Massey Knakal Capital Services has closed the refinancing of a retail property leased to Office Depot in Oklahoma City, OK., owned by the Manhattan-based Bo Family Holdings, LLC, The Mortgage Observer has learned.
A life insurance company that specializes in small loans has provided a 15-year $2million loan with a fixed rate of 5 percent on the 20,000-square-foot building at 2724 Northwest Expressway.
Obtaining a loan for a borrower in Manhattan for a property which is located approximately 1,500 miles away was a “challenge,” said in a prepared statement Massey Knakal Capital Services First Vice President, Bruce Whipple, who exclusively handled this transaction. Another issue, Mr. Whipple said, “was that there was only six years left on the original lease term to Office Depot, who had been downgraded from a credit perspective. That was a non-starter for several lenders.”
The owner has just put on the market the property, which is listed by Sperry Van Ness for $3.4 million and is on sale with an assumable mortgage.