Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,660,000 NNN Lease Loan for the cash-out refinance of a single tenant NNN leased property built in 1998 and leased to Walgreen’s as a retail drug store. The property is improved with a 15,141 square foot building on a 1.98 acre site located at 1225 Union Blvd., St. Louis, Missouri. The lease is absolute NNN and the remaining term of the lease is 9.25 years. “Select Commercial has extensive experience financing single tenant NNN lease properties, and we are very pleased to offer our customer a low fixed rate loan and significant cash out to reinvest in other real estate purchases”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 9.25 year loan term (to match the remaining lease term) and a 25 year amortization. The loan to value ratio was 72%. “The borrower liked the fact that we were able to offer such a large amount of cash out” 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.