Maverick Commercial Mortgage Closed A $2,550,000 Acquisition Loan on a 28,240 Square Foot Retail Property Located in Chino Hills, California
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Benjamin L. Kadish of Maverick Commercial Mortgage is proud to announce the closing of the acquisition loan for a 28,240 square foot single-tenant retail property located in Chino Hills, California. The subject property is a 28,240 net rentable square foot 99 Cents Only store located at 4050 Chino Hills Parkway in Chino Hills, California. The sponsors acquired this value-add opportunity well below replacement cost with a well below market rent. The current rent is 90% below market, providing for significant future upside. The 28,240 square foot store was originally built for Alpha Beta, which allows for multiple re-tenanting strategies or even sub-dividing the space. 99 Cents Only has no options remaining and does strong sales at this location (+/- $5M). The acquisition allows for multiple exit strategies including bringing 99 Cents Only to market or re-tenanting the space with other tenants. The collateral is part of a larger center that is 100% occupied with Grocery Outlet (NASDAQ: GO) recently signing a lease for the Big Lots space at market rents. Big Lots did not have any options left on their lease.
The 24 month bridge and acquisition loan was limited to 10% recourse. The loan featured an interest reserve and three extension options each for a period of 12 months. The loan had a 12 month minimum interest provision. The loan was funded by a national bridge lender.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to
$50,000,000 for its middle market real estate developer and investor clients.
Please contact Benjamin L. Kadish at 312-268-6000, 312-953-4344, or at ben.kadish@mavcm.com.