Just hit a 95% occupancy rate on a property I almost walked away from

We closed on a small retail strip in Phoenix last year, and the first six months were brutal with two anchor tenants leaving. Our lender's debt service coverage ratio was getting tight, around 1.15. I pushed hard on local marketing and tenant fit-ups, and this month we hit 95% leased. That DSCR is now a solid 1.45, which totally changes the refinance picture we're looking at next quarter. Has anyone else had a turnaround like this that saved a deal from going sideways?

2 comments

2 Comments

noahhall7d ago

Almost lost a duplex that way, turned it around.

clairec787d ago

Yeah, that's a scary feeling when you're that close to losing a deal. I had a similar thing happen with a townhouse last year, paperwork got all tangled up. Managed to pull it back from the edge at the last minute.