VistaPointe Partners Secures $10.9M in Re-Finance Debt for 90,334 SF Office Building
Dallas, TX, June 23, 2016 --(PR.com)-- VistaPointe Partners has successfully placed the re-finance debt totaling $10.9 million for a 90,334 SF office building located in the Suncom Center in Charleston, South Carolina. Seth Denison, managing director of VistaPointe Partners, negotiated the transaction on behalf of the borrower.
“There were significant challenges we faced in re-financing this transaction, such as the building being 100% occupied by a credit tenant with a lease term expiring in 24 months, the loan was maturing in 12 weeks and the property is located in a tertiary market,” said Seth. “Although the borrower was in negotiations with the tenant to renew, it was not clear if the tenant would stay or move to a different location; thereby, making a short forbearance period a suitable alternative for the borrower. To overcome these hurdles, we broadcast to a wide lender base and brought in Hart Advisors Group, a firm that specializes in CMBS loan workouts, to help us attain an extension with the servicer while we worked on the re-finance.”
As negotiations on the modification continued, the borrower and the tenant came to an agreement on a 1-year lease extension, with an additional 5-year option. According to Joni Maxwell, senior vice president of Hart Advisors Group, “We were able to negotiate a successful forbearance by obtaining a waiver of the lender’s ability to cash an existing Letter of Credit and lender’s agreement to allow the borrower to keep such letter of credit in place until the end of the forbearance period. We also obtained a waiver for all default interest and late fees and were able to reduce the modification fee by 50%.”
In addition, Hart Advisors Group obtained the current lender’s consent of the lease renewal in order for the borrower to avoid an event of default under the terms of the loan and forbearance agreement, which would allow the lender to charge all accrued default interest and late charges. “The borrower was able to pay off the loan one day prior to the end of the forbearance period,” said Joni.
About VistaPointe Partners
VistaPointe Partners is an advisory firm that specializes in arranging private and institutional capital for commercial property investors and developers. We serve our clients with impartial and insightful solutions to successfully negotiate complex capital transactions. As our clients’ most trusted financial liaison, we identify the intrinsic value of each asset and match it with the right capital market providers, allowing us to gain access to capital at the lowest possible cost.
About Hart Advisors Group
With over $6.5 billion in CMBS loan restructures completed across the country, Hart understands the continued opportunities and challenges of today’s markets. The team at Hart has over 30 years of both institutional and private ownership experience, and provides effective asset management for owners of commercial real estate portfolios. Hart has offices in Dallas, Texas and Miami, Florida.
“There were significant challenges we faced in re-financing this transaction, such as the building being 100% occupied by a credit tenant with a lease term expiring in 24 months, the loan was maturing in 12 weeks and the property is located in a tertiary market,” said Seth. “Although the borrower was in negotiations with the tenant to renew, it was not clear if the tenant would stay or move to a different location; thereby, making a short forbearance period a suitable alternative for the borrower. To overcome these hurdles, we broadcast to a wide lender base and brought in Hart Advisors Group, a firm that specializes in CMBS loan workouts, to help us attain an extension with the servicer while we worked on the re-finance.”
As negotiations on the modification continued, the borrower and the tenant came to an agreement on a 1-year lease extension, with an additional 5-year option. According to Joni Maxwell, senior vice president of Hart Advisors Group, “We were able to negotiate a successful forbearance by obtaining a waiver of the lender’s ability to cash an existing Letter of Credit and lender’s agreement to allow the borrower to keep such letter of credit in place until the end of the forbearance period. We also obtained a waiver for all default interest and late fees and were able to reduce the modification fee by 50%.”
In addition, Hart Advisors Group obtained the current lender’s consent of the lease renewal in order for the borrower to avoid an event of default under the terms of the loan and forbearance agreement, which would allow the lender to charge all accrued default interest and late charges. “The borrower was able to pay off the loan one day prior to the end of the forbearance period,” said Joni.
About VistaPointe Partners
VistaPointe Partners is an advisory firm that specializes in arranging private and institutional capital for commercial property investors and developers. We serve our clients with impartial and insightful solutions to successfully negotiate complex capital transactions. As our clients’ most trusted financial liaison, we identify the intrinsic value of each asset and match it with the right capital market providers, allowing us to gain access to capital at the lowest possible cost.
About Hart Advisors Group
With over $6.5 billion in CMBS loan restructures completed across the country, Hart understands the continued opportunities and challenges of today’s markets. The team at Hart has over 30 years of both institutional and private ownership experience, and provides effective asset management for owners of commercial real estate portfolios. Hart has offices in Dallas, Texas and Miami, Florida.
Contact
VistaPointe Partners
Elise DeCleva
214-929-5014
www.vistapointepartners.com
Elise DeCleva
214-929-5014
www.vistapointepartners.com
Contact
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