May 2015DEAL OF THE MONTH
CMBS Loan Assumption
The $113 million portfolio consisted of various property types, 25 loans with the 4 different Master Servicers, 5 different Special Servicers. On top of that 10 loans needed rating agency approval.
Portfolio of 25 Loans
Totaling $113 million
- The portfolio consisted of 25 loans with the 4 different Master Servicers, 5 different Special Servicers
- 10 loans needed rating agency approval
- The borrower was being recapitalized by a new entity and all of its existing loans required Lender approval for the change in ownership
- Although there were many different approval parties, all approvals must be received by the same closing date
- Due to the new structure of the borrower, the transfer language in the loan documents needed to be modified
Days Until Approvals
The borrower engaged 1st Service Solutions’ team; which has over 9 years of experience in expediting approvals on change of ownership. 1st Service Solutions assigned an entire team to the transaction with one team leader to ensure the borrower received consistent feedback on the status of the transaction at all times. Where possible, 1st Service Solutions ensured the Master Servicers used the same 3rd party underwriters and the same counsel, to bring as much consistency to the transaction possible. The transaction was approved within 60 days of the borrower’s engagement of 1st Service Solutions and the transaction closed shortly after ~ right on time!