Progress Capital was appointed by a private REIT to sell a 14,465 SF retail property leased to Walgreens with a CMBS loan that is not yet eligible for prepay. This was a condition agreed by the purchaser for the sale, approval and assumption of the CMBS loan which Progress Capital also arranged. The fact that the existing financing had to be assumed, allowed the purchaser to obtain better pricing at a cap rate above market.
Advantages of CMBS Loans:
- CMBS loans offer a higher LTV up to 80%
- CMBS loans are non-recourse with attractive fixed rates for the long term
- No constraints on the size of the loan
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress