Select Commercial Funds $3,000,000 Medical Care Facility
NEW YORK – Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $3,000,000 loan, for the acquisition of a single tenant, NNN Fresenius Medical Care facility.
The subject property is a new, clean, primarily decorative concrete block façade building, with covered patient drop-off area, attractively designed, familiar in appearance to that expected for the national Fresenius kidney dialysis facility brand. The subject property is a 7,103 square foot commercial building 100% occupied by Fresenius Medical Care and situated on a 1.21 acre parcel of land. The building was a build-to-suit for Fresenius in late 2017. Located at 14619 County Road 565A, the subject property is in a bedroom community approximately ten miles west from Orlando, in Groveland. The subject is surrounded by a number of familiar commercial users including Walgreens, Publix, Dunkin Donuts, Dollar General, and Burger King. It is within one mile of Green Valley Golf Club and South Lake High School. Residential communities are in abundance in all directions, proximate to the subject. The subject property benefits from a quite dense population base, with a reported five-mile population of 85,708 residents. The property benefits from a daily traffic count of 23,691. The subject property is believed to be unusually strong in its positioning within the region. “Select Commercial has extensive experience financing single tenant NNN leased properties, and we were very pleased to provide financing for this purchase”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10 year loan term (to coincide with the lease expiration) and a 20 year amortization. The rate was fixed at 1.84% over the 10 year treasury rate in effect at final loan approval and the loan-to-cost was 67.11%. “The borrower liked the fact that we were able to offer a loan term to match the existing lease term for this purchase” said Mr. Sobin, adding, “This a long-term investment for our borrower and we were very comfortable with the credit 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.