Chicago, IL, January 09, 2018 –(PR.com)– Pangea Mortgage Capital (“PMC”), a nationwide commercial lender headquartered in Chicago, Illinois, closed a $5.0 million loan for the refinance of a shopping center located in the greater Chicago metro.
On December 29, 2017, PMC worked with an experienced owner and operator to refinance a defaulted CMBS loan in just seven business days. The debt encumbered two retail shopping centers located in the Chicago area.
The foreclosure process had neared completion and the assets were sold at auction to the creditor and awaiting confirmation, at which point the PMC team was brought in to execute the refinance. The team worked throughout the holidays to structure the deal and provide the necessary refinance dollars for the sponsor to repay its debts and purchase the certificate of sale prior to confirmation.
The fixed rate and interest-only loan has a term of 12 months with one six-month option to extend.