$4,800,000 Commercial Mortgage Financing for Office/Retail Center Arranged By RealWebFunds
RealWebFunds Commercial Mortgage, an internet-based national commercial mortgage broker, announced today that it has provided a $4.8 Million commercial mortgage to a regional retail developer. The loan was collateralized by a 49,000 square foot mixed use center with office and retail space in Orem, UT. The center is anchored by a stand-alone restaurant building and a bank building. The other buildings on the site contain real estate professionals, medical office tenants, and retail.
Alamo, CA (PRWEB) October 19, 2006 -- RealWebFunds Commercial Mortgage, an internet-based national commercial mortgage broker, announced today that it has provided a $4.8 Million commercial mortgage loan to a regional retail developer. The loan was collateralized by a 49,000 square foot mixed use center with office and retail space in Orem, UT. The center is anchored by a stand-alone restaurant building and bank building. The other buildings on the site contain real estate professionals, medical office tenants, and retail.
“This transaction appeared straight-forward at the beginning,” said Christy Slye, a Commercial Mortgage Bropker for RealWebFunds. “However, we encountered a landlord holding a ground lease that would not subordinate. The solution was for the borrower to buy the leased land and for the commercial real estate lender to provide a larger loan to accommodate the acquisition.”
RealWebFunds closed the loan on September 29 to accommodate the previous servicer’s required pay-off date. This non-recourse commercial mortgage loan was provided with a 10 year fixed rate with no reserves. The loan has an initial period during which the borrower is required to pay interest only. The loan was made by a conduit lender.
About RealWebFunds
RealWebFunds Commercial Mortgage, 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 recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.
To learn more about commercial loans from RealWebFunds please visit www.realwebfunds.com or call 1-800-930-2394.
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