BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured financing for a retail portfolio comprised of 104 single-tenant Circle K convenience store and gas station locations across six states: Arizona, Florida, Georgia, Louisiana, North Carolina, and South Carolina.
Tom Kenny, executive vice president, and Josh Boehling, senior vice president, both in BWE’s Irvine office, originated the $45,500,000 loan from a correspondent life company lender. The non-recourse loan features a 5-year fixed rate term with interest-only payments plus a 5-year extension option. The borrower benefitted from low transactional costs with a streamlined closing process that limited third party requirements. In addition, the lender granted rights of collateral substitution, partial release provisions, waived collection of any reserves or impounds and limited carve-outs to the borrowing entity.
“When sourcing financing for this portfolio, we sought out terms that allowed the borrower to move quickly and with confidence by relying on existing third-party reports and pre-approving lease terms and forms, while still ensuring they didn’t have to deal with overbearing recourse provisions,” said Kenny. “By leveraging BWE’s comprehensive roster of correspondent life companies, we were able to deliver optimal results for the borrower that will allow them to execute their long-term business plan.”