ValueXpress has arranged a $3,850,000 CMBS conduit loan for the purchase of a 28,330-square-foot neighborhood retail center located at 7785-7795 Davis Blvd in Naples, Florida. The loan was structured with a 10-year fixed-rate loan term and a 30-year amortization schedule. The property is anchored by a Pelican Larry’s restaurant, a local restaurant chain with three locations in the greater Naples market. Pelican Larry’s has been named “Best Sports Bar in Southwest Florida” for five years running. The property sits at the entrance of two of the most affluent communities in Naples.
The property is structured as a condominium. ValueXpress brought its prior experience structuring commercial loans secured by assets held in condominium ownership to this transaction. The deal was further complicated as the purchase included only 16 of the 17 condominium units, requiring specific underwriting of the condominium association as well as the 16 condominium units.
The loan was originated by Gary Unkel, a senior loan originator at ValueXpress. The transaction is the second neighborhood retail center loan in the past seven months for Unkel with this sponsor, an indication of a job well done. The sponsor has an appetite to acquire more retail centers in Southwest Florida with ValueXpress providing the financing.
At one point, a deal issue on the transaction needed a creative solution. ValueXpress proposed the solution that solved the issue, and the financial advisor for the sponsor commented, “I want to personally thank you for the professional manner in which you handled the issue. I have been in commercial lending 33-plus years, and to me, it is not always about the lowest rate. It’s about situations like the one we have today, whereby I like to work with deal makers like you and not deal breakers. Thank you!”
To obtain a no-obligation loan quote on your next CMBS transaction, contact Gary at 212-883-6447 or email him at email@example.com.