Remington Financial Group Closing - 282.3 Million for Eclectic Acquisitions
An institutional equity investor has obtained an aggregate of nearly $282.3 million to acquire two separate and diverse portfolios. One consists of 14 office and warehouse buildings. The other contains four independent living properties in two states. In both cases, locally based Remington Financial Group Inc. arranged debt and bridge financing.
With nearly $142.3 million in funding from a global financial services firm, the investor and an operating partner have acquired a 2.7-million-sf office and warehouse portfolio for an aggregate cost of $150 million. The assets are spread across 10 Midwestern and Southeastern states and are being acquired from three separate sellers. The sellers of two of the buildings are the properties' respective occupants. One real estate investment firm is the seller of the other 12 properties.
"Each building is fully occupied by a different single tenant, and all are sale-leaseback agreements," RFG says. "Because all of the tenants are private companies with no public credit ratings, arranging the financing required extraordinary due diligence to make both the buyer and the lender comfortable with the transaction," RFG says. Furthermore, one of the properties, a 1.2-million-sf flex property in the Midwest, represents half of the portfolio, "potentially presenting a big risk."
RFG structured a $108-million non-recourse, permanent 10-year mortgage at a fixed rate of just more than 6 percent, which represented 75 percent of the acquisition cost. It was collateralized by the properties, but not crossed. The same lender provided a bridge loan of nearly $34.3 million to increase the loan-to-cost ratio to 97 percent. This has a five-year term beginning at Libor plus 200 basis points for the first two years, and Libor plus 100 for the remaining term.
In a separate transaction, RFG arranged $140 million in debt and bridge equity financing for the same buyer, in a different operating partnership, to acquire three independent living communities in the Dallas area and a fourth in Kansas City, MO. All are from a single unidentified seller, who developed and operated the facilities. The properties have an aggregate of approximately 1,000 units, are about four to five years old, and have an average occupancy in the mid-80 percent.
"While they are class A assets, they aren't being operated to full potential," RFG says. "The buyer acquired the portfolio at a cap rate below 4 percent, and the business plan is to raise net operating income to an 8.5 percent cap rate over the next two to three years by improving operations and implementing high-margin services, including better quality meals." The borrower has a track record of implementing a similar plan, according to RFG, "which provided the lender with the required level of comfort."
The lender is one of the world's leading financial management and advisory companies. The senior financing is for a three-year term at a floating rate that RFG says is Libor plus 200 basis points. It is joined by a two-year bridge loan from the same lender at Libor plus 450 points. The full funding represents 97 percent of the portfolio's purchase price.
Joel Nathanson
Sr. Account Executive
Remington Financial Group, Inc
8761 E. Bell Road Suite - #103
Scottsdale, AZ 85260
www.remingtonfg.com
www.remingtonfinancialclosings.com www.remingtonfinancialjointventure.com
Office - 480-905-3840
Direct - 480-570-0679
Fax - 480-619-6289
Email - Jnathanson@remingtonfg.com
About Remington Financial Group
For the past 15 years, Remington Financial Group has successfully provided capital and financial services to experienced real estate owners and developers nationwide.
Remington's success is built upon well-established relationships with highly regarded domestic and foreign based capital sources (both private and institutional). Our vast lender network, combined with market expertise and a highly disciplined due diligence and transaction process, means clients benefit from integrated, seamless financing with terms that are often superior to conventional approaches.
Remington works to provide customers with a clear picture of the status of their transaction, as well as any fees associated with the transaction throughout the due diligence process. We work proactively to identify and overcome challenges before they become barriers to a successful close.
Remington Financial Group offers a variety of creative financing options with highly competitive rates for conventional financing, bridge loans, construction loans and hard-money loans while delivering exceptional service throughout the financing process.
Representing clients exclusively, Remington carefully manages the formation of all capital levels so they are structured and tailored for each individual transaction. This process saves clients both money and time while greatly reducing transaction risk. Where other sources were unable to execute at all, RFG has repeatedly delivered refined capital solutions to complex transactions.
Our Financing Programs
Senior Debt/Equity Financing
Mezzanine/Bridge Loan Financing
Joint Venture Financing
Multifamily
Remington Provides
Specialized Funding For:
Joel Nathanson
Sr. Account Executive
Remington Financial Group, Inc
8761 E. Bell Road Suite - #103
Scottsdale, AZ 85260
www.remingtonfg.com
www.remingtonfinancialclosings.com www.remingtonfinancialjointventure.com
Office - 480-905-3840
Direct - 480-570-0679
Fax - 480-619-6289
Email - Jnathanson@remingtonfg.com
About Remington Financial Group
For the past 15 years, Remington Financial Group has successfully provided capital and financial services to experienced real estate owners and developers nationwide.
Remington's success is built upon well-established relationships with highly regarded domestic and foreign based capital sources (both private and institutional). Our vast lender network, combined with market expertise and a highly disciplined due diligence and transaction process, means clients benefit from integrated, seamless financing with terms that are often superior to conventional approaches.
Remington works to provide customers with a clear picture of the status of their transaction, as well as any fees associated with the transaction throughout the due diligence process. We work proactively to identify and overcome challenges before they become barriers to a successful close.
Remington Financial Group offers a variety of creative financing options with highly competitive rates for conventional financing, bridge loans, construction loans and hard-money loans while delivering exceptional service throughout the financing process.
Representing clients exclusively, Remington carefully manages the formation of all capital levels so they are structured and tailored for each individual transaction. This process saves clients both money and time while greatly reducing transaction risk. Where other sources were unable to execute at all, RFG has repeatedly delivered refined capital solutions to complex transactions.
Our Financing Programs
Senior Debt/Equity Financing
Mezzanine/Bridge Loan Financing
Joint Venture Financing
Multifamily
Remington Provides
Specialized Funding For:
Joel Nathanson
Sr. Account Executive
Remington Financial Group, Inc
8761 E. Bell Road Suite - #103
Scottsdale, AZ 85260
www.remingtonfg.com
www.remingtonfinancialclosings.com www.remingtonfinancialjointventure.com
Office - 480-905-3840
Direct - 480-570-0679
Fax - 480-619-6289
Email - Jnathanson@remingtonfg.com
Advisory Services
Use Remington Financial Group's Expertise and Market Knowledge to Make Your Project a Success.
Remington's expert Advisory Services help clients carefully evaluate and restructure transactions that may have existing financing challenges. Our team develops advanced strategies to create new and alternative financing opportunities that can help supplement or replace conventional lending sources.
By providing our clients with access to the latest and most competitive capital sources the market has to offer, RFG's borrowers gain the advantage of a comprehensive perspective from which to choose the widest range of financing products available.
Remington also offers quick access to capital sources that can meet the unique demands of specialty and challenging transactions. Companies that are currently restructuring or emerging from bankruptcy and are in need of recapitalization, or considering expansion through leveraged acquisition, will benefit significantly from our experience and insightful guidance through complex transactions.
Remington Financial Group
Remington Financial Group has built its success upon well-established relationships with highly regarded domestic and foreign based private and institutional capital sources. Our extensive lender network combined with market expertise and a highly disciplined due diligence and transaction process means our clients benefit from integrated, seamless financing with terms that are often superior to conventional approaches.
Throughout the due diligence and deal process, Remington works to provide customers with a clear picture of the status of their transaction and any fees. RFG proactively works to overcome obstacles before they become barriers to a successful close. Delivering exceptional service throughout the financing process, Remington offers a variety of creative financing options with highly competitive rates for:
Conventional financing | Hard-money loans | Bridge loans | Construction loans
Representing clients exclusively, Remington carefully manages the formation of all tiers of capital so they are structured and tailored to each unique transaction. This process saves clients time and money while significantly reducing transaction risk. Time and again, Remington has delivered refined capital solutions to complex transactions where other sources were unable to execute at all.
Remington can help revitalize existing deals that may be at risk with expert Advisory Services or assist with a comprehensive set of Financing Programs including origination, evaluation, transaction structuring, preparation and underwriting, negotiations and coordination of placement and closing processes.
Testimonials
Remington Financial Group in an unsettled market is consistent and stable. Their unprecedented Analysis, Service, Commitment and Communication are what sets them apart. When the recent market is doom and gloom all they want to know is "HOW CAN WE HELP". Whether it be an Investment Opportunity, International Development, or a Challenging Problem, Remington Financial Group stays committed to finding Creative Competitive Financial Solutions.
Because of its expertise with alternative financing, RFG is the only group that will look at certain projects - it doesn't shy away from challenging deals. I work with programs that no one else can work with and I can't do that without a company like RFG
- J. Couch
I was attracted to RFG because the company is fairly aggressive when it comes to making a deal, and it has a good history of recent closes. The people at RFG are responsive and return my email or phone messages immediately. The originators go out of out of their way to answer not only my questions, but questions directly from my clients. Remington's LOI and due diligence policies are spelled right out - there is no confusion. If the client can meet the requirements and has a good deal planned, securing funding through RFG should be no problem.
- C. Hanley
Thanks RFG for your great communication and constant commitment.
- R. Ramsey II
If issues arise with a transaction, RFG always puts forth great effort to recognize it, and immediately responds to our clients with solutions. RFG's servicing of commercial loans and requests during Due Diligence is the fastest I've ever seen. RFG uncovers the true merit of the deal and creates options for financing that traditional sources cannot.
