DALLAS—Dallas-based VistaPointe Partners has successfully placed the refinance debt for two separate retail assets totaling $6.65 million, GlobeSt.com has exclusively learned.

Seth Denison, senior vice president of business development for VistaPointe Partners, negotiated both transactions on behalf of the borrowers.

In the first transaction, the existing ownership purchased a 15,000 square foot retail asset in Cocoa Beach, FL.  According to the new business plan, the owners will retain possession and management of the asset. The CMBS loan was sized to 80 percent of appraised value and funded in six weeks from term sheet execution, fixed at 4.60 percent for 10 years at $2.65 million.

In the second transaction, the existing ownership purchased a 37,000-square-foot retail asset in Houma, LA in 2003. According to the new business plan, the owners will retain possession and management of the asset. The CMBS loan was sized to 75 percent of appraised value at $4 million, and funded in 14 weeks from term sheet execution at a fixed rate of 5.10 percent for 10 years.

"Both deals presented significant challenges," Denison told GlobeSt.com. "There were issues with the appraised value of the property in Cocoa Beach, but we demonstrated the strong financial and operational history which resulted in securing a lender and ultimately saving the client from contributing additional equity. The property in Houma was cross-collateralized with a second property."

In addition, Denison says the second property had defaulted on an existing loan in a market that is heavily dependent on a receding oil and gas industry.

"[But] we identified a lender willing to approve a refinance transaction to coincide with the sale of the second asset to result in a simultaneous closing. "