Private lender provides a quick close on Real Estate Loan
Dallas, TX (November 7, 2011) – Rafkin Lending announces the closing of a $12 million loan to a Behringer Harvard entity for the refinancing of a data center located at 1221 Coit Road in Dallas. The data center is 128,000 square feet in size and is fully occupied by Internap Network Services Corporation on a long-term lease.
“We promptly evaluated and closed this loan to meet the borrower’s short timeframe. The building and lease are quite complex, but we were able to assess the issues quickly. The transaction highlights our strengths: expertise in understanding complex situations, speed of execution, and certainty of funding. We are pleased to offer much needed capital in a difficult financing environment,” says Bill Rafkin, principal of Rafkin Lending.
Behringer Harvard and Internap just completed a conversion of the building to a state-of-the-art data center, which Internap will use to increase its presence in Dallas. Internap provides high-performance information technology infrastructure services that enable its customers to focus on their core business, to improve their service levels, and to lower their cost of IT operations. The building has abundant power and telecommunication capacity.
The loan is secured by a first lien and the loan-to-value ratio is within the boundaries set by Rafkin Lending’s underwriting standards. Rafkin Lending seeks to make similar loans to seasoned investors and developers for worthy projects located throughout the country.
About Rafkin Lending
Rafkin Lending makes well secured loans to experienced borrowers seeking to refinance, acquire, or redevelop warehouses, office buildings, retail centers, apartments, and commercial land located in major cities throughout the US. We make loans ranging from $3 to $20 million, with terms ranging from one to five years. Our loans have no personal recourse to the borrower. As a “portfolio” lender, we invest our own money in the loans we originate and we hold onto them through maturity.