Real Estate Journal — Pennsylvania — February 8 - 21, 2019 — 13C
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M id A tlantic
P ennsylvania
Loan offers an initial two-year interest only period Duquesne Commercial Funding arranges $11.9M
P
HILADELPHIA, PA — Duquesne Commer- cial Funding announc-
es the suc- cessful clos- ing of $11.9 million in a portfolio re- finance loan for 23 Dol- lar General stores locat- ed through- out Illinois and Indiana. Twelve of the properties in the portfolio are in Chica- go and eleven are in India- napolis. The CMBS
Gerard O’Malley
Dollar General
mercial Funding. “Thanks to our strong relationships across the country, we were able to successfully negotiate an at- tractive rate and terms for our client, and seamlessly close on the loan for all 23 Dollar Gen- eral properties.” “While there is always a con- sistent demand from lenders for strong credit tenants such as Dollar General, the right struc- ture for the loan isn’t a given,” said Tim McGinley , director of business development. “After a conversation with our client about their short and long-term objectives, we structured the loan with an initial two-year managing partner Jona- than Spergel said, “It has been a pleasure observing first-hand Diana’s incredible work ethic and growth as an attorney since she began her legal career with our firm in 2011. She has made sig- nificant contributions to our firm’s litigation practice, in- cluding playing a prominent role over the past several years on a major high-profile litigation matter. We are
interest-only period and a 10- year fixed rate over a 30-year amortization period. This gives our client greater flexibility with the opportunity to manage and maximize their cash flow in the short-term while offering stability in the longer term.” “With the ongoing conversa- tion of a rising interest rate en- vironment, now is a great time to refinance,” added O’Malley. “Capital is looking for place- ment but it is essential to not only source capital, but also create the right structure to meet the client’s objectives, whether that is for one property or 50.” Silva concentrates her practice in environmental litigation, including statu- tory contribution and cost recovery actions, toxic tort claims, and administrative enforcement actions. She also counsels clients on en- vironmental regulatory com- pliance matters as well as permitting related to land development issues. thrilled to have Diana join our partnership.”
Tim McGinley
non-recourse loan offers an initial two-year interest only period, with a 10-year fixed rate and a 30-year amortiza- tion period. The fixed rate was locked at an attractive 205 basis points over the 10-year swap. “With 23 retail properties in two states, our primary goal was to achieve a seamless transaction for our client,” said Gerard O’Malley , managing partner at Duquesne Com- ronmental, energy and l a n d u s e l a w f i r m of Manko, G o l d , Katcher & Fox, LLP (MGKF) , lo- cated in the Philadelphia region. MGKF Diana Silva PHILADELPHIA, PA — Diana Silva has been pro- moted to partner at the envi-
Manko, Gold, Katcher &Fox, LLP names Silva Partner
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