Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,347,500 NNN Lease Loan, for the acquisition of a single tenant NNN leased property recently built and leased to Dollar General. The property is improved with a 9,002 square foot building on a 1.723 acre site located at 805 Coldwater Street, Landis, North Carolina. The property is in the Charlotte MSA, approximately 33 miles from downtown Charlotte, in Rowan County. The lease is absolute NNN and the primary term of the lease is 15 years. "Select Commercial has extensive experience financing single tenant NNN lease properties, and we are very pleased to offer our customer a very low fixed rate loan", commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10 year loan term and a 25 year amortization. The rate was 3.84% and the loan to cost was 70%. "The borrower liked the fact that we were able to offer a low fixed rate for this acquisition" said Mr. Sobin, adding, "This a long-term investment for our borrower and we were comfortable with the quality of this tenant and the location of the property".
The borrower chose Select Commercial for their loan based on Select Commercial's knowledge of the market, their 30+ years of experience and their "A+" rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.