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COVINA RETAIL REFINANCE
Permanent Life Company financing on a stabilized retail center with dark leased space and borrower with significant credit issues.
Property
A 111,000 square foot grocery-anchored retail center with a new credit tenant anchor grocer, three credit junior box tenants, and small inline retail spaces. Located in Covina, CA at a prominent, high traffic intersection.
Challenges
The owner had significant credit issues. The property also had 11% vacancy with a lot of short-term rollovers. Another challenge was that a 25,000 square foot pharmacy was dark (but still paying rent).
Solution
Mansfield Equities found long term, fixed-rate debt from a nonrecourse life company. The lender was able to maneuver past the borrower’s credit issues underwrite the loan based on debt yield and debt service coverage.
SAN DIEGO LAND BRIDGE
Bridge loan on a land deal with some cash flow.
Property
A parcel of land with a parking structure entitled for mixed use in downtown San Diego.
Challenges
The developer wanted a high-leverage, bridge loan to purchase the property in quickly. The property was encumbered with an ambiguous easement issue and had only a small cash flow from its parking income.
Solution
Mansfield Equities found a lender that understood the local market and development trends. Mansfield convinced the lender to look past the easements and cash flow issues to loan to the property owners on the basis of the value of the land and the ability to get taken out by a construction loan.
WASHINGTON, DC OFFICE REFINANCE
Lender had no structure and no reserves.
Property
A 190,000 square foot class A office building with two government agencies accounting for 82% of the gross leasable area.
Challenges
One of the government tenant’s had a 10-year lease which was five years short of the loan term. Meanwhile, the other government tenant’s lease (newly signed) had almost two years of rent concessions left.
Solution
Mansfield was able to use its vast network of life company lenders to find ones who were interested in providing 15-year fixed-rate debt without reserves or extra structures. Mansfield then created an auction between the lenders to extract the best terms for our client.
LAS VEGAS SKILLED NURSING FACILITY
Bridge loan on a ~70% leased power center with a land lease component
Property
A skilled nursing facility in Las Vegas, NV that had tax liens on it. The sponsors owned both the property and the business.
Challenges
The owners of the property had $7 million of tax liens against them in a short time period. They needed to pay off the lien as well as a short term senior lender. Mansfield was able to use one of the borrower’s other assets as additional collateral so a lender would be comfortable paying off all of the debts. The owner had engaged multiple finance brokers before engaging Mansfield Equities. Needless to say, the deal was well shopped.
Solution
Tapping its deep market knowledge, Mansfield located a lender that specialized in financing nursing facilities and would look past the owner’s IRS issues.
By cross collateralizing the nursing facility with another property, Mansfield was able to negotiate total loan proceeds that covered all of the nursing facilities IRS debts as well as the loans on the two properties. Mansfield found a bridge lender that was very liquid and comfortable with their overall LTV which mitigated risk.
WASHINGTON, DC OFFICE REFINANCE
Lender had no structure and no reserves.
Property
A 190,000 square foot class A office building with two government agencies accounting for 82% of the gross leasable area.
Challenges
One of the government tenant’s had a 10-year lease which was five years short of the loan term. Meanwhile, the other government tenant’s lease (newly signed) had almost two years of rent concessions left.
Solution
Mansfield was able to use its vast network of life company lenders to find ones who were interested in providing 15-year fixed-rate debt without reserves or extra structures. Mansfield then created an auction between the lenders to extract the best terms for our client.
The results
300% conversion rate increase
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