Dockerty Romer & Co’s Joe Hepp tells us that CMBS is now trickling down to bread-and-butter deals. “Borrowers who never would have considered conduit loans are now doing so because lenders are capping borrower expenses,” he says. “Lenders are eager to drum up more business by offering cost-effective products for smaller borrowers.” As that happens, CMBS becomes a more viable option for borrowers. Joe’s snapped with his daughter on Lake Burton, Ga.
Joe recently arranged a $2.2M permanent mortgage loan for an unanchored retail center, Sandy East Plaza, in Jensen Beach. The 12k SF retail center, which was built in 2006, is 90% occupied, with Matress Firm and Sprint as tenants. The conduit deal involved a refi through MH Capital, which also provides the private owners with capital to invest in other Florida properties, Joe says.
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