DPI Retail completes two cash-out refinances during the second and third quarters of 2013.
In May, DPI successfully completed a cash-out refinance of Expressway Marketplace, a 155,000 square foot grocery-anchored center located in the retail hub of Sonoma County California. The property, purchased by DPI in 2003, is currently being re-tenanted with a mix of national and regional retailers who will join successful anchors FoodMaxx, Petsmart, and Big Lots. The on-book, non-recourse structure was reflective of the lender’s confidence in DPI’s track record of successful operating experience, and allows DPI to earn-out additional proceeds as the property stabilizes. Available spaces range from 1,250 to 14,000 square feet. For leasing information please click here.
Lender Type: Balance Sheet
Rate: 30 Day LIBOR + 2.50%
Term: 7 Years
Amortization: Interest only until stabilization; 30 years thereafter
Prepayment Penalty: None
In June, 2013, DPI completed a second cash-out refinance for its long-time corporate headquarters in Santa Monica, California – The Meridian Building at 15th and Broadway in the heart of this thriving office sub-market. Located within walking distance of two regional hospital facilities, and in the heart of Silicon Valley South, this multi-tenant office property, owned by DPI since 2002, is approximately 20,400 square foot and 97% occupied. Despite being below the minimum threshold for most Wall Street capital providers, the building’s location, occupancy history, and DPI sponsorship resulted in a loan from a major investment bank with aggressive pricing.
Lender Type: CMBS
Term: 10 Years
Amortization: Interest only for 3 years; 30 years thereafter
Prepayment Penalty: Defeasance
Both transactions were brokered by George Smith Partners.
DPI owns and operates a portfolio of approximately two million square feet. Visit our property portal here.
Projects Under Development
DPI continues to develop a presence in thriving communities. Read about our planned projects here.
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