Helped a client cash-out refinance the acquisition of a Chipotle and Burger King.
Burger King – NNN property located in rural Midwest.
Chipotle – NNN property located on the east coast.
The sponsor is based out of Arizona and was looking to place money out of state in Opportunity Zones for tax benefits.
- Properties were acquired prior to Certificate of Occupancy creating issues with Title.
- Used strong Title relationships to get this deal closed.
- Loan Amount: $2,500,000
- Interest Rate: 3.25%
- Amortization: 30-year
- Term: 10-year
- Recourse: Full Recourse
- Prepayment: No Prepayment Penalty