MIAMI—Netpark, a 1 million-square-foot officecenter in Tampa, is making post-recession history, of sorts, byscoring a $47 million non-recourse financing from aCMBS lender. It's the largest new post-recessionloan for a property with Tenant in Common (TIC) ownership in thebooks.
Bluett & Associates arranged the loan andwill also handle asset and property management, leasing andconstruction management for Netpark. According to Bluett'sresearch, loans on TIC-owned properties account for much of thewave of $350 billion in commercial mortgage backed securities(CMBS) debt incurred before 2008 and maturing now through 2017.
When property values dropped, most lenders stopped refinancingTIC loans. That's because the complex underwritingcan demand re-qualifying dozens of individual investors.
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