Press Releases

LOS ANGELES, CALIF. (August 2, 2010) – – Dominion America Realty Advisors (“DARA”) announces the successful closing of a loan modification and restructuring of the financing on a major Northern California retail shopping mall.  DARA’s Vice President, Loren Thall, negotiated the extension, discount and loan modification of an expired CMBS loan on behalf of the borrower, an experienced retail shopping center owner who owns several commercial properties. 

The 410,000 square foot retail shopping mall, constructed on approximately 30 acres of land in 1985 and 1986, had experienced a severe economic downturn due to the loss of two of its four anchor tenants. DARA, through its borrower advocacy program, was able to reach an amicable conclusion with the special servicer on behalf of the CMBS bond holders to discount, restructure, and extend the original $12,035,000 loan. 

The new financing arranged by DARA provided the borrower with a 21% reduction of the original loan principal and extended the loan term by an additional year at the existing rate. The result was that the borrower was not forced to file bankruptcy, the most likely scenario prior to DARA’s re-negotiation efforts, thus keeping both his credit rating and his good name intact. 

“DARA was able to act efficiently on behalf of the borrower to establish a clear picture of the current situation, and was able to have the existing lender carry back the discounted loan,” commented DARA’s Thall. “I believe this is the first time this has happened in the marketplace”. 

ABOUT DOMINION AMERICA REALTY ADVISORS:

Dominion America Realty Advisors (DARA), a subsidiary of Dominion Mortgage Corporation, is a borrower advocate in the negotiation, extension and discount of existing mortgages.  DARA acts on behalf of the borrower on mature CMBS, bank, and institutional real estate loans. The company has saved borrowers equity in many difficult scenarios in which the lender previously refused to discuss a resolution with the borrower or the borrower’s attorney. DARA has been able to negotiate more favorable terms and reduce principal balances for many borrowers, often saving them from having to file for bankruptcy and helping to protect their credit rating.

Advertisements
  1. Ione
    August 5, 2010 at 10:40 pm

    Thanks for the great help you gave me on my commercial loan modification problem. I encourage others to checkout Dominion’s website at http://www.dominfin.com.

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: