The Madison Group (TMG), a leading national lending source
for commercial real estate loans, has successfully arranged a $3,900,000
cash-out refinance loan for a well-positioned office and retail center in
Tennessee. The transaction was successfully facilitated by Michael Estes,
Commercial Real Estate Lending Advisor at TMG. Mr. Estes worked closely with both the lender
and borrower to secure a financing solution that meets the client’s specific
needs.
The sponsor sought to refinance the debt currently held by another
lending institution and set for a maturity date of June 2025. Significant
renovations on the property had been completed in 2017, further enhancing its
appeal to tenants and increasing the value of the property.
The property consists of two buildings spanning 94,000
square feet. As part of the refinancing arrangement, our sponsor requested an
additional cash-out of over $300K to cover closing costs and prepare a vacant
unit for a new national anchor tenant. The sponsor requested a 20 year
amortization to continue to paydown the principal balance of the note.
Property: Retail/Office Center
Location: Tennessee
Loan Amount: $3,900,000
Interest Rate: 6.00%
Term: 5 Year
Amortization: 20
Years
Prepayment: None
Recourse: Yes