In a benchmark Northern California deal, Barry Slatt Mortgage manager Greg Gray has arranged a $13 MM mortgage for Browman Development Company on a major retail property located in Cupertino. Thrivent Financial for Lutherans provided the 20-year fixed permanent loan, which was used to purchase the property, as well as buy out the supermarket and release to new tenant 99 Ranch.
“This loan presented a number of significant challenges that took months of heavy-lifting to accomplish. I’m happy we were able to deliver a highly structured loan that met the borrower’s needs,” said Gray, a senior originator with Slatt.
The anchored shopping center is located in a desirable part of Cupertino, near tech giant Apple’s global headquarters. The Thrivent loan included phased funding and earn-outs as the center is being re-tenanted.