Pielet, for instance, is practically writing
her own ticket, or rather loan documents,
these days. Certainly her schedule is full,
running from one closing to another.
Recently, she organized financing for two
regional shopping malls. One was with Key
Bank to arrange acquisition financing for
the Lakeview Square Mall in Battle Creek,
MI, a 559,000-square-foot shopping mall
anchored by Macy’s, Sears, and JC Penney.
Then Pielet refinanced the Holiday Village
Mall in Great Falls, MT by obtaining $36
million in CMBS debt for the property.
Spec industrial, though, is where the real
action is. “Right now I’m having the easiest
time doing spec industrial deals,” she
says.”There was a lack of building in the past
few years and vacancy has dramatically
At the same time, she continues, lenders
are having a hard time finding quality insti-
tutional-grade industrial products and they
are looking for new construction—which in
Chicago tends to be spec.
The best providers, in her experience,
are the banks, something that was not
always the case. “We are seeing a lot of term
loans with banks right now,” she says—five,
seven and 10-year loans depending on
credit and leverage and recourse.
creativity, as long as it
doesn’t hurt the bank.”
In the past, Pielet would frequently turn
to CMBS and life for such transactions. “I
never used to use banks for anything other
than bridge and construction finance—now
I’m using them for permanent financing.”
“We’ve also started doing more perma-
nent financing with local banks,” she con-
tinues. Many of these institutions, she says,
have put balance sheet programs in place
to make longer-term money available.
Pielet has done perhaps two or three
CMBS deals and two life deals in the past
year, but that’s nothing compared to her
previous track record when she was the top
local producer for a major life company.
“With bank financing, you have carte
blanche in terms of creativity, as long as it
doesn’t hurt the bank,” Pielet says.
Years and years of
experience. That’s what
you’ll find at Oak Grove.
At Oak Grove, we’ve done more than finance properties. We’ve
owned and operated them. We understand your needs, and can
respond and deliver quickly and dependably. And we’ve got
decades of experience with Fannie Mae, Freddie Mac and HUD.
See what this unique combination of experience can do for you
and your projects.
Call 763-656-4500 or visit oakgrovecap.com today.
Seniors Housing | Affordable Housing | Market Rate Housing
Trust in the strength of the Oak.