Dallas-based commercial real estate firm Metropolitan Capital Advisors (MCA) reports that it has arranged an owner-occupied acquisition loan for the purchase of two single-tenant restaurant buildings located in Pompano Beach and Pembroke Pines, Fla.
The operator of the two Golden Corral restaurants, the firm says in a release, has exercised its lease option to buy the properties.
To facilitate the acquisition, MCA arranged for an 80% loan-to-cost acquisition loan in the amount of $4.5 million. The financing package was arranged on behalf of a partnership controlled by Dallas-based Sun Holdings, one of the largest restaurant franchises in the U.S., operating nearly 400 units across seven brands, including 23 Golden Corral restaurants.
The 60-month acquisition loan has a floating interest rate currently at 3%. Sunny Sajnani, senior director at MCA, arranged the loan with a Florida-based FDIC Bank.
MCA says it completed over $450 million of commercial real estate financing during 2012 and has closed in excess of $8.7 billion of debt and equity transactions since 1992.