MANSFIELD, Texas, Nov. 16, 2016 /PRNewswire/ -- /Texas Real Estate Business/ -- Pioneer Realty Capital, LLC, a leading Texas based Commercial Mortgage Non-Bank Lender, has closed a $4,750,000 loan to refinance the Sierra Court Retail Center located in El Paso, TX.
Many owners and investors of commercial real estate who obtained loans backed by Commercial Mortgage Backed Securities (known as CMBS loans) are experiencing difficulties in securing favorable financing for loans that now due. Some properties no longer meet CMBS underwriting guidelines because of property age, condition or occupancy levels. Pioneer Realty Capital promotes a conventional loan program that targets properties transitioning from CMBS debt. On September 8, 2016, Pioneer Realty Capital closed a $4,750,000 loan to refinance the Sierra Court Retail Center. The loan was 65% loan-to-value with flexible pre-payment options. The sponsor increased net annual cash flows by reducing the interest rate from 6.19% to 3.9%. The sponsor also avoided the typical impounds usually imposed by CMBS lenders. "We are actively reaching out to owners of commercial real estate who are seeking to transition from CMBS debt to more conventional and lower priced debt options." Mr. Charles Williams - Managing Director About Pioneer Realty Capital, LLC - Pioneer Realty Capital, LLC approaches commercial mortgage lending with the client in mind. They understand that each commercial real estate mortgage is unique and many don't fall within general lending guidelines. Business owners and real estate investors frequently need innovative financing structures tailored to a unique situation. Pioneer Realty Capital's objective is to present customized capital structures that address and satisfy the concerns of all stakeholders to achieve successful transaction execution.