Logan– Led by president and founder Joel J. Gorjian, commercial real estate financial advisory and mortgage origination firm Uber Capital Group, LLC has sourced an $11 million, 10-year term permanent acquisition loan for the purchase of the Cache Valley Mall in Logan. The client was a private national commercial real estate investment group. Uber sourced the financing from a regional bank based in Utah.
National real estate investor Gorjian established Uber in late 2016. The company is based in Great Neck, New York and operates nationally, with its main focus on the Southwest, Midwest, Northeast, and Southeast markets. To date, Uber has provided in excess of $100 million worth of commercial real estate loans.
“We have obtained the loan for the Cache Valley Mall acquisition from a regional Utah bank at 4.85% rate, 75% loan-to-value (LTV) ratio, and 25 year amortization. By utilizing our knowledge of the retail market and long-standing relationships with regional lenders, we were able to close this loan for the borrower in less than two months,” said Mr. Gorjian.
The 505,000-square foot Cache Valley Mall is located at 1300 North Main Street in Logan, a rapidly growing community and one of America’s top 25 “micro-metropolitan” areas. The town serves as the regional retail hub for northeast Utah, as well as the home of Utah State University and its nearly 30,000 students. Located on one of the busiest intersections in the state, Cache Valley Mall offers a strong lineup of retail stores, as well as an attractive selection of entertainment and dining options. The center currently has more than 50 tenants, including anchors JCPenney, C-A-L Ranch Store, T.J. Maxx, The Home Depot, and the University Stadium 6 multiplex movie theater.
Uber assists property investors in planning, negotiating, and sourcing debt and equity financing. As part of its consulting services, Uber sources acquisition, permanent, and interim financing; construction financing; debt recapitalization; lender financing; and note financing for all types of commercial properties, including single-tenant retail, neighborhood shopping centers, regional malls, mixed-use, office, medical, multi-family residential, warehouse, and industrial facilities.
“Our experience in negotiating financing, refinancing, and acquisitions of our own commercial properties nationwide allows us to identify the most beneficial funding sources for other real estate investors and developers. We frequently work with individual investors and boutique ownership firms that lack sufficient experience and national reach to obtain debt financing from varied sources,” said Mr. Gorjian. “There is a strong need, particularly in the secondary and tertiary markets, for a financial advisor with extensive national ownership and investment experience. We provide this level of industry know-how,” he added.
Uber’s lending advisory projects showcase the advantage the firm offers due to its relationships with a network of financial institutions throughout the U.S., especially in Utah, the Carolinas, Ohio, Indiana, Iowa, Michigan, Illinois, Massachusetts, and New York.
In addition to the acquisition loan for The Cache Valley Mall, Uber’s recent transactions included the $7 million acquisition loan for the Conestoga Mall in Grand Island, NE; the $14 million acquisition loan for The Shops At Ithaca Mall in Ithaca, NY; the refinancing of the Alameda Shopping Center in Tulsa, OK; the $2 million acquisition loan for the Ridgeland Mall in Ridgeland, Mississippi; the $15 million acquisition loan for The Shops at Fallen Timbers in Maumee, Ohio; the permanent financing for the Landings Shopping Center in Lansing, IL; and permanent and mezzanine loans for several other retail and mixed-use properties in Ohio, Iowa, and North Carolina. Uber also sourced a $380,000 bridge loan for a mixed-use property in Nassau County on Long Island in New York.
Uber Capital Group is headquartered at 60 Cutter Mill Road in Great Neck, NY. Joel Gorjian may be reached at either 516.5083636 or firstname.lastname@example.org. Additional information on the company may be obtained at www.ubercapgroup.com