$169,000,000 Blanket First Mortgage 

coastal-portfolio-pictureAltman Warwick arranged a single $169 million loan cross-collateralized by 25 neighborhood shopping centers containing 3.5 million square feet. The financing facilitated a roll-up strategy which provided significant proceeds for immediate capital expenditures and return of a large percentage of invested capital while also substantially lowering the borrower’s weighted coupon and extending the average loan maturity. The properties were widely scattered among 15 different states which required getting the lender comfortable with 25 discrete markets. Altman Warwick orchestrated the closing within 70 days after term sheet execution despite having to perform lease reviews on 350 tenants and reviewing and negotiating 75 third-party reports. Despite the largely non-credit tenant composition and secondary / tertiary market locations, Altman Warwick was able to arrange a 10 year loan at 74% LTV with four years interest-only at a rate in the low 4%.

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