Serramonte Center

Perm Loan

865,000 SF Regional Mall

Daly City, CA

A $95 MM, 7-year, fixed-rate forward commitment for an 865,000 square foot regional mall, built in 1968, and anchored by Macy’s, Target, and Mervyn’s. The loan funded when the existing higher-rate loans prepayment penalty burned off. The rate was fixed below 5%, and allowed a substantial amount of the Borrowers equity to be returned. The loan also allowed additional first mortgage funds to be borrowed after the Borrowers ongoing $10 MM rehabilitation and repositioning of the property. Finally, the terms were negotiated to allow up to 50% of the Borrowers interest to be sold to a REIT during the loan closing or within a specified time period following closing.

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