$1,800,000, cash out refi
5 year fixed rate loan + 5 year extension option
25 year amortization
Recourse with a burndown
No Prepayment Penalty
Property consists of entire grade level commercial condominium, and adjacent 7,425 square foot lot to be used for surface parking, a well as 31 garage spaces. Loan allowed sponsor to take this raw space, refinance the existing loan, cover tenant improvements and leasing commissions, as well as cash out. New tenant is Cano Health.
Closed by Brad Beattie & Michael Brown