Dealmaker: Barry Slatt Mortgage Secures $48M

Barry Slatt Mortgage Co., Los Angeles, secured $45.7 million for hotel and retail assets.

Slatt Senior Vice President Greg Gray, Commercial Mortgage Banker Daniel Yeghiazarian and CEO Dan Friedeberg arranged a $32 million bridge loan secured by the 61-key Park James Hotel in Menlo Park, Calif.

Park James Hotel

The bridge loan gave the private investor borrower an interest-only loan with no exit fee and a loan structure that allowed maximum cash flow as the hotel reaches stabilization.

A debt fund provided the non-recourse three-year fixed-rate financing.

In Fairfield, Calif., Slatt President Michael Kaplan closed acquisition financing for Gateway Courtyard shopping center. The center is a four-building multi-tenant retail property totaling 83,000 rentable square feet. Petsmart, Sportman’s Warehouse and Barnes & Noble anchor the center and national tenants including Chipotle, Verizon and Cold Stone Creamery occupy the inline space. The center is across the street from Solano Mall, the largest retail complex serving the Fairfield market.

Kaplan secured a $6.4 million non-recourse 15-year fully amortizing loan for Gateway Courtyard. The fixed-rate bank loan was rate-locked at application at an all-in rate under 3.50 percent.

Kaplan also arranged a $7.3 million commercial mortgage-backed securities loan for a 78,000-square-foot regional shopping center in Goodlettsville, Tenn. near Nashville.

The borrower received 10-year fixed-rate financing with a 73 percent loan-to-price ratio. A CMBS lender provided the sub-4 percent loan, which included two years of interest-only payments and capped ongoing reserves for tenant improvement and leasing commission for the borrower. Slatt also worked with the buyer on its disposition and loan assumption for the sale property in the 1031 exchange transaction and will service the loan as part of its $4.26 billion servicing portfolio.