Sandmar Retail Portfolio

2700 North Hiawassee Road, Orlando, FL 32818

Property Overview

This investment represents an $8 million 10-year mezzanine loan on the acquisition of six cross collateralized and cross defaulted grocery anchored shopping centers in Florida, North Carolina and Tennessee. The loan was originated by AIG Mortgage Capital. The borrower’s total acquisition price for the properties was $66,825,000. The terms on the KBS loan offer an attractive yield; interest only with prepayment open but subject to yield maintenance and no penalty during the last three months of the term.

The six retail centers together comprise 818,888 sq. ft. and range in size from 104,859 sq. ft. to 172,947 sq. ft. The average occupancy of the portfolio is 91%.

Investment at a Glance

Location: Florida, North Carolina and Tennessee

Property Type: Retail

Investment Type: First Mortgage and Mezzanine

Acquisition Date: January 9, 2007

Initial Loan Funding: $8,000,000

Anticipated Loan Term: 10 years

Square Footage: 818,888 SF

$8,000,000 Total Purchase Price
818,888 square feet Total Rentable Area
Class A Building Class