Funding Purpose
Permanent acquisition loan for a Starbucks located in the Phoenix area.
Property Description
NNN Starbucks in Cave Creek, Arizona.
Sponsors
The sponsor is using 1031-exchange proceeds from the sale of a 44-unit condominium building in San Diego. This was one of 3 exchange purchases.
Challenges
- Client was looking to split up their 1031 exchange money over 3 different NNN properties.
Solutions
- Funding with a state bank that was able to give the client the terms they were asking for.
Funding
- Loan Amount (LTV): 25%
- Interest Rate: 3.5%
- Amortization: 30 Y
- Term: 10 Y
- Recourse: Non Recourse
- Prepayment: Step down
