Daymark Secures Loan Modification and Extension For Tampa, FL Technology Center

Jan. 18, 2012 - PRLog -- SANTA ANA, CA (January 18, 2012) - Since being acquired in August 2011, Daymark Realty Advisors has seen its portfolio of approximately 130 assets reinvigorated with new capital and a new leadership team of industry experts. Most recently, the Santa Ana-based company has successfully negotiated a loan extension and modification for NetPark Technology Center, a 910,608-square-foot office and technology complex in Tampa, FL.

The modification included a 12-month extension of the maturity date, with an option for an additional 12-month extension thereafter. The structure was the result of several months of extensive negotiations between Daymark and the lender, Bank of America.  The final structure provides the additional term needed to secure an extension of the major tenant lease and allows the borrower to retain control of property cash reserves.

“We believe this modification is a very favorable outcome for the Tenant in Common (TIC) investors since it provides for additional term as well as an accrual of leasing reserves,” says Robert Giusti, vice president, structured finance. “The interest rate remains very attractive at approximately four percent, which is well below the average borrowing cost for traditional TIC financing.”

With the challenges facing TIC-owned properties in today’s lending environment, Daymark was extremely pleased with Bank of America’s willingness to grant the proposed extension. The collective effort between the lender, Daymark and the TIC owners allowed this transaction to close within the required timeline.

Giusti adds that this is the fifth successful loan restructure/refinance that Daymark’s Structured Finance division has closed within the last 90 to 120 days.  The group is actively working on several other transactions right now that are expected to close in the first quarter of 2012.    

About Daymark Realty Advisors, Inc.
Daymark Realty Advisors, Inc. is one of the country’s leading providers of strategic asset management and structured finance services to private and institutional owners of commercial real estate. Daymark provides a fully integrated platform of services that focuses on maximizing property value and performance, and offers proven expertise in the repositioning of distressed assets, debt restructuring and property recapitalizations. From six offices throughout the country, Daymark manages a nationwide portfolio of commercial real estate properties totaling approximately 33.3 million square feet, including more than 8,700 multifamily units, valued at $4.9 billion based on purchase price. For more information, visit www.DaymarkRealtyAdvisors.com or contact Jennifer Cho at (714) 975-2367.

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Daymark Realty Advisors, Inc. is one of the country’s leading providers of strategic asset management and structured finance services to private and institutional owners of commercial real estate. Daymark provides a fully integrated platform of services that focuses on maximizing property value and performance, and offers proven expertise in the repositioning of distressed assets, debt restructuring and property recapitalizations. From six offices throughout the country, Daymark manages a nationwide portfolio of commercial real estate properties totaling approximately 33.3 million square feet, including more than 8,700 multifamily units, valued at $4.9 billion based on purchase price. For more information, visit www.DaymarkRealtyAdvisors.com or contact Jennifer Cho at (714) 975-2367.