Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,400,000 NNN Lease Loan, for the acquisition of a brand-new triple net leased O’Reilly Auto Parts investment property located in North Haven, Connecticut. The long-term corporate lease is for 15 years with four 5 year renewal options. O’Reilly Auto Parts is publicly traded on the NASDAQ and has a market cap of over $32 Billion. O’Reilly boasts an investment grade rating of BBB- from S&P and Baa1 from Moody’s. The lease contains rent increases in year 11 providing a hedge against inflation. The property is located along CT Route 5, central Connecticut’s primary commercial thoroughfare connecting New Haven and Hartford. “Select Commercial has extensive experience financing NNN leased properties, and we are very pleased to offer our customer a very low fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10 year fixed rate loan term and a 25 year amortization. “The borrower liked the fact that we were able to offer a low fixed rate for this purchase” said Mr. Sobin, adding, “This a long-term investment for our borrower and we have a strong appetite for NNN properties leased to credit-rated tenants. We like O’Reilly Auto Parts as the tenant in this location”.
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. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.