Net Lease Capital Advisors is a Boston-based real estate investment and advisory firm providing advanced tax solutions for property owners. John K.C. Hyslip, as the equity investor--with the Net Lease Capital Advisor's team--obtained a mezzanine loan to complete the transaction. President Ted Morandin of Morprop Advisors LLC, who acted as an advisor to all parties, could not speak for UBS' motivations in selling the facilities. The branches total 372,780 sf.

Hyslip tells GlobeSt.com that he sold "$250 million of assets in 2006 and 2007 at premium prices in what might have been the strongest seller market ever. I am reinvesting that capital now in what is a very different, perhaps one might say, lender's market." He adds that "obtaining a mezzanine loan today is a great challenge. The rental bumps were CPI or 1.5%, the lesser. You can't finance uncertain cash flows. So, we obtained an insurance policy structured to make up any difference should CPI fall short of 1.5% per year. Just after going to contract, the parent company, Royal Bank of Scotland, completed its consolidation of, Citizens Financial Group, resulting in credit enhancement." He continues that the insurance company guaranteeing the cash flow and tenant's parent, RBS, are both rates "AA" by Standard & Poor's. "We successfully created a credit strip as necessary collateral for the mezzanine loan."

Hyslip tells GlobeSt.com that the facilities will continues to operate as they have been. "We are excited to establish the kind of relationship with Citizens Financial Group that we have with Sovereign Bank."