$11,350,000,
30 day Libor + 2.80% IO for first year then 4.75 % fixed for years 2-5
5 year float to fixed rate loan
Interest only for 1 year then 25 year amortization
No-Prepayment Penalty
Partial recourse.
Bank execution.
K-Mart had occupied 86,479 SF and vacated. Sponsor sought funding to re-position this vacant space and prepare it for several smaller tenants while also paying off the existing CMBS loan maturity. Loan provides full funding for sponsor to execute their business plan with full funding for rehab. This was accomplished with a 5 year fixed rate loan and no prepayment penalty. Leasing is in process and tenants are lining up.
Major tenants include: Hobby Lobby, Outback, Chick Fil-A, Coldwell Banker. Future tenants include: Ulta, Homegoods, Bealls, Five Below
Closed by Zach Nimhauser and Michael Brown
