$13,250,000
Solvang, CA
Transaction Type
Loan Refinance
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Property was recently stabilized with limited seasoning
- Grocery and drug store anchored retail center that experienced pandemic related closure issues
- Secondary market
- Sponsor concerned with rising interest rates
Solutions & Highlights
- 100% leased at close
- New 20-year drug store lease
- High percentage of national and credit tenants
- Provided interest rate lock upon signing of term sheet