The office portfolio closed in fourth quarter 2020 when collections were beginning to decline, and lenders were putting greater scrutiny on vacancy and rent collection issues due to COVID.
Both transactions began in summer 2020 when the U.S. was still on partial lockdown and made both very challenging to get done.
Baxter Fain has been in the debt and equity business for more than 25 years and with Cushman & Wakefield since July 2019. A couple of notable transactions that he and teammate Sarah Dinning recently closed, were a $73 million loan refinance on an office portfolio that provided almost $10 million in cash out in addition to reducing the interest rate by almost 1 percent. This was done in September 2020 when office buildings were very much out of favor with lenders.
Another notable transaction was a refinance of a portfolio of affordable housing apartments located across the country. The cash-out component of each was also critical to both sets of owners to establish the proper business reserves to get them both and their respective businesses through COVID and keep all employees on the payrolls.
These are some of the reasons we selected Fain for inclusion in our first-ever Top Mortgage Brokers and Lenders Awards. These awards recognize industry professionals who have demonstrated the highest standards in commercial real estate finance.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.