Location: Tucson, Arizona
Property Type: Single Tenant Retail
Loan Type: Fixed rate with a 20-year amortization
Loan Term: 10-years
Circle K Convenience Store (Tucson, Arizona)
The client had the opportunity to rebrand their existing store to a Circle K under a new long term lease. Caffrey & Company LLC placed the new $2.2 million loan with an insurance company lender at a spread of 236 basis points over the then 10-year US Treasury Note with a floor rate of 4.25%. This 10-year fixed rate note had a 20-year amortization. The proceeds were used to cover the costs to reposition the property for Circle K and some cash out to the owners.