Rockfish Funding, LLC Obtains $5-Million CMBS Conduit Loan for Dover Downs Shopping Center, a Retail Power Center in Dover, DE

RF-Blast-Dover-Downs-Shopping-CenterRockfish Funding, LLC. has arranged a $5,000,000 CMBS conduit loan for the refinance of Dover Downs Shopping Center, a 95,717-square-foot power center located at 1165 North DuPont Highway (Route 13) in Dover, Delaware. Route 13 is the primary retail/commercial corridor serving Dover, the second-largest city in Delaware with a population of approximately 37,000 and growing. The center was constructed in 1993 and is 100% occupied. The property is anchored by Best Buy, Michaels and Ashley Furniture. The loan refinanced an existing CMBS conduit loan that was scheduled to mature in January 2016.

The property was originally occupied by Lowe’s Home Improvements, which relocated. The property was rezoned from C-4 to SC-1 to allow the property to be redeveloped into a multi-tenant power center that included the construction of the Best Buy space in what was the former Lowe’s garden center. The former owner, Dover Downs, Inc., completed the redevelopment and re-leasing and then sold the property to our borrower, Millers Dover Downs, LLC.

The transaction was originated by Lawler Rogers, Director of Rockfish Funding, who partnered with ValueXpress to complete the transaction. The deal was completed within 45 days and closed on time, such that the borrower avoided paying double interest on the new and existing loans. This loan was a follow-on to the Tally Ho Shopping Center loan that closed the previous week.

“This transaction is again proof that our strategy to support the Delaware marketplace is firmly rooted,” said Mr. Rogers. “In 2016, there will be over 100 transactions in the Delaware Market surpassing $400,000,000 in debt placements and restructurings, and we plan to work very effectively with property owners, property managers, and CRE professionals to deliver the highest level of service to the community possible.”

The transaction was underwritten by Jim Brett, head of underwriting at ValueXpress. The team was assisted by Robert Wittig of DSM Commercial, the property and leasing manager who pulled together market information and managed the survey process. Finally, the closing was completed on time by Julie Panaro of the Panaro Law Group.


Rockfish Funding, LLC Obtains $9-Million CMBS Conduit Loan for Tally Ho Shopping Center in Wilmington, DE

RF-for-BlastRockfish Funding, LLC has arranged a $9,000,000 CMBS conduit loan for the refinance of Tally Ho Shopping Center, a 25,100-square-foot neighborhood shopping center anchored by a Bank of America banking center that is leased until 2030. The property is located at the corner of Naamans Road and Concord Pike in Wilmington, Delaware, a heavily trafficked intersection in the Brandywine section of Wilmington. The center is 100% leased to ten tenants, some of which have been located in the center for over 20 years.

The transaction refinanced a maturing CMBS conduit loan that was originated ten years ago and provided a return of equity to the borrower. The transaction was originated by Lawler Rogers, Director of Rockfish Funding, who partnered with Value XPress to complete the transaction. The deal was completed within 45 days and closed on time, such that the borrower avoided paying double interest on the new and existing loan. “The transaction proceeded smoothly thanks to the skills that the team members brought to the table, starting with borrower Sharon Miller,” commented Michael D. Sneden, Executive Vice President at Value XPress. Sharon asked ‘what do I need to do’ and completed all her work with a great attitude. The transaction was underwritten by Jim Brett, head of underwriting at Value Xpress. The team was assisted by Robert Wittig at DSM Commercial, the property and leasing manager who pulled together market information and managed the survey process. Finally, the closing was completed on time by Julie Panaro of the Panaro Law Group.

“This transaction marks the beginning of a impressive relationship between Rockfish Funding and the CRE community especially as it relates to placing and restructuring non-recourse debt for sponsors, said Lawler Rogers. “We look forward to working with property owners, property managers, and other CRE professionals to grow our business organically throughout the Mid-Atlantic Region and beyond. This is a great team effort and we look forward to closing Dover Downs Shopping Center as part two of this project this week.”