News - 2007
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2007-007
RED Originates $22.5 Million Retail Financing
Red Mortgage Capital, Inc. Retains Loan Servicing
Columbus, OH, April 10, 2007 – Red Mortgage Capital, Inc. originated a $22,560,000 loan to refinance Marketplace at Kapolei, a regional shopping center in Kapolei, Hawaii. The loan was funded through Red’s private label CMBS program.
Built in 2002 and located in the heart of Kapolei, a fast growing, upscale area located just west of Honolulu and known as Oahu's "Second City," Marketplace at Kapolei is considered one of Oahu’s major shopping centers boasting 64,106 square feet of retail space. As part of an overall 200,000 square foot Community Retail Center, the property is shadow-anchored by Safeway Grocery and Longs Drug store, with a tenant mix that includes casual eateries, and personal, medical and financial services.
Red Mortgage Capital, Inc. structured the transaction to meet the borrower’s needs which included a 10-year interest only period, and funding $1MM more than the maximum approved and rate locked at application, in recognition of improved NOI performance achieved by borrower during loan processing. Red will service the loan until its maturity in ten years, thereby providing ongoing relationship management and front line customer service. The property is managed by Colliers Monroe Friedlander, a national management and brokerage firm.
Key Principals Sam Siam and Behzad "Bob" Bendari currently own interest in two other shopping centers, which combined with the subject, total 559,000 square feet. Mr. Siam’s and Mr. Bendari’s work experience includes extensive real estate development, management, and ownership experience of residential and commercial properties in California, Texas, Hawaii, and Illinois.
Frank Pour, Principal Broker of Charter Group who originated the financing with Red from his Westlake Village, California office location said, "Charter Group selected Red Capital Group over other Conduit lenders because we know that they can perform. We certainly look forward to working extensively with Red Capital Group and their professional team on our upcoming projects."
