Capital Available for Walgreens Mortgage Loans – Commercial Real Estate Investment Banker Earmarks $80mm for Walgreens Credit Tenant Lease (CTL) Loans.

CRE NEWS:
Jan 31, 2012

Commercial mortgage lender and real estate investment banking firm, MasterPlan Capital, has determined its 2012 capacity for credit tenant lease lending against Walgreens stores to be $80,000,000.00. 

Walgreens is a popular tenant among single tenant, triple net (NNN) investors and MasterPlan’s ’12 business plan allocates $80mm in capital for CTL loans for the pharmacy chain.

The firm will consider Walgreens CTL loans with a balance of $3mm or more but prefers portfolios of 3 or more stores with a loan balance of $15mm or better. MasterPlan also noted that it will originate loans against ground leases and construction projects if the numbers work but prefers purchase and refinance loans for fee simple, existing locations. The company’s business plan also revealed that it will shun Walgreens leases with less than 10 years left on them and will instead look to make loans against leases with at least 15 years left on the first leg. 

Walgreens is just one credit mentioned in the firm’s 2012 strategy and their plan noted that it can make loans against almost any tenant that has a long, net (NNN, NN or bondable) lease and an investment grade credit rating (BBB- or better by S&P, Ba1 or better by Moody’s).

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