Loan Amount: $2,900,000
Property Type: Anchored Retail
Loan Type: Fixed rate with recourse
Loan Term: 10-years non prepayment penalty
This retail shopping center is anchored by a Tractor Supply with a new 10-year year lease extension. The owners took cash out in part to reimburse themselves for recent capital improvements to the property. We placed a $2.9 million, 10-year fixed rate below 4% with a 25-year amortization on the property. This loan is fully open to prepayment without penalty.