- J. Medlock
When dealing with financial transactions, you need a company that has a proven track record, cares about their clients and understands the importance of each project. RFG not only possess these traits, they also provide many other attributes that make their organization one of the best in the business. I look forward to long and successful relationship with RFG.
- B. Owens
Joel Nathanson
Sr. Account Executive
Remington Financial Group, Inc
8761 E. Bell Road Suite - #103
Scottsdale, AZ 85260
www.remingtonfg.com
www.remingtonfinancialclosings.com www.remingtonfinancialjointventure.com
Office - 480-905-3840
Direct - 480-570-0679
Fax - 480-619-6289
Email - Jnathanson@remingtonfg.com
Advisory Services
Leverage Remington Financial Group's Expertise and Market Knowledge to Make Your Project a Success
Remington's expert Advisory Services help clients carefully evaluate and restructure transactions that may have existing financing challenges. Our team develops advanced strategies to create new and alternative financing opportunities that can help supplement or replace conventional lending sources.
By providing our clients with access to the latest and most competitive capital sources the market has to offer, RFG's borrowers gain the advantage of a comprehensive perspective from which to choose the widest range of financing products available.
Remington also offers quick access to capital sources that can meet the unique demands of specialty and challenging transactions. Companies that are currently restructuring or emerging from bankruptcy and are in need of recapitalization, or considering expansion through leveraged acquisition, will benefit significantly from our experience and insightful guidance through complex transactions.
Remington Financial Group
Remington Financial Group has built its success upon well-established relationships with highly regarded domestic and foreign based private and institutional capital sources. Our extensive lender network combined with market expertise and a highly disciplined due diligence and transaction process means our clients benefit from integrated, seamless financing with terms that are often superior to conventional approaches.
Throughout the due diligence and deal process, Remington works to provide customers with a clear picture of the status of their transaction and any fees. RFG proactively works to overcome obstacles before they become barriers to a successful close. Delivering exceptional service throughout the financing process, Remington offers a variety of creative financing options with highly competitive rates for:
Conventional financing | Hard-money loans | Bridge loans | Construction loans
Representing clients exclusively, Remington carefully manages the formation of all tiers of capital so they are structured and tailored to each unique transaction. This process saves clients time and money while significantly reducing transaction risk. Time and again, Remington has delivered refined capital solutions to complex transactions where other sources were unable to execute at all.
Remington can help revitalize existing deals that may be at risk with expert Advisory Services or assist with a comprehensive set of Financing Programs including origination, evaluation, transaction structuring, preparation and underwriting, negotiations and coordination of placement and closing processes.
Testimonials
Remington Financial Group in an unsettled market is consistent and stable. Their unprecedented Analysis, Service, Commitment and Communication are what sets them apart. When the recent market is doom and gloom all they want to know is "HOW CAN WE HELP". Whether it be an Investment Opportunity, International Development, or a Challenging Problem, Remington Financial Group stays committed to finding Creative Competitive Financial Solutions.
Thanks RFG for your great communication and constant commitment.
- R. Ramsey II
If issues arise with a transaction, RFG always puts forth great effort to recognize it, and immediately responds to our clients with solutions. RFG's servicing of commercial loans and requests during Due Diligence is the fastest I've ever seen. RFG uncovers the true merit of the deal and creates options for financing that traditional sources cannot.
- J. Medlock
When dealing with financial transactions, you need a company that has a proven track record, cares about their clients and understands the importance of each project. RFG not only possess these traits, they also provide many other attributes that make their organization one of the best in the business. I look forward to long and successful relationship with RFG.
- B. Owens
Because of its expertise with alternative financing, RFG is the only group that will look at certain projects - it doesn't shy away from challenging deals. I work with programs that no one else can work with and I can't do that without a company like RFG
- J. Couch
I was attracted to RFG because the company is fairly aggressive when it comes to making a deal, and it has a good history of recent closes. The people at RFG are responsive and return my email or phone messages immediately. The originators go out of out of their way to answer not only my questions, but questions directly from my clients. Remington's LOI and due diligence policies are spelled right out - there is no confusion. If the client can meet the requirements and has a good deal planned, securing funding through RFG should be no problem.
- C. Hanley
Joel Nathanson
Sr. Account Executive
Remington Financial Group, Inc
8761 E. Bell Road Suite - #103
Scottsdale, AZ 85260
www.remingtonfg.com
www.remingtonfinancialclosings.com www.remingtonfinancialjointventure.com
Office - 480-905-3840
Direct - 480-570-0679
Fax - 480-619-6289
Email - Jnathanson@remingtonfg.com
Remington Financial Group, Inc. is a leading investment banking firm looking to finance projects between $500k and $1B.
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