NEW YORK CITY-Cushman & Wakefield announced Thursday that it served as the exclusive advisor in arranging the financing of five drug stores. The lender, Natixis, is providing $18 million in debt financing.
The sale comprises four Walgreens' located throughout the state of Michigan and one Rite-Aid in New York. The transaction was structured as two staggered closings to allow the borrower to avoid prepayment penalties. The ten-year senior financing is being provided by Natixis, with $10.8 million having closed in August and the remaining funding of $7.2 million having closed earlier this month.
A Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, EVP, Dave Karson, executive managing director, Chris Moyer, director and Sridhar Vankayala, associate, were the exclusive advisers to the current owner.
“The debt markets are particularly liquid right now, and Natixis offered a very attractive package that met all of the client's needs,” says Karson.
Adds Vankayala, “The strong sales at the stores were attractive to lenders and we were successfully able to negotiate this financing with no crossing requirements except for the Rite-Aid store, which was crossed with one Walgreens property.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
