Mixed Use Commercial Condo Financing
Summary: The Madison Group (TMG), a leading source of commercial financing nationwide, arranged the $2,000,000 refinance of a multi-tenant mixed use property. The borrowers goals were to secure a 25-30 year amortization with best rate possible on a 10-year term with little or no prepayment penalty. They also requested an advancing term loan to cash out of the property and invest in other assets in the future.
Each unit is zoned “mixed use” which offers the owner a unique opportunity to live and work in the condominium. The subject property has 6 condo units within the building. Each unit offers warehouse and office space on the 1st and 2nd floor with a 1-bedroom apartment on the 3rd floor. The main level is designed to be utilized as commercial warehouse space with lofts that can be used for office space.
TMG was able to close the loan with a lender that satisfied all of the client's needs, including the ability to advance $1.8M for future needs.
Location: Park City UT
Property: Warehouse Mixed Use
Loan Amount: $2,000,000
Interest Rate: 5.50%
Term: 10 Years
Amortization: 30 Years
Prepayment: None