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Last Updated ( Wednesday, 21 March 2012 11:45 )
DATE_FORMAT_LC2=Wednesday,March 21 2012 12:00:00 am EDT   
Metropolitan Capital Advisors Closes $19.5 Million Financing Package

Dallas  — Metropolitan Capital Advisors (MCA) has secured a permanent financing package with a CMBS lender for the refinance of the Sunwest Portfolio, a collection of 25 single- and multi-tenant properties in eight states.

Twenty of the properties are owned fee-simple, and the rest are subject to ground leases. Rainier Capital Management, a Dallas-based investment firm that has owned the portfolio since 2004, had a maturing conduit note on a larger pool of properties — more than 60 across 15 states. MCA identified a pool of assets to finance into a new permanent mortgage.

Rainier was able to complete nine property sales to pay off the existing debt in full on the same day, according to a press release. This financing and sale structure increased cash flow of the Sunwest Portfolio by reducing the interest rate on the new loan and carving out a pool of properties free of debt.

The management company, Emersons Commercial Management, also based in Dallas, helped close the refinance and sales. Emersons has managed the Sunwest Portfolio for more than 20 years. The $19.5 million permanent mortgage has a fixed interest rate for 10 years. MCA Senior Director Sunny Sajnani was responsible for arranging the transaction.

 

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