LOS ANGELES—With ample capital in the market, all deal types are finding multiple lending options. Zelman Development Co. has secured $57 million in senior financing to recapitalize the Century Business Center and to buy out its partner. The borrower was asking for a low debt yield on the single-tenant property, but was still able to capture to some lender competition.

“There was limited competition. Many lenders could not get comfortable with the low debt yield and single tenant risk; however, a few recognized the below market nature of the rents and land value of this 40-plus acre site,” Ryan Martin, managing director at HFF, and Anthony Brent, senior managing director at HFF, tell GlobeSt.com. “HFF’s industrial team created a competitor market despite the limited competition. The trend this deal represents is that even with tougher deals, there are typically multiple financing solutions available to borrowers provided you educate the market properly and expose the deal to a wide range of lenders.” Martin and Brent secured the funds on behalf of the borrower along with senior managing director Paul Brindley.

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