Select Commercial Funds $2,757,798 Retail Mortgage Loan
NEW YORK – Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,757,798 acquisition loan, for the purchase of a retail strip/convenience center, known as Charlie’s Corner, located 2406-2420 Taylor Park Drive, Reynoldsburg OH (Franklin County). The property is located in the Columbus Ohio metropolitan statistical area. The retail center, built in 2009, is located on a Target outparcel and contains three retail units. The tenants are Eyemart Express, a local eyeglass retailer, Bentley’s Pet Stuff, a local pet supply company, and Verizon Wireless, a corporate location. The property contains 10,372 leasable square feet of space, on a 1.48-acre parcel. “In today’s climate, it is very difficult to finance small retail strip centers with local tenants. We were very pleased to offer our client a 70% loan to facilitate this acquisition” commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 25 year amortization. The rate was fixed at 4.99% for the first 5 years and then will adjust at 3.00% over the 5-year treasury for the next 5 years. “The borrower liked the fact that we were able to offer a 10 year term and a 25 year amortization for this acquisition” said Mr. Sobin, adding, “This a long-term investment for the borrower and were comfortable with the borrower’s real estate and management experience.”
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 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.