FORT LAUDERDALE, FL-In an unusual refinance deal, Gateway Centre in Lighthouse Point has secured $6.4 million in discounted payoff, or DPO, financing. The deal has several twists and turns that signals how the capital markets have shifted.
Howard Taft, senior managing director and Charles Penan, director of Miami-based Aztec Group, arranged the financing. Penan tells GlobeSt.com the property was acquired several years ago with an acquisition loan from Washington Mutual Bank before the US Office of Thrift Supervision seized it and placed it into receivership in June of 2008.
“The loan was sold several times," Penn explains. "JP Morgan sold all the notes in one pool, and Gateway Centre was 100% performing. Gateway got about a 10% discount off the face value of the note to close by the end of the year.”
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