Dealmaker: Barry Slatt Mortgage Secures $51M

Barry Slatt Mortgage, Los Angeles, secured $50.7 million for hotel, multifamily, office and retail assets.

CEO Daniel Friedeberg worked with Vice President Kelvin Lam and Analyst Marina Elias to close an $18 million loan on a newly constructed Marriott TownePlace Suites in northern California.

A life company lender supplied the 10-year fixed-rate loan, which included an initial funding of $12 million with a $6 million earn out. Friedeberg said Barry Slatt Mortgage will service the loan as part of its $3.8 billion servicing portfolio.

In San Diego, Barry Slatt Mortgage Principal Paul Schroeder secured $11.1 million for Park View Hillcrest Apartments, a 30,000-plus square foot community with 51 units. A national bank supplied the 7-year fixed-rate loan with a 30-year amortization schedule.

Barry Slatt Mortgage Senior Vice President Andrew Mekjavich and Analyst Ben Johnson arranged a $12.5 million loan to refinance a large multi-tenant office property in Sacramento, Calif. The 69 percent loan-to-value loan had a 30-year amortization schedule and no reserves. It closed in less than 40 days.

Adam Folz, Commercial Mortgage Banker at Barry Slatt Mortgage, arranged $9.1 million from a commercial mortgage-backed securities lender for Paseo Lindo, a 60,000-square-foot regional shopping center in Chandler, Ariz. The not yet fully built out center is anchored by Petsmart and LA Fitness with Target serving as a shadow anchor. Local management and leasing company RED Property Management operates the property.

Folz said the moderately leveraged request allowed for a full-term interest-only 10-year loan.