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| J.M. Grimaldi |
LOS ANGELES, CA – Commercial real estate investment banking
firm Continental Funding Group has successfully secured $11.5 million in
mini-perm debt refinancing for one retail and two office properties
encompassing 136,197 square feet in Sacramento on behalf of its client, a
regional investment firm that specializes in acquiring and repositioning
underperforming assets.
The financing was arranged
by Continental Funding Group Executive Vice President J.M. Grimaldi.
“Despite the wide availability of
capital in today’s market, many lenders are exercising extreme caution when it
comes to financing smaller deals, especially distressed assets in secondary
markets,” explains Grimaldi.
“While value-add
investments offer a tremendous opportunity to generate returns, securing a
lender that is willing to place debt on these types of assets is difficult and
requires a significant degree of creativity.”
The assets were acquired in three
all-cash transactions, and the sponsor was initially seeking bridge debt for
the two office properties, according to Grimaldi.
For a complete copy of the company’s news release,
please contact:
Katie Kea /
Lexi Astfalk
Brower,
Miller & Cole
(949)
955-7940
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