Mixed-Use Refinance - Littleton, CO
$7,400,000 loan arranged by PlattPointe Capital.
LITTLETON, CO - PlattPointe Capital recently arranged a $7,400,000 loan for a client seeking to clean up their existing capital stack and refinance into long-term fixed rate financing. The loan was structured with a 7-year fixed rate plus a 3-year ARM secured by a mixed-use property consisting of retail and office tenants. Additionally, once occupancy and cash-flow attain expected levels when a new tenant takes occupancy, the loan will trigger a $500,000 cash-out event, increasing outstanding debt to around $7,900,000. One element that was particularly challenging was the liquidity situation of the borrower who by trade is a land developer. One critical benefit to the borrower was the loan having no prepayment penalty during the term of the loan in the event the property is sold. Life insurance and CMBS options did not have the same level of flexibility.
• Loan Amount: $7,400,000
• Loan Term: 10 years
• Interest Rate: 5.25% Fixed for 7 Years with 3-year ARM adjusting annually to WSJ Prime Rate Index plus a 0.0% margin
• LTV: 75%
• 30-year amortization
• No prepayment penalty
About PlattPointe Capital:
PlattPointe Capital provides alternative financing solutions to commercial real estate investors and developers as well small businesses seeking to expand operations. With a variety of conventional and private lending options, we pride ourselves on meeting our clients’ diverse borrowing needs with quality service and individual attention.
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TRANSACTION BY THE NUMBERS
Square Feet of Retail & Office
Fixed Interest Rate