White Plains, NY — Jeanne Cronin, managing director of Q10 | New York Realty Advisors (Q10NY) announced the closing of four loans totaling $4.515 million on four, free-standing, fast-food/casual dining restaurants located in North Carolina, Georgia and Tennessee. The restaurant chains included an Olive Garden (Darden Restaurants), Arby’s, Wendy’s and Bojangles’. Financing was provided by two different lending sources, a national insurance company and a regional bank. Loan terms ranged from 10 years to 25 years. Both lenders fixed the interest rate for the initial 10-year term at 4.25% to 4.5%. The insurance company provided a fixed-rate reset feature for the remaining 15 years. The properties were acquired by a Long Island-based based real estate family with an extensive portfolio of primarily multi-tenanted commercial properties located in metro New York. This was their first foray into the single tenant arena. They were attracted to the product type by the fact that all four properties are leased to tenants with national or strong regional brands, the leases are triple net and have long lease terms with multiple renewal options, and the locations are in metro areas with strong populations and projected growth. Q10NY is a member of Q10 Capital, LLC, a commercial mortgage banking company. Q10NY worked with Barry Stein of Rohman & Stein Associates, a seasoned broker who has had a long standing relationship with the borrower.
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