Recently Closed Complex Commercial Loan

[Julie Fishman]

We just closed a $2,680,000 refinance on a newly constructed, Single Tenant NNN, Mountainland Supply facility near Salt Lake City Utah. 3.95% for a 5+5/30, no PPP @75% LTV. The appraisal for this deal came back at 15% below purchase price due to a lack of suitable comps in the area, and a discrepancy on what true market rent for the space would be (despite the 10 year lease already in place.) We sourced a lender with tremendous experience in the area, who was willing to stretch and get the deal done.