Retiree adds quality investment-grade net lease to his real estate portfolio
Need a quality long-term, investment grade, net lease to complete your 1031? We got you covered.
“Our client was in a 1031 exchange and sought to add a strong investment-grade net lease to his real estate holdings for both cash flow and estate planning purposes. We were able to place the loan with a trusted national triple net lease lender. The borrower also wanted a 10-year fixed rate with a 30-year amortization to maximize cash flow. We were able to secure a competitive rate and 25% partial recourse loan.”
-Chris Miller
Deal Quick Look:
10-year Fixed Rate Term
Rate in the 5’s
30-year Amortization
43 days to close
The Property: The subject asset consists of a 1.45 acre parcel of land leased to CVS on an absolute NNN basis with zero landlord responsibility. The location is outstanding and the lack of competitive drug stores within a 5-mile radius made this investment opportunity very attractive.
The Challenge: The borrower was in a 1031 exchange and we were able to put the upleg property under contract one week prior to the downleg closing. We worked closely with our affiliated brokerage, Anthem Advisors, to focus and manage the timeline to close the CVS upleg transaction in 43 days, enabling the borrower to begin collecting rent quickly. An SNDA and Estoppel were required prior to closing.
The Solution: Chris Miller, Managing Director, placed the debt with a national lending institution that is part of our NNN lender network. The lender understood the closing timeframe and worked tirelessly to add the asset to their portfolio. The process was managed effectively by the Triple Net Lending team as well as the borrowing team.
