ValueXpress Arranges $3.1-Million CMBS Conduit Loan for the Refinance of a Walgreens Drugstore in Vermont

ValueXpress has arranged a $3.1-million CMBS conduit loan for the refinance of a free-standing Walgreens located at 476 Canal Street in Brattleboro, Vermont. The transaction paid off an existing CMBS conduit loan that was set to mature in December. ValueXpress arranged the loan to close early in the open prepayment period to capture an attractive interest rate.

“The transaction was a challenge as the location reported declining sales over time. A competing drugstore, Brattleboro Pharmacy, opened up directly across the street from the Walgreens a few years ago and was the only new competition in the market for many years,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “The new store was successfully siphoning business away from the Walgreens.”

“We were able to get the transaction completed by properly structuring the loan to include a full cash flow sweep of the tenant rent to pay down the loan in the event that tenant sales fall below prescribed levels,” said Lawler Rodgers, a Commercial Capital Training Group graduate and President of Rockfish Funding, the mortgage broker on the transaction. This transaction represents the fourth deal that Lawler has completed with ValueXpress.

 

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This entry was posted in CMBS Conduit Loans, Commercial Lending, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , . Bookmark the permalink.

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