Case Study: $7.6MM Retail Property | Recapitalization | Gastonia, NC
Structured and placed a first mortgage permanent loan to recapitalize a 63,937 sq ft grocery anchored retail center.
Sponsor desired to recapitalize their existing highly leveraged retail property with long-term debt. The current transitional loan was nearing maturity as the COVID pandemic took effect. Compounding matters, several tenants asked for rent relief during the placement process.
Eyzenberg & Company identified a credit union willing to underwrite retail with several short-duration leases in place. Though several participants in the loan backed out during the peak of the COVID crisis, Eyzenberg & Company continued to work with the lead lender to bring in additional participants and eventually close the loan.