Select Commercial Closes Retail Commercial Mortgage Loan of $4,788,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $4,788,000 Retail Mortgage Loan, for the refinance of a six-tenant retail property located at 13225 Dallas Parkway, Frisco TX. The property contains 12,644 gross square feet of space on 2.113 acres of property. The property was newly built and contains a Starbuck’s as well as five other local tenants, including a dental office and various restaurants. The property was 100% leased and occupied at closing. “Select Commercial specializes in retail properties and we were eager to pay off the borrower’s construction loan and provide cash out for investment”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 5-year fixed rate loan term and a 30-year amortization with no prepayment penalty. The loan was placed with a national credit union at a very competitive rate. “The borrower was looking for permanent financing and cash out and he liked the fact that our loan did not have any penalties for early payment”, said Mr. Sobin, adding, “Our borrower was very pleased with our services!”.