Dallas-based Metropolitan Capital Advisors (MCA), has successfully secured a permanent financing package with a CMBS lender for the refinance of the Sunwest portfolio—a collection of 25 single and multi-tenant properties scattered across 8 states.
MCA is a real estate financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets.
The sponsor, Rainier Capital Management, which owned the portfolio since 2004, had a maturing conduit note on a much larger pool of properties (60-plus assets across 15 states). MCA identified and carved out a select pool of assets to finance into a new permanent mortgage.
The sponsor also completed the sale of nine properties to pay off the existing debt in full which increases cash flow of the Sunwest portfolio by substantially reducing the interest rate on the new loan and carving out a large pool of properties free and clear of debt
The $19.5 million permanent mortgage has a fixed interest rate for 10 years. MCA structured the financing on a 30-year amortization for the fee-simple properties while placing shorter amortization periods on the ground lease properties.