| How do tenant-in-common investors roll? If they’re the 18 owners of Hanford Mall, the answer is right into a Delaware LLC. That’s how Passco Cos closed a complex refi of the Kings County regional mall. |
| It’s such an achievement that it dwarfs VP of strategic investments Alan Clifton. He says it took just 19 days from commitment of the loan to funding, and that included getting documents executed by 18 individual owners. With potentially as many as 35 separate owners, TIC investments are notoriously difficult to refinance with lenders who prefer to deal with a single borrowing entity. Passco negotiated the $25.5M, 10-year fixed-rate loan from Cantor Commercial Real Estate and finalized documents for the owners to roll up from the TIC to the Delaware structure. (No sales tax and refi'ing TICs. For the smallest state, she's sure a catch.) |
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