1st Service Solutions Advises on $3M CMBS Loan Extension for Southern California Shopping Center Owner

DALLAS (September 27, 2010) - 1st Service Solutions, the first firm dedicated to serving as a borrower advocate in loan restructuring and assumptions, facilitated a $3 million commercial mortgage-backed securities (CMBS) loan extension for the owner and operator of a major retail shopping center developer located in Los Angeles County, California. The mixed-use development includes hotel, restaurant and retail spaces on a 5-acre site.

On behalf of the borrower, 1st Service Solutions worked with the special servicers and lenders’ representatives to facilitate a one-year loan extension with an additional six-month option for a $3.4 million loan originated in 2000 that had a fixed interest rate of 8.5%. The current outstanding principal balance was $3 million. 1st Service secured loan terms that would enable the borrower to maintain the same interest rate and continue the present debt service payments as set forth in the original loan documents. The 1st Service Solutions team was led by Andy Dunlap, Portfolio Manager.

Andy Dunlap is Vice President of Portfolio Management at 1st Service Solutions. Dunlap has more than 10 years experience in the loan servicing and commercial real estate servicing industries. Prior to joining 1st Service Solutions, he handled commercial real estate loan originations at BMC Capital, and also commercial mortgage portfolio management at Prudential Asset Resources. Dunlap also has significant asset management experience, including credit and market analysis, as well as property appraisal.

About 1st Service Solutions
Founded in 2005, 1st Service Solutions was the first firm dedicated to serving as a borrower advocate in loan restructuring and assumptions. Its visionary leaders, with deep experience in the servicing industry, recognized the need for a borrower advocate, even before the collapse of the commercial real estate market. Since its creation, 1st Service Solutions has resolved more than $3 billion in loans for its clients. For more information, please visit www.1stservicesolutions.com.