Location: Johnson County, Kansas
Property Type: Non-Anchored Center
Loan Term: 10 year term
Stanley Square – Unanchored Retail Shopping Center
This was a “cash out” refinance of retail shopping center through a CMBS (Commercial Mortgage Back Securities a/k/a Conduit) Wall Street lender. One interesting aspect is a Franchisee for Taco Bell wanted to enter into a ground lease and then at the Franchisee expense construct a new building on the ground prior to the loan closed. With the help from Caffrey & Company LLC the lender accepted the ground rent in the loan underwriting prior to the building being completed. This non-recourse loan carried a fixed rate for 10-years with a 30-year amortization.