HOWELL, NJ-Mark Scott of Commercial Mortgage Capital hasclosed a seven-year permanent loan on a Walgreens leasedproperty here. The borrowers were seeking a low fixed-rate loan onthe newly constructed Walgreens. According to Scott,the client wasvery sensitive to rate and desired a flexible term on a fixed rateloan. The deal was negotiated with one three-year extensionoption with a regional bank.

|

Scott tells GlobeSt.com that life company financing is plentifulfor quality assets. “Life companies continue to return tomarket seeking to finance low leverage stabilized assets in thenation's top five national metro markets, which certainlyincludes New York and New Jersey.”

|

He adds that “multifamily 10-year fixed rates are available from4% (low leverage below 60%) to 5.20% (higher leverage; 80% ofvalue). And w just locked a 10/10 self-liquidating, four-monthforward multifamily loan at 3.76%. The smart money is lookingforward to lock in today’s rates on loans maturing or prepayablewithin the next year or more.”

|

Scott adds that office, warehouse and retail financing isavailable in the 5% to 6.25% range on seven-to-10-year loan terms.“Overall conditions remain soft with little--but improving--transactional velocity,” he says.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.