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REAL ESTATE MERCHANT BANKING
Los Angeles – Dekel Capital, a Los Angeles-based real estate investment banking firm, has arranged an $17 million of permanent debt on behalf of Orange County, CA-based Core Capital Investments for a cash-out refinance of a coastal mobile home park set on approximately 15 acres located in Southern California, announced Dekel Managing Principal Shlomi Ronen.
The non-recourse senior debt, funded by a bank, has a thirty year term and is fixed for seven years with five years of interest only. “The biggest challenge of the deal was that the Sponsors had a single day to pay off their existing loan without having to incur a severe prepayment penalty, as a result we needed to have a flawless execution of the refinance.” says Ronen. Ronen adds, “Our strong relationship with the lender along with upfront underwriting of the asset enabled us to achieve the desired results.”