According to Trey Brown, executive vice president and commercial lender for GE Commercial, the deal was structured on triple net leases and leasebacks with the Orlando-based Trustreet. He tells GlobeSt.com that another attractive aspect of the deal was the quick turnaround: a 45-day closing.
"The partners are familiar with one another and they remain as one of many very reliable partners we do business with," Brown says. "We put a lot of resources around this and we mobilized a large team quickly to take advantage of the timing. The sooner we could get the assets the better."
The assets in the portfolio still had a life term of between 10 and 15 years on average, with brands including Ruby Tuesday, Taco Bell, T.G.I.F. Friday and Wendy's. "This was a broad spread of concepts we're very comfortable with," Brown notes.
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