SANTA ANA, CA - After extensive negotiations, Santa Ana-based Daymark Realty Advisors has successfully secured a loan refinance on behalf of the investors of Plantations at Haywood Apartments in Greenville, SC. The new loan for the 562-unit apartment complex closed on December 21, 2011. The closing allowed the Plantations’ owners to pay off the existing debt in full that was scheduled to mature at the end of December.
Daymark’s structured finance division and new executive management team secured the refinance with New York City-based Prime Finance through its mortgage correspondent, Northmarq Capital. The new loan of $24,800,000 is a non-recourse, floating-rate loan with an initial term of 36 months and two 12-month extension options thereafter. The loan also features an interest-only period and a flexible prepayment schedule that was attractive to the ownership.
Daymark was very pleased with Prime Finance’s ability to execute quickly and efficiently within an accelerated timeline. The collective effort between the lender, Daymark and Northmarq Capital allowed this transaction to close prior to the maturity deadline as scheduled.
“Daymark was very cognizant of the risks that the owners were facing due to their maturing loan,” says Todd Mikles, CEO. “Our new executive management team was eager to do everything in our power to close this loan. We were also successful in our objective to reinstate investor distributions, which will occur in February. Despite the many challenges in the current lending environment, particularly for those properties that are owned by Tenant In Common (TIC) investors, we were able to leverage our lending relationships to effectively facilitate the refinance.”
In conjunction with the refinance, Daymark successfully restructured the ownership group by merging 21 TIC investor entities into a single LLC structure. The new single-entity ownership structure will allow the property to be operated more efficiently and will make any future financing more readily available.
Daymark Realty Advisors, Inc. is one of the country’s leading providers of strategic asset management and structured finance services to private and institutional owners of commercial real estate. Daymark provides a fully integrated platform of services that focuses on maximizing property value and performance, and offers proven expertise in the repositioning of distressed assets, debt restructuring and property recapitalizations. From six offices throughout the country, Daymark manages a nationwide portfolio of commercial real estate properties totaling approximately 33.3 million square feet, including more than 8,700 multifamily units, valued at $4.9 billion based on purchase price.