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NNN Dollar General – Development

MAGNOLIA & CORPUS CHRISTI, TX

$2,400,000

MAGNOLIA & CORPUS CHRISTI, TX

 

Funding Purpose

Exclusively engaged to place acquisition financing on two Dollar General new builds. NNN properties with new 15 year leases and zero landlord responsibility

Property Description

Essential retail properties in Magnolia and Corpus Chrisit, Texas Both properties are approximately 9,100 square feet each on 1 acre lots both finished in April, 2021

Sponsors

Experienced real estate owner focusing on long-term stability while setting up the Family Trust for stable growth

Challenges

  • Balancing construction delays with 1031 timeline
  • Building support and advisory team for more hands-on approach to portfolio management

Solutions

  • Long-term fixed rate and limited recourse financing with  a proactive approach to satisfy 1031 and construction timelines
  • Developed strong advisory team to minimize management for the Sponsors and plan for future succession and capital events

Funding

  • Loan Amount (LTV): 57%
  • Interest Rate: 3.96% 
  • Amortization: 30 Y
  • Term: 10 Y
  • Recourse: 20% Limited recourse
  • Prepayment: Stepdown prepayment


Tony Festa

Tony Festa

TITLE

Director, Capital Advisor

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