Creative Lending Solution for a Three Property Portfolio
We secured financing for three newly constructed build-to-suit properties.
Deal Quick Look:
3 Newly Constructed Pad Sites
29,419 Rentable SF
10-year fixed rate loan
27-year amortization
Non-recourse loan
Rate was 220 bps over the 10-year swap index
Chris Miller, Managing Director, secured $9,500,000 of financing for newly constructed build-to-suit NNN properties in North Dallas. The sites are located in a highly sought-after business park with strong foot traffic. The portfolio consists of three pad sites with 29,419 SF of rentable space.
The borrower was looking to maximize cash flow while attaining a non-recourse, 10-year fixed rate loan. Chris Miller was able to place the borrower with a national balance sheet lender based in the Western US.
“The construction and location of the project was Class A and had a mixture of national and local tenants. We were able to give our client a long-term fixed rate while providing an amortization that exceeded local/regional banks. Non-recourse was an important component of the deal as well.”
- Chris Miller
Three tenants entered into NNN leases for this property. Kindercare signed for 12 years, Fresenius (Standard and Poor’s rated BBB) for 15 years, and TMS Neuro for 15 years. The Fresenius (Dialasys center) anchored site features a larger medical office business park.
