Daymark Realty Advisors today announced it has successfully modified and secured a four-year extension of a $42 million loan with Bank of America, on behalf of the Tenant-In-Common owners of the 933,387sf Netpark Technology Center in Tampa, FL.
Daymark Realty Advisors ("Daymark") today announced it has successfully modified and secured a four-year extension of a $42 million loan with Bank of America, on behalf of the Tenant-In-Common ("TIC") owners of the 933,387 square-foot Netpark Technology Center, located in Tampa, Florida.
By leveraging structured finance resources through Sovereign Capital Management Group, a long term loan extension and modification was secured. The deal structure included an interest rate reduction and allowed the TIC borrowing structure to remain in place. In addition to securing a loan extension term that is considerably longer than what is typically available from a majority of lenders today, the loan modification also included a reallocation of lender held reserves, which resulted in additional cash flow at no additional cost to the ownership group.
"As everyone is aware, today's lending climate makes it extremely challenging to obtain financing for properties owned by TIC investors. Reaching a successful solution for investors requires the kind of out-of-the-box thinking and creative strategies, tailored to the unique circumstances of each real estate asset, that we employ daily at Sovereign", commented Todd Mikles, Daymark's CEO. "Since the August 2011 acquisition of Daymark, the leadership team has implemented and executed an aggressive plan to stabilize and recapitalize properties and it will continue to focus its resources on finding solutions and creating value for investors."
About Daymark Realty Advisors
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 focus on maximizing property value and performance, and offers proven expertise in the repositioning of distressed assets, debt restructuring and property recapitalizations. For more information, visit www.daymarkrealtyadvisors.com or contact Jennifer Cho at (714) 975-2367.
About Sovereign Capital Management Group
Sovereign Capital is a San Diego-based real estate company with an established history of successful commercial property acquisition and management. Over the past ten years, Sovereign has assisted more than 1,500 TIC and other retail investors with the restructuring of assets negatively impacted by economic changes. For more information regarding Sovereign, visit www.sovcap.com or contact Stephanie Ferran at (619) 294-8989.