Colliers' Closings, Home Building
Colliers arranged a $2.8M loan to refinance a Best Buy in Visalia, but broker Mandy Pakes admits finding financing was a feat. In the days of online shopping, the tenant doesn't have the best credit--and it's wedged in remote Central Valley. She and broker Bob Kincheloe went to 22 lenders and only three were really interested. They saw the silver lining: In markets like Visalia or Modesto, people aren’t as tech savvy as San Franciscans, she says, and the older generation would rather visit brick and mortar than browse online. Plus the 30k SF Best Buy is the only one within 60 miles. (Mandy's 31 and buys everything on Amazon; she’s admittedly stepped foot into one Best Buy in the past six years.)
Mandy and Bob (snapped here at our Data Center Boom event last week) also just closed on a $2.5M loan to refinance a retail center in Seaside at 1962 Del Monte Blvd. The Seaside retail market is difficult to develop because water is so scarce, and as a result, some tenants are forced to buy water credits. Because of the area's low vacancy, a lender bidding war resulted in a great 3.99% interest rate for a fixed-rate, 10-year term, 30-year amortization, non-recourse loan with a regional bank.
Mandy took a money break and flew south to Mexico over Prez Day weekend--but it wasn't for vacay. She was the sole Bay Area Colliers employee out of 32 across the US and Canada to erect two houses in two days via Homes of Hope in Tijuana. Colliers last participated in the program in 2009. Mandy's got experience with a hammer; while at UW-Madison she went to Miami for a week for Habitat for Humanity. Here, she's with one of the little girls whose new house she built (we hear she was a great painting helper). Mandy also squeezed in some great colleague bonding, too, working side by side with Colliers CEO Doug Frye. On her home turf she fits in networking through her college's real estate alumni program (some 25 cheeseheads showed up to a recent lunch).
