Single-tenant, triple-net lease loan of $1,840,000
Select Commercial Funding, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a triple-net lease loan of $1,840,000
DEFOREST, WI, DANE, March 22, 2021 /EINPresswire.com/ — Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a single-tenant, triple-net lease loan of $1,840,000. The tenant is a Walgreen’s drug store. The property consists of a 14,490 square foot retail drug store located on a 1.79 acre site located in DeForest, Wisconsin (Dane County). The store was built in 2005 and has roughly 9 years left on the primary lease term. Select Commercial was able to provide the borrower with a 9 year fixed rate loan and a 25 year amortization. The property appraised for $3,460,000 and the loan to value ratio was 53%. The loan was a cash-out refinance.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience funding NNN loans, and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and borrowing entity. Mr. Sobin stated “We are very comfortable with the borrower and have significant experience lending on single-tenant, credit-rated deals. We are glad to make this loan and establish a new relationship with our borrower”.
About Select Commercial Funding LLC
Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide.
About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis. His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets. The company was founded on the belief that many small to medium sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $1,000,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.
Please visit http://selectcommercial.com for more information.