Extensia Financial Facilitates $28.9 Million in Commercial Real Estate Loans

May 15, 2019 – Extensia Financial, one of the nation’s largest credit union service organizations (CUSO) focused on commercial real estate lending, successfully led the closing of 11 commercial...

May 15, 2019 – Extensia Financial, one of the nation’s largest credit union service organizations (CUSO) focused on commercial real estate lending, successfully led the closing of 11 commercial real estate loans totaling $28.9 million in March and April. The loans consist of seven commercial and four multifamily assets located in Alabama, California, Connecticut, Florida, Indiana, Mississippi, New York, North Carolina and Texas, and represent the breadth and depth of Extensia’s nationwide network and experience in the industry as credit unions look to the CUSO for lending opportunities and advisory services.

“Demand for commercial real estate lending opportunities from credit unions continues to grow, and we were so pleased to welcome two new credit union partners into our robust network across the U.S. through the funding of these recent deals,” said Craig Page, president and CEO at Extensia Financial. “We have the tailwinds of a healthy economy at our backs, and real estate market fundamentals are strong heading into the second half of the year. As credit unions seek more lending opportunities that fit their risk profile, our team is ready to leverage our experience to help identify new ways credit unions can diversify their real estate portfolios.”

The commercial property loans include:

  • Hudson, New York. The largest of the recently funded loans was a $6,050,000 transaction for a multi-tenant retail center. New Mexico-based Sandia Area Federal Credit Union funded the transaction in partnership with six additional credit unions. Sized to 58.7% loan-to-value (LTV), the terms included a 1.30 debt-service coverage ratio (DSCR) and $675,500 cash out.
  • Boynton, Florida. Extensia worked with Baltimore-based Securityplus Federal Credit Union and four additional credit union partners to successfully place a $4,950,000 loan on a Walgreens-anchored, multi-tenant retail center. The loan was sized to 66% LTV and a DSCR of 1.25.
  • Trafford, Alabama. Extensia secured a $700,000 loan for a single-tenant retail property (Dollar General). Loan terms include 64.4% LTV and a DSCR of 1.35. Providing this loan is Alabama One Credit Union, a new credit union partner for Extensia.
  • Houston, Texas. Energy One Credit Union was also welcomed as a new partner and helped secure a $1,065,000 loan for a storage facility at 70.53% LTV and with a DSCR of 1.41.
  • Fort Wayne, Indiana. Extensia secured a $1,907,500 loan for a multi-tenant office property. Loan terms include 70% LTV and a DSCR of 1.36. Providing this loan is Illinois-based Great Lakes Credit Union, Extensia’s majority owner.
  • Florida, North Carolina and Mississippi. Extensia funded a $3,000,000 loan at 25.9% LTV for a multi-property portfolio of industrial assets located in three states. The loan DSCR is 3.19.
  • Fremont, California. Great Lakes Credit Union also funded a $3,600,000 loan for a multi-tenant property at 55.1% LTV and a DSCR of 1.26.

The multifamily loans include:

  • Panama City, Florida. Extensia secured a $1,575,000 loan at 75% LTV and DSCR of 1.61 for a multifamily property. The lending credit unions on the transaction include Tennessee-based Old Hickory Credit Union and three others.
  • Odessa, Texas. A $3,075,000 loan at 75% LTV and 1.36 DSCR was funded by Securityplus Federal Credit Union and three other credit union partners for a condominium project.
  • Hartford, Connecticut. Extensia worked with Garden Savings Federal Credit Union and one other credit union in the funding of a $1,090,000 loan at 66.1% LTV and DSCR of 1.48 for a multifamily property.
  • Marshall, Michigan. A $1,837,500 loan was funded by Farmers Insurance Federal Credit Union, a co-owner of Extensia Financial, and three other credit unions for a multifamily property at 75% LTV and DSCR of 1.67.

Categories
CommercialFort LauderdaleLos AngelesMiamiMixed UseMultiFamilyNationalNew YorkNortheastOfficeOrange CountySouthWest

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