LOS ANGELES – George Elkins Mortgage Banking Company’s The Hudson Team has secured separate uncrossed loans totaling $15.7 million to refinance a portfolio of four triple-net-leased retail buildings in Nevada and California.
The four long-term permanent, fixed-rate non-recourse loans were secured by retail buildings located in El Centro, CA; Cathedral City, CA; and two in Las Vegas, NV. The buildings range in size from 49,670 to 70,967 square feet and are each 100 percent leased to Cardenas Markets, a second-generation family-owned Hispanic grocery chain with 29 stores in 19 cities in Southern California and Nevada. The retail buildings are owned by Pacific Properties Group, Inc., a Los Angeles-based owner and developer of industrial and retail properties in California, Nevada and Arizona.
“The objective of the ownership was to secure four 20-year fixed loans that were not crossed,” said George Elkins Mortgage Banking Company Principal Jeffrey M. Hudson who arranged the financing. “Lenders typically want to cross collateralize in order to add more security to a loan transaction secured by multiple assets in tertiary markets. By demonstrating to the lender the strength and experience of sponsorship, we were able to obtain the financing the client wanted at very favorable terms.”
The portfolio financing has a loan-to-value of approximately 50 percent and was provided by an Alabama-based Life Insurance Company.
About George Elkins Mortgage Banking Company
George Elkins Mortgage Banking (http://www.gemb.com) has been originating and servicing commercial real estate loans in the Southern California market for more than 80 years. Focused exclusively on arranging debt and equity financing for commercial real estate properties, today George Elkins Mortgage Banking originates in excess of $725 million of loans annually and provides loan servicing functions for our correspondent lenders for a loan portfolio valued at nearly $1 billion. The Hudson team is led by Jeffery M. Hudson, who has arranged more than $10 billion in financing of property types including office, industrial, retail, apartment, hotel, mobile home park, and mini-warehouse. Other members of the team include Kevin James Dinneen, Bryan Stanley Gortikov, Denise Spinelli and Jason Lambertson.