ATLANTA-A 26-property portfolio of convenience stores has received $30.84 million in financing. The loan was for a refinancing of the properties, which are all approximately five years old.
The borrower, a Georgia-based investor, received the loan at a fixed rate of 6.875% for a 20-year term with a 25-year amortization. The Woodlands-based iCap Realty Advisors arranged the loan with a capitals markets source. iCap Realty Advisors associate Bill Mitchell tells GlobeSt.com the properties are gas-station anchored convenience stores, all located in Georgia and owned by a single investor.
"They were using several different banks and were paying higher rates, 8% or 8.5%," Mitchell says. "So the refinancing was for much more favorable terms."
The transaction was complicated because there were so many banks and properties involved. "Some of the properties had some retail with them, such as a Subway shop," Mitchell says. "There was just a lot of due diligence with this transaction."
ICap Realty Advisors is a national mortgage banking and investment sales firm. The company closed 350 loans totaling $3 billion with an average loan size of $8.4 million in 2005.
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