For the owners and operators of large retail centers, the Global Pandemic has presented challenges not seen since the Great Recession. I sat down with a former borrower of mine to get his perspective on the challenges of the last year and what his outlook is for their assets in the near future.
By way of background, I closed multiple transactions with the borrower both before and after the Great Recession including financing the property we are discussing twice. He asked me not to use his name nor the property’s name because he may have additional negotiations with the existing lender for the remaining term of the loan, which matures in mid-2023.
In short, the property is anchored by a credit, national grocery store on a long-term ground lease with four junior anchors and multiple in-line spaces. All leased up quickly when the center opened in 2003.