Summary: The Madison
Group (TMG), a leading national lending source for ground lease financing
arranged the $3,100,000 cash out refinancing for an NNN industrial property
ground lease in North Salt Lake City, UT.
The borrower engaged TMG with a primary goal to maximize
cash out proceeds. The property has a
recently executed and very strong NNN ground lease coupled with some lease
rollover exposure on the other half of the property. TMG worked closely with a local lender to get
them comfortable with the large cash out request. They did this by listening to the client,
understanding the history of the borrowers and project, and effectively
communicating to the lender why the cash out transaction made sense for all
parties. TMG then worked with the lender
and borrower to gather documents and obtain loan terms that met the borrower
goals. The team then worked through a complicated processing and closing
procedure to get the loan closed.
Location: Utah
Property: Industrial
Ground Lease
Loan Amount: ~$3,100,000
Interest Rate: 4.00%
Term: 10 Years
Amortization: 25 Years
Prepayment: None
LTV: 70%