Spruce Street Station

$5,250,000 Retail Loan from Life Insurance Company

City: Martinsville, Virginia
Loan amount: $5,250,000
Lender type: Life Insurance Company
Property type: Retail
Size: 48,052 SF

Transaction description

Trevor Blood of PSRS arranged the $5.25 million acquisition financing of a retail property in Martinsville, Virginia. The subject property is a 48,052-square-foot shopping center anchored by a Food Lion. Built in 1988 on 8.31 acres, the subject is in close proximity to historic Uptown Martinsville. Financed with one of our correspondent life insurance companies, PSRS provided its borrower certainty of execution on a partial recourse basis with the ability to rate lock at application and benefit from our stellar servicing, all at the highest leverage offered in the market proved to be a winner for this long-term client. The loan term provided was 30 years with the ability to reset the rate every five years.

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