A $47.4m CMBS loan UBS Real Estate Securities provided to refinance the Netpark office park in Tampa, Florida is the largest post-recession loan in the nation for a property with Tenant in Common (TIC) ownership, according to Bluett & Associates.
Bluett arranged the 10-year, non-recourse, fixed-rate mortgage loan and has taken over as the property’s manager, staving off foreclosure after no takers emerged when former operator, Daymark Realty Advisors, put it up for sale last year.
The loan – securitized under COMM 2014-UBS4 – carries a 4.9% rate, a DSCR of 2.21 and a 57.9% loan-to-value ratio, Real Estate Capital has learned.
Lenders shunned the refinancing of TIC properties – which are owned by a number of private individuals – following the recession because the underwriting can involve the re-qualifying of dozens of people, said Lori Bluett, principal at Bluett & Associates, in a statement.
In the case of Netpark, that meant 34 tenants and 130 investors. But Bluett said non-recourse loans on these often complex deals are making a comeback.
“Lenders are taking a fresh look at distressed TIC loans on quality properties that have strong equity,” she said. “With billions of dollars in TIC loans maturing throughout U.S. markets in the next three years, it’s crucial for TIC investors to come together.”
Built in 1976, the 929,000-square-foot shopping mall-turned-office building is located at 5701 East Hillsborough Avenue, at the intersection with 56th Street in Tampa, Florida.