CREW Dallas Members Work Together for Time Efficient Close on 34 Property Refinance

August 16, 2023
Written by: Nina A. Owen, MAI, Managing Director, Capright, CREW Chicago

With interest rates rising significantly at the end of 2022, three CREW Dallas members worked together to close on the refinance of 34 properties in 11 U.S. states, serving as a powerful example of the strength of CREW Network.

Brenna Wadleigh, CEO, N3 Real Estate, Julie Blakeley, Division President Dallas, Happy State Bank, a Division of Centennial Bank, and Vicki Summerall, Senior Vice President, Republic Title of Texas, met through CREW Dallas events and committees. De’On Sanders, JLL Capital Markets, served as N3 Real Estate’s capital advisor, and while not a CREW member, was a 2022 CREW Dallas sponsor.

The members involved in this deal noted the value of having good relationships in closing this $82M loan collateralized by retail properties—mostly strip centers—in a challenging business environment. Wadleigh discussed how working together as members of CREW Dallas and having mutual connections increased the credibility of each partner organization and gave her confidence in the ability of others to get things done and follow through. Blakeley fosters a culture of relationship-building at Happy State Bank, and emphasized the importance of everybody doing their part. The timing of the deal required a high degree of responsiveness, and the team’s connection through CREW helped them stay highly motivated.

“You really see and experience the value base and integrity of the person,” Summerall said when describing working with CREW Dallas members. “I never had to doubt any aspect of the transaction.”

There are several lessons other CREW members can learn from this deal, particularly those who work in capital markets. The team at Happy State Bank is known for speed and execution, but Blakeley sets the tone as a leader, and in stressful moments remained confident that her team would get things done. Wadleigh advised borrowers to, “watch your balance sheet and stay one to two years ahead of maturities.” Summerall cautioned that in different states and counties, the rules and customs vary. Further, she said, “lending rules are changing, private equity is becoming more active in the market, and everyone is trying to figure out how to work within the new parameters.”

Wadleigh assembled the dream team for this deal, and recommends that at the start of each project, to consider the relationships you’ve made within CREW and proactively reach out to see if other members can meet your needs first.

“The communication is excellent, and trust and integrity are a given.” Summerall said about working with fellow CREW members.

CREW members involved in this deal:

Brenna Wadleigh

Brenna Wadleigh
CEO, N3 Real Estate

Julie Blakeley

Julie Blakeley
President - Addison, Happy State Bank

Vicki Summerall

Vicki Summerall
Senior Vice President, Republic Title of Texas

About the author:
Nina Owen

Nina Owen, Managing Director, Capright, leads the firm's hospitality practice, and has more than 25 years of experience in hospitality valuation and consulting, as well as hotel operating experience. Owen has valued hospitality assets ranging from hotels, resorts, golf courses, marinas, waterparks to casinos. In addition, she has extensive experience with consulting engagements including value enhancement studies, feasibility studies, due diligence and litigation support.

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