Location: Parkville, Missouri
Property Type: Anchored Retail
Loan Type: Tax incentives, Non-recourse
Loan Term: 10 year term
Parkville Commons – Grocery Anchored Retail Loan
This grocery anchored retaial loan paid off a loan placed ten years earlier by Caffrey & Company LLC. The unique features of this loan required the underwriting of the income stream generated from several incentives, a TIF (Tax Increment Financing), a NID (Neighborhood Improvement District) and a CID (Community Interest Development). This added a series of complicated overviews that Caffrey & Company LLC laid out for the lender to analysis with risk mitigation. Only with the experienced background in complex loan underwriting was the lender able to become comfortable with underwriting the income stream generated by these incentives. The grocery anchored retail loan amount was $12,600,000 for 10-years with a 25-year amortization financed through a CMBS (Commercial Mortgage Back Securities – a/k/a Conduit) Wall Street Lender.