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2300-2600, US-34
FINANCED

PMAT Acquires Retail Property In Oswego, IL With $9.5M Loan

2300-2600, US-34

Retail
135,000 SF
clock iconFinanced 1 year ago
Ethan Freilich
Yaakov Zar
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Summary

Loan
ILLINOIS
Retail
135,000 sqft

The property involved in this transaction is a retail asset located at 2300-2600 US-34 in Oswego, IL. It has a total square footage of 135,000. The landlord for this property is PMAT.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $9,500,000
  • Loan Type: Acquisition
  • Loan Terms: $9.5mm per Line of Credit

Yaakov Zar and Ethan Freilich from LEV Capital acted as the brokers in this transaction. They were able to secure very favorable financing terms for the buyer through a previously negotiated credit facility, despite the current rise in interest rates. PMAT acquired this property through an off-market transaction after another buyer failed to close in 2021. PMAT has a perfect track record of closing every acquisition they have put under contract since their inception in 2003, demonstrating their ability to navigate property and market level challenges over the years. This middle-market investment provides PMAT with a strong base of national anchor and junior anchor tenants, offering attractive in-place yield and multiple value-add opportunities in the near, medium, and long term.

Players

  • All

    3

  • Agents

    2

  • Agencies

    1

Ethan Freilich's profile picture
Ethan Freilich
Lev-image
Senior Financing Broker, Originations Manager
Yaakov Zar's profile picture
$5.3M Sold

Details

Deal Summary
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FINANCED
IMAGE: Ethan Freilich & Yaakov Zar DATE: 06/15/2022 ADDRESS: 2300-2600, US-34 MARKET: Oswego, IL ASSET TYPE: Retail ~ SF: 135,000 LANDLORD: PMAT BROKERS: Yaakov Zar (@YJZar) & Ethan Freilich - LEV Capital (@LevCapital) LOAN AMOUNT: $9,500,000 LOAN TYPE: Acquisition LOAN TERMS: $9.5.5mm per Line of Credit NOTE FROM BROKERS: Through a previously negotiated credit facility, Lev was able to lock in and secure very favorable financing terms despite the rise in the current interest rate market! PMAT acquired this property pursuant to their SOAR Strategy (Select Open Air Retail) through an off-market transaction after another Buyer failed to close in 2021. With this closing, PMAT again maintains a perfect track record of closing every acquisition they have put under contract since inception in 2003—a 1.000 batting average over nineteen years through an array of property level and market level challenges as well as real estate cycles. This middle-market investment in a secondary trade area provides PMAT with an attractive in-place yield from a strong base of national anchor and junior anchor tenants while offering multiple value-add opportunities in the near, medium, and long term.

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Address2300-2600, US-34

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