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16991 Valley Boulevard

Symetra Life Insurance Company Provides $16M Refinance Loan For Retail Property In Fontana, California
FINANCEDRetail

Symetra Life Insurance Company Provides $16M Refinance Loan For Retail Property In Fontana, California

16991 Valley Boulevard

$16,000,000

Building Size

Asset Type

Retail

Closing

Jul 8, 2022

AI

The retail property located at 16991 Valley Blvd in Fontana, California has undergone a refinancing transaction. The property, owned by Leonard H. Lundin, was financed by Symetra Life Insurance Company for a loan amount of $16,000,000. The loan terms include a 15-year term, a 30-year amortization schedule, and a 4.25% interest rate. The loan is non-recourse, meaning that the lender does not have recourse to the borrower's personal assets in the event of default.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $16,000,000
  • Loan Type: Refinance
  • Loan Terms: 15-year Term, 30-year Amortization, 4.25% interest rate, Non-Recourse
  • Landlord: Leonard H. Lundin
  • Lender: Symetra Life Insurance Company
  • Broker: Michael Kaplan - No Mentioned Agency

Michael Kaplan served as the broker in this transaction. His role was to facilitate the refinancing process between the landlord, Leonard H. Lundin, and the lender, Symetra Life Insurance Company.

Players

Michael Kaplan

Slatt Capital

Broker

$16M

vol

1 deal

Broker
Symetra Life Insurance
Symetra Life InsuranceLender

Leonard H. Lundin

Landlord

$18.7M

vol

2 deals

Landlord

Fontana Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.99%

Cash-on-Cash

-0.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93