Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a single-tenant, NNN Lease Loan of $1,840,000. The tenant is a Walgreen’s drug store. The property consists of a 14,490 square foot retail drug store located on a 1.79 acre site located in DeForest, Wisconsin (Dane County). The store was built in 2005 and has roughly 9 years left on the primary lease term. Select Commercial was able to provide the borrower with a 9 year fixed rate loan and a 25 year amortization. The property appraised for $3,460,000 and the loan to value ratio was 53%. The loan was a cash-out refinance.
The borrower chose Select Commercial for their loan based on Select Commercial's knowledge of the market, their 35+ years of experience funding NNN loans, and their "A+" rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and borrowing entity. Mr. Sobin stated “We are very comfortable with the borrower and have significant experience lending on single-tenant, credit-rated deals. We are glad to make this loan and establish a new relationship with our borrower”.