Select Commercial Closes Commercial Mortgage Loan of $2,715,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,715,000 Commercial Mortgage, for the refinance of a multi-tenant, mid-rise office property, known as Pear Tree Place, located at 580 South High Street in Columbus Ohio. The property contains 78,848 square feet of gross building area (GBA) and 57,402 square feet of net rentable area (NRA) on a 0.81-acre site. The property was built in 1979 and contains 15 tenants with access for 187 cars in surface and garage parking. The property consists of steel and masonry construction and was in average condition.

The borrower needed to buy out his partner and we offered a cash out refinance with a 10-year term and a 20-year amortization. The property was appraised for $3,640,000 and we were able to lend at 75% LTV. “At Select Commercial, we like to lend to small business owners”, commented Stephen A. Sobin, President and Founder of Select Commercial. The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ 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.