Waterway Capital navigated the volatility and dislocation in the capital markets during the first half of the year, closing nine transactions. Additional details can be found below. Waterway remains committed to providing the best capital solutions for owners, developers, and investors of commercial real estate. We are also working closely with clients evolving to the new realities related to COVID-19 to identify creative solutions for their increasing capital needs.
“Aa3 / AA-” Rated City
$116,812,000
- Debt financing for a to-be-built 121,000 square foot public safety building
- 32.7-year term / 22.4-year average life
- Lessee provided a date certain rent commencement
- Structure as a credit tenant loan
Partners HealthCare System, Inc. – Salem, NH
$65,797,000
- Debt financing for the ground underlying a to-be-built, three-story medical office and ambulatory care center
- 31.1-year term / 25.2-year average life
- 1.00x debt service coverage
- Structured with phased fundings to reduce interest carry cost for the borrower
“A2 / A” Rated Big Box Retailer
$63,033,000
- Debt financing for a to-be-built, mixed-use industrial building
- 20.8-year term / 14.9-year average life
- 91.0% loan-to-value ratio
- An insured balloon provided additional amortization
- Structured as a credit tenant loan
FirstEnergy Corporation – Akron, OH
$47,173,000
- Refinancing of an existing loan for a 19-story, free-standing office building
- The building serves as the tenant’s headquarters
- 15.3-year term / 8.3-year average life
- Financing allowed the borrower to monetize a new lease extension
- Structured as a credit tenant loan
County of Tulare – Visalia, CA
$29,642,000
- Debt financing for the remodel of a building for use by two County departments
- 25.6-year term / 17.8-year average life
- 95.2% loan-to-value ratio
- The lease is subject to annual appropriations
- Structured as a credit tenant loan
County of Fresno – Fresno, CA
$18,622,000
- Debt financing for a district attorney facility
- 20.0-year term / 14.3-year average life
- 1.07x debt service coverage increasing to 1.58x over the life of the note
- Structured to accommodate a purchase option in year 10 of the note
“A+” Rated Health Care Equipment Manufacturer
$11,497,000
- Debt financing of various equipment utilized in radiation and proton therapy devices
- 10.0-year term / 7.5-year average life
- 1.14x debt service coverage
- Placement agent assisted client in obtaining a rating from an NRSRO
- Structured as a senior secured note
CVS Health Corporation – Michigan Portfolio
$9,139,000
- Debt financing of two CVS store locations
- 14.8-year term / 8.4-year average life
- An NAIC compliant balloon allowed for additional amortization
- Structured as a credit tenant loan
