$1,750,000 Commercial Loan Closing
NEW YORK – Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,750,000 loan, for the refinance of a 1.047-acre tract of land located in Warminster Township, Bucks County, Pennsylvania 19040, which is ground leased to PNC Bank, National Association. The property is improved with a 3,604 square foot retail bank branch that was constructed in 2011. The primary term of the ground lease commenced in March 2011 and runs for a 20 year period until February 2031. The ground lease is absolute NNN in nature. “Select Commercial has extensive experience financing single tenant NNN lease properties, are we were very pleased to offer our customer a rate and term refinance to replace his current, maturing loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 12 year loan term (to coincide with the lease expiration) and a 25 year amortization. The rate was fixed for the first 7 years and will then be subject to a possible rate adjustment for the next 5 years. “The borrower liked the fact that we were able to offer a loan term to match the existing lease term for this refinance” said Mr. Sobin, adding, “This a long-term investment for our borrower and we were comfortable with the quality of this tenant and the location of the property”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 30+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.
About Select Commercial Funding LLC
Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide, with a minimum loan size of $1,000,000.
About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis. His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets. The company was founded on the belief that many small to medium sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $1,000,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.
Please visit http://selectcommercial.com for more information.