Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets, has successfully secured a permanent mortgage for the refinance of Elk Lakes Shopping Center—an existing 95,421 SF retail shopping center located in Greeley, Colorado (suburb of Denver).
The Property, situated on 11.47 acres and shadow-anchored by Home Depot, was built in 2000 and is currently 96% leased to various national and regional tenants including PetSmart, Office Depot, Car Toys, Vitamin Cottage and The Institute of Business & Medical Careers. The Property is controlled by Rainier Asset Management Company (“Sponsorship”)—a subsidiary of Dallas-based Rainer Capital Management.
The financing assignment came with several obstacles that had to be overcome prior to closing. The ownership was previously structured as a Tenant-In-Common (“TIC”) which made the Property very difficult to finance in today’s credit environment. MCA assisted the Sponsorship in “rolling up” the TICs and converting the ownership into a single purpose LLC. Additionally, a co-tenancy default existed that had to be cured with the cooperation of the tenants, landlord and lender.
The $10,950,000 non-recourse CMBS loan has a fixed interest rate for 10 years at 4.55% on a 30-year amortization schedule with the first two years Interest Only. MCA Senior Director, Sunny Sajnani was responsible for structuring the transaction.
Since 1992, Metropolitan Capital Advisors has closed in excess of $10 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA has already completed over $500,000,000 of commercial real estate financing during 2014.