CommCap Advisors Refinances Two CVS Properties

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Matthew Hoyt with CommCap Advisors recently closed two loans on CVS properties. Both were owned by the same sponsors and financed with the same lender, however it was important to the borrowers that the properties be kept separate and the loans not cross collateralized. Additionally, the leases were not tied to formal CVS corporate guarantees, but rather regional subsidiaries. Matt was able to leverage CommCap’s relationship with one of our life insurance company lenders to get comfortable with the tenant subsidiary and keep these properties separate. Both loans also included a 75 day free rate lock at Application and closed within that timeframe to protect the interest rates in a rising rate environment.

 

CVS #1

Loan Amount: $1,890,000

15 Year Fixed Rate

3.95% Interest

Amortization: 25 Years

Springing Recourse

 

CVS #2

Loan Amount: $1,620,000

10 Year Fixed Rate

3.70 Interest

Amortization: 20 Years

Springing Recourse

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