National Asset Services Delivers Lending Source For Refinancing Florida Retail Property

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Nov 20, 2018, 08:45 ET

FT. MYERS, Fla., Nov. 20, 2018 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate management companies and specialists in providing loan maturity solutions, has successfully delivered a lending source to investors at Market Square, a regional power center located in Ft. Myers, Florida.

Built in 2004, and acquired in April 2005 by the TIC co-ownership group, the retail property features Cost Plus, Petco, Michael's and Dollar Tree. Market Square retail stores account for 65,688 square feet of the approximately 1.1 million square-feet of total retail located at the intersection US 41 (Tamiami Trail) and Daniels Parkway.

Because options for refinancing the tenant-in-common (TIC) retail property in today's marketplace are limited and disadvantageous, NAS strategically guided ownership, consisting of 13 TIC investors, through an innovative refinancing strategy that involved reorganizing and consolidating the TIC group into a new limited liability company. The formation of the newly created limited liability company enabled ownership to take advantage of an IRS code that enabled the contribution of the property to the new ownership entity without realizing a gain or loss. The new ownership entity then became the borrower under a new loan.

NAS worked with Keystone Mortgage Corporation executives, Nick Viscount, Senior Vice President and Tim W. Winton, Senior Vice President, to secure financing for Market Square shopping center. Keystone Mortgage is a California-based company, known for its expertise as a commercial financing advisor and is an example of NAS' network of highly reputable industry resources.

"Despite challenging circumstances, we were pleased to forge a pathway on which our clients could continue as investors in the property," commented Karen E. Kennedy, President and Founder of National Asset Services. "We have a strong reputation for closing, which was a key factor in securing a capital source for refinancing the asset."

Built in 2004, and acquired in April 2005 by the TIC co-ownership group, the retail property features Cost Plus, Petco, Michael's and Dollar Tree. The retail stores account for 65,688 square feet of the approximately 1.1 million square-feet of total retail located at the intersection US 41 (Tamiami Trail) and Daniels Parkway. The area serves as one the primary shopping destinations for residents of Ft. Myers.

National Asset Services will continue serving as the asset manager for Market Square while Saint Louis-based Sansone Group, has assumed property management responsibility for the property.

About National Asset Services (NAS) and NAS Investment Solutions
NAS is a commercial real estate management company that works with over 90 investment groups in properties of a nationwide portfolio valued at over $2 billion. The company manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages solely owned and multi-owner properties. NAS offers a wide-range of asset management capabilities. They include: Real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.

Headquartered in Los Angeles, California, NAS operates regional offices in Orlando, FL and Austin, Texas.

NAS Investment Solutions (NASIS) was established to leverage the company's vast experience in investment property management by identifying, acquiring and enhancing commercial real estate investments across all sectors of the real estate industry. NASIS' most recent investment offering, open to accredited investors, is a Class-A, industrial office property occupied by a single tenant with a A+ credit rating. The tenant is on a triple net lease and the investment offering is structured as a Delaware Statutory Trust (DST) and eligible for a 1031 exchange.

For more information about NAS and NASIS, visit nasassets.com or nasinvestmentsolutions.com

JW Robison
310-795-8985
[email protected]

SOURCE National Asset Services