Carlsbad, California (PRWEB) December 04, 2012
Christian Marabella of Marabella Commercial Finance, Inc. made arrangements to meet the 1031 Exchange buyer in Las Vegas, Nevada at the International Council of Shopping Centers Convention which took place around May 20, 2012. After meeting at the Walgreen Booth at ICSC and discussing the needs of the Buyer / Borrower and various different financing options the client gave Marabella the exclusive authorization to arrange no less than $9 Million in permanent financing for the Buyer’s / Borrower’s replacement up leg properties.
For the Walgreen CMBS permanent loan Marabella arranged a Non-Recourse loan with standard carve-outs. The rate was locked at 4.185% and a 30 year amortization fixed for 10 years was placed. Loan to value for this transaction came to approximately 60%. The Borrower applied to Marabella around September 27, 2012 and the loan was funded on November 20, 2012. Start to finish the loan took approximately 54 days to complete which was very important since there was critical dates that needed to be met per the contract and the 1031 exchange requirement.
For the Dollar General and O’Reilly’s loans, Marabella arranged a 25 year amortized loan fixed for 10 years. Rate is not locked at this time but is in the range of 4.30% to 4.50%. Loan amount for the Dollar General came to $1,800,000 and for the O’Reilly’s came to $1,343,000. Two conditional commitments have been issued and if all conditions are met we hope to fund these two transactions in the 4th and 1st quarter of 2012 /2013 time frame. A portfolio lender was utilized for the Dollar General and O’Reilly loans.
About Marabella Commercial Finance
Marabella Commercial Finance specializes in arranging financing for 1031 Exchange Net Lease Buyers, Commercial Investment Properties and Large Anchored Centers. Past Credit Tenant Net Lease Properties that Marabella Commercial Finance has originated loans are as follows; Walgreens, CVS, Kohls, Dollar General, Family Dollar, Safe-Way Stores, Rite Aid, Jack in the Box, 7-Eleven, O’Reilly’s, AutoZone and Large Anchored Centers with credit tenants. MCF is a member of the Mortgage Bankers Association and will be attending the annual 2013 CREF Convention in San Diego at the Manchester Grand Hyatt from Sunday, February 3, 2013 to Wednesday, February 6, 2013. Marabella will also be attending the International Council of Shopping Center's 2013 Annual Convention in Las Vegas starting on Saturday, May 18, 2013 through Wednesday, May 22, 2013.
Christian S. Marabella - President
Marabella Commercial Finance
We Finance America's 1031 Exchange Net Lease Properties