Select Commercial Closes Construction Loan of $9,500,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $9,500,000 Retail Loan to fund the construction of a 176,000 square foot Walmart store in Rutland, Vermont. When construction is finished, the property will be fully leased to Walmart. “Select Commercial has extensive experience arranging construction financing for retail properties, and we are very pleased to have secured this loan for our customer,” commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 24-month loan term with interest-only payments during construction and one 12-month extension option. The loan carries a floating rate, has no prepayment penalty, and required only a 25% partial repayment guaranty. “Projects anchored by a national tenant like Walmart are a great fit for construction lenders, and we look forward to many more successful closings with this borrower,” said Mr. Sobin, adding, “Our borrower impressed us with his development experience and the strength of this project.”

The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 40 years of experience and their “A+” rating with the Better Business Bureau. Daniel Sobin negotiated the loan on behalf of the borrower and the borrowing entity.