SALT LAKE CITY--()--SilverLeaf Financial (http://www.SilverLeaf-Financial.com) reported hitting a significant company milestone; a recent loan acquisition in the Las Vegas area represents the largest single borrower relationship purchased by the firm to date. The loan has an aggregate unpaid principal balance of $43.7 million, and the associated collateral includes three separate retail complexes, with 17 different retail buildings and five yet-to-be-built pad sites.
“In the case of this recent acquisition, we looked at the leases, the tenants, location and condition of the properties, and it made sense. The underlining collateral of this loan was also very attractive to us.”
“Since starting our business two years ago, SilverLeaf Financial has acquired over $400 million in performing and non-performing loans, $200 million of that was acquired this year alone,” said SilverLeaf Financial CEO Shane Baldwin. “In the case of this recent acquisition, we looked at the leases, the tenants, location and condition of the properties, and it made sense. The underlining collateral of this loan was also very attractive to us.”
The notes for the recent record-breaking SilverLeaf acquisition originated between 2005 and 2009 for the purpose of acquiring and developing 22 retail buildings. All the loans are secured by liens on the real estate and, according to Baldwin, the loans are guaranteed by experienced individuals who have developed similar projects in the Clark County market and are all full recourse obligations. The developments include the Commerce Marketplace Center, the Oquendo Retail Center and the Arroy Place Center.
Commerce Marketplace Center, located in North Las Vegas, Nevada, is a 12.23 acre parcel improved with a single story shopping center, inline retail space, retail pad space, auto repair facilities and fast food pads. The tenants include Taco Bell, Auto Zone, Circle K, Tire Works, Pizza Hut, Tuesday Mornings and Sweet Pea Learning Center. The center is completely built-out and the tenant improvements for all current tenants have been completed. The largest unit is a 25,000 square foot built-out gym. The unit has approximately 90 percent of the tenant improvements installed.
The Oquendo Retail Center is located in Las Vegas, Nevada, and consists of a 1.69 acre parcel improved with a 17,000 square foot, single story retail center (12,000 and 5,000 SF). The center was built in 2008.
The Arroy Place Center, built in 2008, is located in Henderson, Nevada. The completed single story retail center is located on an improved 4.02 acre parcel, with 15,500 square feet of inline retail and a 2,500 square foot pad with a new Taco Bell. There is also a corner pad site where it is anticipated that Kentucky Fried Chicken will build in January 2011.
Baldwin reported SilverLeaf Financial continues to advance its primary goal of purchasing non-performing loans at a discount. The company remains focused on the underlying collateral and the cash flow it produces. SilverLeaf Financial also pays special attention to the borrowers that have guaranteed the loan, and their ability to perform.
About SilverLeaf Financial
Headquartered in Salt Lake City, Utah, SilverLeaf Financial is a private equity firm focused on acquiring performing and non-performing, first position Deed of Trust/Mortgage whole loans and whole loan pools collateralized by commercial real estate. These assets are acquired from the FDIC, regional banks, special servicers and other financial institutions for the purpose of future monetization. For more information, visit the SilverLeaf Financial website, http://www.SilverLeaf-Financial.com.
Distributed by Crowell Public Relations
www.crowelladvertising.com
Facebook
Twitter
LinkedIn
Delicious
Reddit
StumbleUpon
Digg
MySpace
Newsvine
Google Bookmark
Yahoo! Bookmark
Email
Email 
