Funding Purpose
Loan request for the acquisition of a NNN Chipotle franchise in the metropolitan area
Property Description
Single tenant, NNN retail property Phoenix, Arizona. Property was built-to-suit for a 10 year lease by Chipotle featuring a new drive-thru component
Sponsors
The sponsor used 1031 exchange proceeds from the sale of a 44-unit condominium building in San Diego
Challenges
- Environmental surveys needed slowing the closing process
Solutions
- Funding with an out-of-state bank that was able to meet all the client’s requests based on the low LTV
Funding
- Loan Amount (LTV): 25%
- Interest Rate: 3.5%
- Amortization: 30 Y
- Term: 15 Y
- Recourse: Non Recourse
- Prepayment: Step down
