Private lender closes loan in 16 days
Dallas, TX (September 19, 2012) – Rafkin Lending announces the closing of a $1,930,000 loan to WFP Lawndale, LP, an entity of Wingfield Partners, LLC. Wingfield intends to rehabilitate and re-lease Lawndale Shopping Center, which is located at Lawndale Avenue and South 75th Street in Houston. The need for financing arose quickly and Rafkin Lending moved swiftly to provide it.
“We are very pleased to finance the makeover of Lawndale Shopping Center, and to work with Wingfield Partners. Wingfield has the creativity, experience, and smarts to successfully renovate the Center. It took us sixteen days to the close the loan, from a handshake to a funding. The loan highlights the qualities of Rafkin Lending: expertise in analyzing real estate, sound judgment in evaluating a turn-around, and financial strength in providing certainty of funding. We specialize in lending on high quality properties that are being rehabilitated,” says Bill Rafkin, principal of Rafkin Lending.
Lawndale Shopping Center was built in 1998 and is located in a densely populated area inside Loop 610, near I-45, and five miles north of Hobby Airport. The area has a shortage of retail space, most of which is owned by institutional investors. Wingfield saw an opportunity to update and re-anchor the Center to attract new tenants.
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. It seeks to make similar loans and provide commercial development financing to seasoned investors and developers for worthy projects located throughout the country.
Larry Peters of Kinghorn, Driver, Hough & Co. in Houston represented Wingfield Partners and facilitated the transaction.
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. Its loans range from $2 million to $20 million, with terms of one to five years. Its loans have no personal recourse to the borrower. As a “portfolio” lender, Rafkin Lending invests its own money in the loans it originates and it holds onto them through maturity.
Since inception in mid-2011, Rafkin Lending has funded $23 million of loans secured by land, office, and retail centers located in Texas and elsewhere.