NEW JERSEY—Deerwood Real Estate Capital recently closed on a $7.7 million loan to refinance a 36,000-sq.-ft. retail center in Atlanta, Ga., which was 100 percent occupied at closing.
Deerwood was able to secure a $2 million cash-out above the existing loan for the borrower, and locked a 10-year non-recourse loan with a 30-year amortization at a competitive rate. Joe Hercenberg negotiated the deal.
“Deerwood continues to grow its platform throughout many cities around the country,” said Hercenberg. “We have been extremely successful in closing many aggressive loans throughout the southeast, and we are excited to be building out our national platform, which gives borrowers certainty of execution.”