Transfer of ownership of 76 loan portfolio
Current owner/sponsor of 76 shopping center properties totaling approximately $1.2 billion had plans to consolidate ownership of the portfolio under one real estate holding and operating company. The portfolio consisted of 21 CMBS pools with 3 different master servicers and 5 different special servicers and required approval of all servicers.
The $1.2 billion portfolio consisted of 21 CMBS pools with 3 different master servicers and 5 different special servicers. The owner embarked on the transaction in early May 2016 and aimed for a closing of 9/1 on the entire transaction. 1st Service Solutions was engaged to facilitate and expedite the approvals for all servicers on all CMBS loans.
The approvals were received and the transaction successfully closed on 9/1. Per the owner, “this $1.2 billion transaction would never have closed without 1st Service Solutions”.