$3,730,000 Refinance of a Retail Center in McKinney, Texas.
Michael Warner of PSRS arranged the $3.73MM acquisition financing of a retail center in McKinney, Texas. The subject property is a multi-tenant retail center comprised of 10,175 SF and six tenants. At the time of closing, the property had an occupancy rate of 87%. Financed with one of our correspondent life insurance companies, PSRS was able to provide for its borrower a 63% loan-to-purchase, 3-year term loan with a 25-year commitment and amortization. Provided with an early rate lock, the borrower chose PSRS to help finance the acquisition of this property as part of a 1031 exchange.