Karlin Real Estate Provides Security National Properties With $37.9 MM Loan for Portfolio Ref
FOR IMMEDIATE RELEASE CONTACT: Bruce Beck/DB&R
KARLIN REAL ESTATE PROVIDES SECURITY NATIONAL PROPERTIES WITH $37.9 MILLION LOAN TO REFINANCE 1.6 MILLION-SQUARE-FOOT PORTFOLIO
LOS ANGELES, November 14, 2014 – Karlin Real Estate has provided Security National Properties Funding III, LLC, an affiliate of Eureka, CA-based real estate investment company Security National Master Holding Co. with a $37.9 million credit facility to refinance six commercial real estate assets located throughout the country.
Karlin’s financing includes a $25.8 million bridge loan secured by a five-property, 1.4 million-square-foot portfolio of office and retail properties in Minnesota, Mississippi, Texas, Illinois and Michigan. Karlin, also provided a $12.1 million loan to refinance a stabilized 184,608-square-foot office property in Louisiana. Security National Properties, which filed for Chapter 11 Bankruptcy Protection in October 2011, is restructuring its portfolio of 10 regional shopping centers and 21-multi tenant office buildings located in 15 states as part of its bankruptcy exist strategy. Colony Capital is refinancing the remaining assets in the Security National Properties portfolio.
“It was critical to Security National’s bankruptcy exit plans for us to execute the financing simultaneously with Colony Capital on the court approved date,” said Larry Grantham, co-managing director of real estate lending for Karlin Real Estate. “This was a very complicated and highly structured financing with many moving parts.”
About Karlin Real Estate
Karlin Real Estate (http://www.karlinre.com) is a Los Angeles-based real estate investment firm that focuses on acquiring and financing value added commercial properties, bundled assets as well as performing and non-performing debt secured by real estate throughout the United States and Western Europe. Through its dedicated debt platform, Karlin has also provided more than $600 million in senior and mezzanine financing for the acquisition and refinancing of opportunistic and transitional real estate assets throughout the United States. Karlin Real Estate is an affiliate of Karlin Asset Management, a private investment firm with more than $1.5 billion in unleveraged capital under management.
Attachment: Alliance Bank Building in St. Paul, MN