Monday, March 24, 2014

MMCC Arranges $27M Refi for Philadelphia Retail Portfolio

(MMCC) has arranged a $27 million refinance of a seven-property retail portfolio in Philadelphia. 

John Banas and Kris Wood at MMCC negotiated the loan with a 10-year term and 30-year amortization schedule. It carries a fixed-rate term for five years at 3.6 percent, then resets at a rate of 180 basis points over the five-year federal home loan bank rate. 

"The borrower chose to refinance his portfolio instead of sell at this point to take advantage of low interest rates and the equity in the portfolio," says Banas. "This proved challenging as the portfolio was mainly occupied by smaller, in-line retail tenants. We arranged the refinance and secured terms that satisfied the borrower’s needs." 

In a separate deal, the duo arranged an acquisition loan totaling $18.4 million for a 143-unit student housing portfolio located at Bloomsburg University in Bloomsburg, PA. This note carries a 12-year term with a fixed rate for seven years, interest only for the first year, fifth-year reset, and 30-year amortization schedule. So far in 2014 the pair has arranged more than $52.4 million in five loans, which include a $4.9 million retail banking center acquisition loan in Newtown Square, and two multifamily acquisition financings in Philadelphia totaling $2.18 million.

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