The Challenge
Clear Strategy. Mortgage in the Way.
A commercial property owner in University Place, Washington had decided to sell a cell site, separate the tower ground lease from the building ahead of listing, and redeploy the proceeds through a 1031 exchange. The obstacle wasn’t the strategy — it was the mortgage. Without the lender’s formal sign-off — a Subordination, Non-Disturbance and Attornment Agreement (SNDA) — the lease conveyance couldn’t close, and neither could the building sale or the 1031 exchange.
The Opportunity
Giving the Lender the Confidence to Say “Yes”.
The bank had no precedent for this transaction type and was asked to accept a long-term encumbrance on their collateral. TowerPoint engaged directly, walking the lender through the conveyance structure and demonstrating the platform behind it: 20+ years in the asset class, in-house asset management, and 1,200+ sites across 49 states. The lender approved the SNDA with no paydown or loan repayment requirement.
Making the Decision
Finding a Partner Equipped for What Comes After Closing
Competing offers in this market typically land within 1–3% of each other. What the owner was really evaluating was who could execute on a transaction this involved and what the relationship would look like after closing.
- Direct Buyer with Its Own Capital:
TowerPoint funds and closes in its own name. The owner knew exactly who the counterparty was from day one. - Easement Language Previewed Upfront:
TowerPoint walked the owner through the easement document before any commitment was made, providing full visibility into what was being agreed to. - Professional Asset Management, Post-Close:
After closing, TowerPoint assumes responsibility for the carrier relationship, lease compliance, and site access — removing an ongoing management burden from a property already being prepared for sale.
The Outcome
Lender Aligned. Clean Close. Capital Redeployed.
The deal closed at $1,000,000. The owner entered the next phase of a real estate portfolio with significant liquidity, a deferred capital gains obligation, and a building that was easier to sell.
- Cleaner Building Sale: With the tower ground lease conveyed and under professional management, one less variable complicated the eventual property transaction.
- 1031 Exchange Executed: Proceeds rolled directly into new acquisitions with capital gains obligations deferred.
- Loan Intact, Lender Aligned: The SNDA closed on terms that left the mortgage undisturbed. The bank understood the transaction, approved it on its merits, and the lending relationship remained intact.
Strategic Insight
The Right Buyer Sees Past the Closing Table
For any cell site transaction involving a mortgaged property, the lender is a counterparty — whether or not the seller is thinking about them that way. Most buyers in this space aren’t equipped for that conversation. Lenders protecting collateral need two things from the buyer: a clear-eyed explanation of what the conveyance actually is, and confidence that whoever is taking on the encumbrance can be trusted to manage the underlying asset for the life of the loan.
The first is about deal mechanics. The second is about platform — track record, operational depth, capital, and the asset management infrastructure to back it all up. TowerPoint has been acquiring and managing cell site easements for more than 20 years, across 1,200+ sites in 49 states. That’s not just a credential. It’s what moves a bank from caution to approval.
“TowerPoint was an absolute pleasure to work with. … There were various stages where I felt any buyer would just give up — but [their] commitment and can-do attitude was unparalleled to what I have seen in 10+ years of real estate transactions.”
— Site Owner, University Place, WA
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