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3/26/15
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David Hamilton, Vice President in Pacific Southwest Realty Services’ San Diego office, has arranged a $3.3 mil loan secured by a 36k sf retail property in Ft. Worth, TX.
The fixed-rate loan has a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate starts at 3.85% and resets every five years. There is no pre-payment premium and the only lender fee was $2,500 for processing. The loan, which was arranged through a credit union that PSRS represents, funded in 35 days.
Commenting on the transaction, Hamilton said, "Even though the largest tenant was vacating prior to close, representing more than 25% of the income, and no replacement tenant was 'in tow', the lender funded the loan at the requested amount and did not hold back any funds. In addition, they did not require any tenant improvement or leasing commission reserves."
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