Part 1 of 2
RANCHO SANTA MARGARITA, CA—In cases where landlords know their mortgage is a high-leverage loan, it could create a refinance scenario where ownership is required to inject a large amount of fresh capital, Faris Lee Investments' Nicholas Coo tells GlobeSt.com. As we recently reported, the firm represented both buyer and seller in the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, a legacy-quality shopping center here, for $56.6 million despite a $32-million encumbrance. In part 1 of this two-part exclusive feature, we spoke exclusively with Coo and Faris Lee president and CEO Rick Chichester about retail deals with encumbrances and advising clients with a challenging loan-assumption scenario. In part 2, we speak exclusively with Chichester and the firm's Chris DePierro, about helping buyers see a long-term vision in retail properties.
GlobeSt.com: As in El Paseo's case, how often do you see retail properties encumbered by higher than market loans that need to be assumed?
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
