Rockfish 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.”