$3,300,000 Retail Loan from Life Insurance Company
Jen Mustard of PSRS arranged the $3.3 million refinance of a single-tenant retail building in Frisco, Texas. The subject property is a one-story, 37,448 SF retail building. While only one story, it sits two stories high and includes a mezzanine floor inside. The interior areas are typical retail showroom finish and commensurate with good quality health clubs. It recently underwent a major TI project for new tenant Crunch Fitness in 2022. Financed with life insurance company execution, PSRS provided its borrower a 42% LTV, three-year loan term, and 30-year amortization with resets available every three years. This refinance was able to provide the borrower with a lower rate and lower payments by refinancing with a new amortization, as well as some cash-out.