iCap arranges flex deal.The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office of iCap Realty Advisors, Inc. has arranged an $8,810,000 permanent loan on a 134,000 s/f industrial/office flex property in Moorpark, California Moorpark is a city of 32,978 people, in Southern California. It was founded in 1887 by Robert Poindexter, presumably after the moorpark apricots that grew in the area. The city has experienced a great amount of growth since the late 1970s, but it still has a "Small-Town feel" to . The property was built in 1988 and is 100% net leased to the consumer products division of an investment grade oil company. The 10-year, fixed rate, non-recourse loan had a coupon rate Coupon rate In bonds, notes, or other fixed income securities, the stated percentage rate of interest, usually paid twice a year. of 6.19% (1.15% spread over the 10 Year Treasury). The loan was originated and placed by Zeev Douek, Senior Analyst and Jeanne Cronin, Managing Director. of iCap's NY office. "This loan was presented to us by the borrower with many challenges including the lack of a guarantee by the investment grade parent company of the lessee One who rents real property or Personal Property from another. A lessee of land is a tenant. Cross-references Landlord and Tenant. lessee n. the person renting property under a written lease from the owner (lessor). and the lease's expiration during the term of the loan," said Douek "We worked with a lender in mitigating those challenges by accepting, in lieu of the collection of reserves, the requirement to post a letter of credit one year prior to the lease expiration equal to one half of one year's rent, and the use of creative underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. to maximize loan proceeds to the Borrower." |
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