Lamar Blvd Refinance
StackSource recently arranged financing for the cash-out refinance of a stabilized retail property located in Austin, Texas. One tenant is a CBD company that occupies 17% of the total space and 24% of the total revenue. The property was recently purchased with all cash in mid-2022 and the sponsor is looking to restructure the capital stack with the appropriate debt. Senior Directors, Beth Mercante and Zach Wagner, and Associate Director Jaideep Chadha were able to secure the deal for the international borrower with a 5.95% rate fixed for 5 years and amortized over 25 years. There is no prepayment penalty, which was important to the borrower to maintain long-term flexibility on the deal.