ValueXpress obtained a $6.1-million first-mortgage loan that was utilized to refinance existing debt secured by an 118,300-square-foot, 9-building warehouse facility located in the Naples, FL Metropolitan Statistical Area. The property is currently 100% occupied by 21 tenants. The buildings were originally constructed in 1962, 1975, and 1989 and are in excellent condition. The property is located just outside the Naples Municipal Airport and has ideal street frontage that draws an array of different tenants. The loan transaction was structured as a 10-year term based on a 25-year amortization schedule. Loan-to-value was 75% and the property provides 1.40x net cash flow DSCR on actual income and expenses.
“The transaction was completed within a tight time frame,” commented Gary Unkel, the deal manager on the transaction. “The borrower was well organized and responsive, allowing the transaction to proceed smoothly with the guidance of ValueXpress underwriting staff in the time frame that was required. The result was another very satisfied CMBS conduit borrower.”