RealWebFunds Arranges $5,940,000 Commercial Mortgage Financing for Neighborhood Retail Center
RealWebFunds, an internet-based national commercial mortgage broker, announced today that it has provided a $5.9 Million anchored retail property loan to a regional retail developer. The loan was collateralized by a 113,000 square foot neighborhood grocery center in Pocatello, ID. The shopping center is anchored by an independent grocer and national drugstore.
(PRWEB) August 14, 2006 -- RealWebFunds, an internet-based national commercial mortgage broker, announced today that it has provided a $5.9 Million anchored retail property loan to a regional retail developer. The loan was collateralized by a 113,000 square foot neighborhood grocery center in Pocatello, ID. The shopping center is anchored by an independent grocer and national drugstore.
“The owner was able to early rate lock, securing an excellent rate in a fluctuating market.” said Christy Slye, Commercial Mortgage Specialist, RealWebFunds, Inc. “Even though the anchor tenants only have a few years left on their leases, this was such an established retail center that we were able to provide long term non recourse financing for the borrower which met their goals of a lower rate with interest only payments, to improve the overall cash flow.”
RealWebFunds closed the loan on August 1 to accommodate the previous servicer’s required pay-off date. The ten year fixed interest rate is approximately 6.3%.
About RealWebFunds
RealWebFunds, Inc. (www.realwebfunds.com) is a national commercial mortgage loan broker for real estate projects between $1,000,000 and $20,000,000. RealWebFunds is known for encouraging competition among commercial mortgage lenders to find the best commercial real estate financing available. Our commercial loan experts and Internet based commercial financing tools result in a service that is unmatched in efficiency, speed, and financing terms. In 2003, RealComm (http://www.realcomm.com) recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.
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