Edition One
GREEN SHOOTS
Welcome to THG's new regular series where we bring you hopeful glimmers and brighter outcomes, saving properties for CMBS Borrowers.
Second Round of Relief for Indio Shopping Center
You may recall THG published an article earlier this year about successfully restructuring a loan for a retailer in the California Desert. A 300,000+ sf anchored shopping center had been languishing in special servicing since 2017. A Receiver was appointed in 2019, generally signaling game over for the Borrower. But not always...(Read the full TreppWire Report).

PRE-COVID
After 6 months of negotiations, submitting comprehensive analyses and multiple financial models, and providing focused, market metric comparison data, THG worked with the Lender to document: 

1) A five year extension, stretching the maturity from 2024 to 2029 and
2) Interest Only for the entire loan term

With the loan modifications put in place at the end of 2019, the loan was being repaid under the new terms.

COVID HIT
Tenants at the shopping center stopped paying rent and needed abatements and concessions. The owner could not make the required interest payments and was in default of the loan agreement that had been documented just four short months ago.
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GREEN SHOOT Fortunately, THG has a long history of strong and cooperative working relationships with Special Servicers. We called the asset manager directly and made a new forbearance request.
The Lender responded very quickly and granted 6 months of forbearance, allowing the Borrower to access the reserve accounts to cover interest payments. The fee charged by the Lender was minimal, and the total turn around time for resolution was less than 6 weeks.
Vallarta Supermarkets to open new location in Indio

Thanks Herb and team for trusting THG to work on this Project.

Being a CMBS Loan Advisor and making a difference in people's lives is rewarding. We are delighted to see Vallarta under construction and to help create jobs in the area during the pandemic.
About Us
We are CMBS Borrower Advisors with a decade of highly focused expertise, experience and success partnering with clients to catalyze loan resolutions. Our unique skill set, patient negotiating style, and understanding of the Servicer's mindset allows us to get results that may be unavailable to you.
Call David Goldfisher 617.320.0284