Wednesday, January 23, 2013

SL Capital Arranges CMBS Financing For Purchase of Busy Retail Plaza in Phoenix, AZ



Constantine Scurtis
MIAMI, FL -- SL Capital, an exclusive correspondent of Cantor Commercial Real Estate, has financed the acquisition of a retail plaza in Phoenix, providing the new owners with a collateralized mortgage-backed security (CMBS) loan. The $3.46 million mortgage for Corner on 7th has a five-year term and amortizes over 30 years.

 The 16,176-square-foot property was built in 1948 and renovated in 2011with a new exterior, and new mechanical and plumbing systems. The center is in a busy business district with over 300,000 daytime employees within a 5-mile radius.

 Five of the nine suites are occupied by corporate franchises or franchisees with extensive operating histories: Chipotle Mexican Grill, Five Guys Burgers and Fries, How do you Roll?, Jersey Mike’s Subs and Arizona-based Zoyo Neighborhood Yogurt.

 The buyers paid $6.84 million, or $422 per square foot, for the property. 

 SL Capital Chairman and CEO Constantine Scurtis said CMBS financing made perfect sense in this deal.

 “The client was able to take advantage of competitively low rates with no recourse, and secure larger proceeds than with a traditional bank mortgage,” he said. “It’s a great option for a commercial real estate owner/investor looking to finance or refinance a stabilized retail, office, multifamily or industrial property. The CMBS market is definitely making a comeback from its peak of several years ago.”

 For a complete copy of the company’s news release, please contact:

Todd Templin
Executive Vice President
Boardroom Communications

(954) 370-8999
(954)290-0810 (Cell)
(954) 370-8892 Fax
1776 N. Pine Island Road,
Suite 320,
 Plantation, FL 33322

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