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Aetna was retained to place permanent financing for a cash out.
The property is a renovated 82,064 square feet IMAX theater.
The challenges were the tenant was not investment grade, the adjacent mall was 37.9% occupied & the sponsor was seeking a 75% LTV, on a property that was difficult to value.
The sponsor purchased both the mall & movie theater in 2014, for $13,000,000 & invested an additional $3,000,000 in TI for the theater.
The business plan on the adjacent mall was credible enough, the lender assigned a reasonable value on the property, agreed to loan $20,500,000, equaling 75% LTV, 10 year term & a rate of 4.38%.
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