70% leverage with a tight deadline to close.
Need higher leverage loan to complete your 1031? We got you covered.
“Our client was in a 1031 exchange and was in a tight timeframe to close. His proceeds from the sale required a 70% LTV and we were able to place the loan with a trusted national triple net lease lender. The borrower also wanted a 10-year fixed rate since the lease had 15 years remaining on the term. We were able to secure a competitive rate with limited recourse.”
-Chris Miller
Deal Quick Look:
70% LTV
10-year Fixed Rate Term
Rate in the 3’s
The Property: The subject asset consists of a 1.69 acre parcel of land leased to Walgreens on an absolute NNN basis with zero landlord responsibility. The lease is advantageous to the borrower since there are rent increases every 5 years. The demographics are outstanding with a population of over 300,000 within a 5-mile radius.
The Challenge: The borrower was in a 1031 exchange and had 40 days to close the loan. 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.
Walgreens (WBA) continues to invest in the future and recently made major investments totaling $5.2 billion to expand health clinics in a pivotal move to provide primary care along with pharmacy services in stores. See recent Forbes Article: Walgreens pumps another $5.2 billion into its health clinic war with CVS and Walmart
