The Madison Group (TMG), a leading source of office financing nationwide, recently closed a $1,750,000 purchase of a single tenant office building in West Valley City UT. TMG facilitated a loan that had an aggressive rate with no prepayment penalty. The finalized terms of this loan were 4.6% interest rate, 7 year term, and a 25 year amortization.
The borrower was looking to invest in a quality asset in a metro market with a single tenant NNN lease. This 12,772 square foot medical office building is on just over an acre of land. The property was built in 2006 and was previously used as a nursing college. The building has quality construction with nicely appointed finishes with modern architecture design and is located on a major artery in the Salt Lake City metro area.
The borrower required a no prepayment penalty loan to provide flexibility to sell at any time. In addition, the closing time was escalated to finalize the loan to allow for exterior and parking lot rehab before winter. TMG coordinated an appraiser that provided a 2 week turn around on the appraisal. There was a hiccup in the market of private colleges and student aid restrictions but our lender used common sense to see the merits of the overall transaction.
“The buyer was motivated and available and the real estate broker was on the job working with the seller. This allowed the loan to get funded quickly. 35 days from time of application is pretty fast, but everybody worked together and the exterior updates will be possible before the snow flies.” –Said Jeff Meierhofer, TMG’s Director of Finance.
The financing was arranged by Jeff Meierhofer at The Madison Group.
The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.
The Madison Group and Jeff can be reached at 435-785-8350 or by emailing Jeff at Jeff.M@madisongroupfunding.com.