DES MOINES, Iowa, March 16, 2016 /PRNewswire/ — National Asset Services, (NAS) one of the Nation's leading commercial real estate management companies, has successfully led tenant-in-common (TIC) owners of a three-property industrial warehouse portfolio, through an innovative consolidation of ownership, enabling the company to successfully secure a $17,500,000 loan on behalf of their clients.
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The ownership consolidation strategy involved the reorganization of a TIC co-ownership group into a limited liability corporation, allowing investors to retain their interests in the three properties as part of the newly formed entity. The consolidation also enabled the group to meet an impending loan maturity with new financing at a lower interest rate than the original loan.
NAS executives, in hand with TIC counsel, negotiated with the property's original noteholder, in order to obtain a period of forbearance on the maturing loan while directing the consolidation process necessary to qualify for financing as well as identify new capital sources for refinancing the properties. After formation of the newly created entity, the NAS team was then able to present options with the most favorable financing terms.
"This is the 36th time in just the past few years that NAS has delivered a positive outcome for tenant-in-common co-owners facing difficult decisions with limited options," commented Karen E. Kennedy, President and Founder of National Asset Services. "Our team now will focus our expertise and professional tenacity on continued property value enhancement."
The three industrial warehouse properties are a combined 741,169 square feet and are located at 1675 NE 51st Avenue, 3811 Dixon Street and 3901 Dixon Street in Des Moines, IA. The properties are 100% leased to Jacobson Companies, an integrated supply chain solutions company based in Des Moines, IA.
Macquarie US Trading, New York, NY provided the capital for the refinancing. Keystone Mortgage, Los Angeles, CA served as the mortgage broker for the transaction. NAS will continue as the asset manager and property manager for the three locations.
About National Asset Services
NAS is a commercial real estate asset and property management company that works with over 90 investment groups in properties of a nationwide portfolio valued at over $2 billion. The Company, which specializes in coordinating the refinancing process of tenant-in-common properties, manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages solely owned and multi-owner properties. NAS offers a wide-range of management capabilities. They include: Real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing and marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services. For more information about NAS property management and asset management services visit nasassets.com.
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JW Robison
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