multi-tenant properties.   ETCO Plaza: $12,000,000 Dexia funded this $12,000,000 fixed-rate loan secured by two newly constructed, Class A, mixed-use (office/retail) buildings totaling 63,575 sf. Located in Temecula, California, noteworthy tenants include World Savings Bank FSB, Keller Williams Realty, and University of Redlands. The loan was underwritten to a 1.40 DSCR and 70% LTV based on a 10-year term, interest only. Occupancy at time of close was 93%.  444 Broadway: $6,300,000 Dexia provided a $6,300,000 bridge loan to finance the purchase of the leasehold interest in 444 Broadway, a 34,300 sf, 5-story mixed-use retail & office building. The property is well located on Broadway within New York's SoHo neighborhood. The building is currently 89% occupied but, given the level of interest and well documented leasing activity within the immediate vicinity, the vacant retail suite is expected to be fully leased and occupied by no later than year end 2008. The loan was underwritten at 74% loan to purchase price and was structured on an interest-only basis and a 24-month term.  Harbormaster Office & Marina: $9,100,000 Dexia funded this $9,100,000 loan secured by a project consisting of three waterfront 3- & 4-story office buildings and 57 slips of a 107 slip marina located on the western shore of Lake Union in Seattle, Washington. Freshwater moorage is in high demand, and moorage with access to Puget Sound via the Ballard Locks (accessed directly from Lake Union) is especially desirable in this submarket. Standard reserves were established for taxes and capital expenditures. Finally, a springing letter of credit requirement was put in place to mitigate the risk of the aquatic lease not being renewed 15 years beyond loan maturity on or before year 8 of the loan. The loan was structured with a 10-year term based on a 30-year amortization period. The loan was underwritten to a 1.33 DSCR and a 51% LTV.  Arapahoe & Peoria Business Center: $9,750,000 Dexia funded this $9,750,000 loan secured by three attractive office/ warehouse property located in Centennial, Colorado. The property, which contains a total net rentable area of 129,150sf, is currently 77% occupied to three investment-grade rated tenants on leases with an average lease term of 89 months with renewal options. Reserves were established for taxes and insurance. An additional springing TI/LC cash flow sweep was required to mitigate the risk of non-renewing tenants. The loan was structured with a 10-year term amortizing over 30 years. |