Select Commercial Closes Retail Commercial Mortgage Loan of $2,900,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,900,000 Retail Mortgage Loan, for the purchase of a three-tenant retail property located at 176 Sparks Drive, Forest City, North Carolina 28043. The property contains 7,624 gross square feet of space (7,382 rentable square feet) on 1.37 acres of property. The property was newly built in 2023 and contains three retail tenants, Chipotle, Jersey Mike’s, and Aspen Dental. “Select Commercial specializes in retail properties with good quality tenants, and we lend on smaller as well as much larger properties”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 5-year fixed rate loan term and a 25-year amortization with a stepdown prepayment penalty. The loan was placed with a regional bank at a very competitive rate. “The borrower obtained a rate which was much lower than the borrower was quoted by her local banks” said Mr. Sobin, adding, “Our borrower was very pleased with our services!”.

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, VP of Originations, negotiated the loan on behalf of the borrower and the borrowing entity.