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