Situation:
81,000 square foot unanchored retail center located in Austin, TX
2011 origination, 2021 maturity
Loan amount: $6MM
Post recessionary loan with innovative and more stringent loan covenants
Consideration & Solution:
Purchaser engaged Hart Advisors Group to execute the loan assumption process.
Hart Advisors Group gathered and submitted a full assumption package, along with a thorough executive summary outlining the assumption transaction.
On behalf of the Purchaser, Hart Advisors Group worked directly with the Master Servicer and third-party vendors (i.e. underwriter) and obtained final approval from all the required parties within 51 business days from the date of submittal to the date of approval.
RESULTS Obtained final approval from all required parties within 51 business days