- 2 years interest only
- Environmental reserve provided for remediation
- Funding Source: Private Lender
- 10 yr term/30 yr amortization
- No reserves required
- Funding Source: Local Bank
SALIENT DEAL POINTS
- Two retail centers were cross collateralized with a maturing hard money loan.
- Sponsor was seeking financing to uncross the properties and provide capital to address environmental concerns on one property.
- Refinanced into a conventionally and bridge loan that reduced debt service and provided much needed liquidity to the sponsor.
- Tenant base of both properties was composed of 85% mom and pop small businesses.