Steve McCulloch of Houlihan-Parnes Realtors arranged permanent financing for a 25,000 s/f retail center.
The loan of $5.1 million was used to acquire this property on behalf of a regional investor who needed to complete a 1031 exchange. This loan is a 5-year fixed rate mortgage at a rate of 3.86% on a 25-year schedule and was done on a par basis.
This Rite Aid anchored center also includes 7 other local businesses.
From application to close, this loan was completed within 45 days and the lender is New York-based commercial bank.