Popeyes New Mexico

$2,780,000 Retail Loan from Credit Union

City: Farmington & Clovis, New Mexico
Loan amount: $2,780,000
Lender type: Credit Union
Property type: Retail
Size: 3,410 SF / 3,341 SF

Transaction description

Ryan Frankman of PSRS arranged the $2.78 million financing of two Popeyes locations in New Mexico. Construction take-out/acquisition financing was provided for the Popeyes located in Clovis, New Mexico, which has a rentable area of 3,410 SF and holds 30 parking spaces. Acquisition financing was provided for the Popeyes located in Farmington, New Mexico, which has a rentable area of 3,341 SF and holds 28 parking spaces. Financed with credit union execution, PSRS provided its out-of-state borrower a sub-7% rate loan with zero prepayment penalty and was able to overcome hurdles during one of the quickest-rising treasury markets in the last 15 years. The loan provided was a 5+5+5-year term with a 30-year amortization.

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